Company: VLDXW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001641172-25-022448
Chunk: 14

Company: Velo3D, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 14
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 stockholder
value. The Company’s strategic review was concluded on December 24, 2024, at the close of the debt for equity exchange transaction.

On
January 7, 2025, the Company issued a Senior Secured Convertible Promissory Note in the principal amount of $5,000,000 (the “January
Note”) to Thieneman Properties, LLC, an Indiana limited liability company. The January Note bears interest at a rate of 60.0% per
annum and was payable in full on April 7, 2025 in the amount of $5,750,000 and if not paid on or prior to such date, will continue to
accrue interest at the same rate until paid. The January Note may be prepaid in whole or in part at any time without penalty or premium
and is convertible in the event of default into shares of the Company’s common stock, at a fixed conversion price of $1.56 per
share. On April 7, 2025, the Company made a payment of $750,000, covering the first three months of interest on the January
Note.

    8

On
February 10, 2025, the Company issued a Senior Secured Convertible Promissory Note in the principal amount of $10,000,000
(the “February Note”) to Thieneman Construction, Inc, an Indiana corporation, to be funded in two tranches of $5,000,000.
The February Note bears interest at a rate of 30.0%
per annum, is payable in full on the date that is six months from the date such tranche was funded, in the amount of $5,750,000
and if not paid on or prior to such date, will continue to accrue interest at the same rate until paid. The first tranche
(“February Note 1st tranche”) and second tranche (“February Note 2nd tranche”) were received by the Company
on February 10, 2025 and March 20, 2025, respectively, which become due on August 10, 2025 and September 20, 2025, respectively. The
outstanding principal amount of the February Note is convertible upon the occurrence of the Company’s successful listing of
shares of its common stock on a national securities exchange or the occurrence and during the continuation of an event of default,
into shares of the Company’s common stock at a fixed