Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 65

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 65
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 net tangible book value was $21.5 million, or $1.53 per share of common stock, based on 14,067,416 shares of common
stock outstanding as of June 30, 2025.

Dilution in net tangible book value per share represents the difference between the amount per share paid by purchasers in this offering and the as adjusted net tangible book value per share of our common stock immediately after this offering. After giving effect to the sale of 5,833,333 shares of common stock at a public offering price per share of common stock of $3.00, after deducting the estimated underwriting discounts and estimated offering expenses payable by us, our as adjusted net tangible book value as of June 30, 2025 would have been approximately $37.0 million, or approximately $1.86 per share. This represents an immediate increase in net tangible book value to existing shareholders of $0.33 per share and an immediate dilution in as adjusted net tangible book value of $1.14 per share of our common stock to the investors purchasing securities in this offering.

The following table illustrates this per share dilution to the new investors purchasing shares of common stock in this offering:

| Public offering price per share of common stock                                                     |     |   |      |     | $ | 3.00 |
| Historical net tangible book value (deficit) per share as of June 30, 2025                          |     | $ | 1.53 |     |   |      |
| Increase in net tangible book value per share attributable to investors purchasing in this offering |     | $ | 0.33 |     |   |      |
| As adjusted net tangible book value per share as of June 30, 2025 after this offering               |     |   |      |     | $ | 1.86 |
| Dilution per share to investors purchasing in this offering                                         |     |   |      |     | $ | 1.14 |

The foregoing discussion and tables above are based
on 14,067,416 shares of common stock outstanding as of June 30, 2025, and excludes:

| ● | 303,577                                                                                 
 shares of common stock issuable upon the vesting of outstanding restricted stock units; |

| ● | 36,892                                                                     
 shares of common stock issuable upon the exercise of outstanding warrants; |

| ● | 9,971                                                                                       
 shares of common stock issuable upon the vesting and