Brand Velocity Acquisition, a blank check company formed by Brand Velocity Partners targeting consumer-facing businesses in North America, withdrew its plans for an initial public offering on Wednesday. It had filed in March 2021 to raise $200 million by offering 20 million units at $10, with each unit containing one share of common stock and one-third of a warrant, exercisable at $11.50.
The company was set to be led by CEO and Chairman Stephen Lebowitz, President, CMO, and Director Drew Sheinman, and CFO, COO, and Director Austin Ramos, all of whom are founding partners of private equity firm Brand Velocity Partners.
The Larchmont, NY-based company was founded in 2021. It had not selected a listing exchange or symbol yet (RC ticker: BVAU.RC). Credit Suisse was set to be the sole bookrunner on the deal.
