Company: VLDXW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001641172-25-022448
Chunk: 29

Company: Velo3D, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 Note 9, Debt,
in the audited consolidated financial statements included in the 2024 Form 10-K.

Convertible
Secured Note

On
January 7, 2025, the Company issued the January Note, a Senior Secured Convertible Promissory Note in the principal amount of $5,000,000
to Thieneman Properties, LLC, an Indiana limited liability company. The January Note bears interest at a rate of 60.0% per annum, was initially
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, which fulfilled its obligations of interest owed through the aforementioned
date. The Company continues to accrue interest on the principal amount of the January Note until such time it will be repaid. During
the three and six months ended June 30, 2025, the Company incurred total interest expense of $0.8 million and $1.5 million, respectively,
which is included in the carrying value of the January Note in the above table.

On
February 10, 2025, the Company issued a Senior Secured Convertible Promissory Note (the “February Note”) in the principal
amount of $10,000,000 to Thieneman Construction, Inc, an Indiana corporation, to be funded in two tranches of $5,000,000. This Note bears
interest at a rate of 30.0% per annum, is payable in full on the date that is six months from the time the amounts are received by the
Company. 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. If the February Notes is not paid on or prior to the aforementioned dates, the February Note will continue to accrue