Velocity Financial enters into ATM equity distribution agreements for up to $50M in common stock

Velocity Financial, Inc.

Entered separate Equity Distribution Agreements with BTIG, LLC and Virtu Americas LLC for at-the-market offering of common stock.
Maximum aggregate offering amount is $50M or 4,000,000 shares, reduced by prior sales of 38,880 shares ($512,931).
Commissions to placement agents not to exceed 2.0% of gross sales price per share.
Net proceeds expected to be used for general corporate purposes, including loan origination, debt repayment, and working capital.
Prior agreement with Virtu Americas LLC superseded; agreement with JMP Securities LLC terminated.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Velocity Financial, Inc. entered into Equity Distribution Agreements with BTIG, LLC and Virtu Americas LLC valued at up to $50,000,000 (effective 2024-05-03).

Action: entry
Agreement: atm program
Counterparty: BTIG, LLC and Virtu Americas LLC
Value: up to $50,000,000
Effective: 2024-05-03

Exact text from the filing

On May 3, 2024, Velocity Financial, Inc. (the “Company”), entered into separate Equity Distribution Agreements (the “Equity Distribution Agreements”) by and between the Company, on the one hand, and each of BTIG, LLC and Virtu Americas LLC (each, a “Placement Agent” and collectively, the “Placement Agents”), on the other hand.

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284 material agreements filed in the last 30 days. Browse all material agreements →

Velocity Financial, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-130865

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