Velocity Financial, Inc. (VEL)’s Stock Price Precipitously Declines
On January 17, 2020, Velocity commenced its IPO offering 7,250,000 shares at $13 per share and raising $100.7 million in gross proceeds. Since its IPO, Velocity’s stock has precipitously declined and by May 12, 2020, shares of Velocity closed at only $3.00 per share, representing a staggering decline of approximately 77% from its IPO share price. Since then, shares of Velocity stock have continued to trade well below Velocity’s IPO price, currently trading at around $5 per share.
