Velocity Financial Announces $45 Million Equity Offering and Financing Amendments
Velocity Financial, Inc. (VEL)
Company Research
Source: Business Wire
WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Velocity Financial, Inc. (NYSE: VEL), (the “Company,” “Velocity,” “we” or “our”) today announced that it has reached an agreement to issue and sell $45 million of Series A Convertible Preferred Stock and warrants to purchase shares of the Company’s common stock to investment funds affiliated with Snow Phipps Group, LLC (“Snow Phipps”) and TOBI III SPE I LLC (“TOBI”).“Over the past week, we worked closely with our original sponsors, Snow Phipps and TOBI, and warehouse repurchase lending partners to quickly react to unprecedented markets conditions by strengthening the Company’s balance sheet and liquidity profile,” said President and CEO, Chris Farrar. “We are pleased to have their continued support as we navigate these difficult times.”The issuance of the Series A Convertible Preferred Stock and warrants and the agreements in connection therewith were unanimously approved by a transaction committee (the “Transaction Committee”) comprised
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VEL
Earnings
- 11/7/24 - In-Line
VEL
Sec Filings
- 11/8/24 - Form 8-K
- 11/8/24 - Form 8-K
- 11/8/24 - Form 10-Q
- VEL's page on the SEC website