Velocity Acquisition in a press release said it will be unable to complete a merger by deadline and so will liquidate, effective Dec. 20.
The per-share redemption price is expected to be approximately $10.
Velocity in November 2021 terminated a deal with BBQGuys, a specialty e-commerce platform for higher-end barbecue grills, grilling accessories and outdoor living projects. Velocity founder Doug Jacob at the time vowed to forge on in pursuit of an acquisition.
The SPAC raised $230 million in a February 2021 ipo for the acquisition, it said at the time, of a “digital transformation” company that enables corporations to accelerate the full digitization of their businesses. Read more.
Source: Velocity Acquisition Will Liquidate Tomorrow