Velocity Acquisition Corp. announced that, because the Company will not consummate an initial business combination within the time period required by its Amended and Restated Certificate of Incorporation, the Company intends to dissolve and liquidate in accordance with the provisions of the Amended Charter, effective as of the close of business on December 20, 2022, and will redeem all of the outstanding shares of Class A common stock that were included in the units issued in its initial public offering, at an anticipated per-share redemption price of approximately $10.00. As of the close of business on December 20, 2022, the Public Shares will be deemed cancelled and will represent only the right to receive the redemption amount. The Company’s sponsor, officers and directors have agreed to waive their redemption rights with respect to their outstanding Class B common stock issued prior to the Company’s initial public offering. There will be no redemption rights or liquidating distributions with respect to the Company’s warrants, which will expire worthless. The Company expects that The Nasdaq Stock Market LLC will file a Form 25 with the United States Securities and Exchange Commission to delist the Company’s securities. The Company thereafter expects to file a Form 15 with the Commission to terminate the registration of its securities under the Securities Exchange Act of 1934, as amended. The Company anticipates that the Public Shares will cease trading as of the close of business on December 20, 2022.
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