Velocity Merger, a blank check company formed by Tarsadia targeting the fintech industry, filed on Thursday with the SEC to raise up to $250 million in an initial public offering.
The Newport Beach, CA-based company plans to raise $250 million by offering 25 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 Merger will command a market value of $313 million.
The company is led by CEO and Chairman Mitchell Caplan, who has served as President of Tarsadia Investments and Tarsadia Enterprises since 2017 and previously was CEO of Jefferson National from 2010 to 2017. He is joined by CFO David Browne, who is currently the CFO of Tarsadia Enterprises. Velocity Merger intends to focus on an initial business combination at the intersection of financial services and technology globally.
Velocity Merger was founded in 2021 and plans to list on the Nasdaq under the symbol VEMC.U. Morgan Stanley and BofA Securities are the joint bookrunners on the deal.
