Velocity Acquisition, the second blank check company formed by &vest targeting digital transformation, filed on Friday with the SEC to raise up to $200 million in an initial public offering.
The Ridgefield, CT-based company plans to raise $200 million by offering 20 million units at $10. Each unit will consist of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Velocity Acquisition will command a market value of $250 million.
The company is led by CEO and Director Adrian Covey, who previously served as Global Growth & Strategy Lead at Accenture Interactive. He is joined by CFO Garrett Schreiber, who currently serves as Partner and CFO of FAST Acquisition and Partner at &vest. Velocity Acquisition intends to focus on “digital transformation” businesses, (i.e. companies enabling corporations to accelerate the full digitization of their businesses) including digital services, digital platforms, and related sectors in North America.
&vest's previous SPAC, FAST Acquisition (FST; +13% from $10 offer price) raised $200 million in August 2020 and is currently pending a combination with Fertitta Entertainment, a leader in the gaming, restaurant, hospitality and entertainment industry.
Velocity Acquisition was founded in 2020 and plans to list on the Nasdaq under the symbol VELOU. It filed confidentially on November 24, 2020. Citi and Canaccord Genuity are the joint bookrunners on the deal.
