&vest's SPAC Velocity Acquisition prices $200 million IPO

Velocity Acquisition, the second blank check company formed by &vest targeting digital transformation, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50.

The company is led by CEO and Director Adrian Covey, who previously served as Global Growth & Strategy Lead at Accenture Interactive; Chairman Sanjay Chadda, who is currently the Co-Head of US Investment Banking at Canaccord Genuity; and 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; +17% from $10 offer price) went public in August 2020 and has a pending merger agreement with Fertitta Entertainment.

Velocity Acquisition plans to list on the Nasdaq under the symbol VELOU. Citi and Canaccord Genuity acted as lead managers on the deal.