Velocity Acquisition Corp. today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The units will be listed on The NASDAQ Capital Market and trade under the ticker symbol "VELOU" beginning February 23, 2021. Each unit consists of one share of Class A common stock of the Company and one-third of one redeemable warrant with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Once the securities comprising the units begin separate trading, the Class A common stock and warrants are expected to be listed on NASDAQ under the symbols "VELO" and "VELOW," respectively.

Velocity Acquisition Corp., led by CEO Adrian Covey, is a special purpose acquisition company formed by &vest with the purpose of entering into a business combination with one or more businesses. While the Company may pursue an initial business combination with a company in any sector or geography, it intends to focus its search 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. Velocity is the second special purpose acquisition company launched by &vest, an investment platform founded and led by CEO Doug Jacob.

Citigroup Global Markets Inc. and Canaccord Genuity LLC are acting as joint lead bookrunners for the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any. The offering is expected to close on February 25, 2021, subject to customary closing conditions.