Company: VLDXW
Filing Date: 2025-06-16
Form Type: DEFA14A
Source: 0000950170-25-086552
Chunk: 6

Company: Velo3D, Inc.
Filing Date: 2025-06-16
Form: DEFA14A
Chunk 6
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 in our best interests and those of our stockholders and has submitted the Reverse Stock Split Charter Amendment for consideration by our stockholders at the annual meeting.

Reasons for the Reverse Stock Split

Potential Future Listing of Our Common Stock on a National Securities Exchange

The Company’s primary reason for approving and recommending the Reverse Stock Split is to meet the initial listing requirements of a national securities exchange. Our common stock is currently quoted on the OTCQX Best Market (“OTCQX”) operated by OTC Markets Group, Inc. under the symbol “VLDX.” The Company may, in the future, apply to list its common stock on a national securities exchange. However, the initial listing rules of various national securities exchanges require certain minimum bid price requirements, which are higher than the Company’s recent closing sale prices on the OTCQX. For example, The Nasdaq Stock Market LLC (“Nasdaq”) generally requires a minimum bid price of $4.00. Although the intent of the Reverse Stock Split is to increase the price of our common stock, there can be no assurance, however, that even if the Reverse Stock Split is effected, that the bid price of the Company’s common stock will be sufficient for the Company to meet initial listing bid price requirements for a national securities exchange such as Nasdaq or that the Company will meet the other requirements for initial listing on a national securities exchange, and even if it does, that it will pursue such a listing.

If the Reverse Stock Split is effected, it would cause a decrease in the total number of shares of our common stock outstanding and increase the market price of our common stock. Our Board intends to effect the Reverse Stock Split only if it believes that a decrease in the number of shares outstanding is in our best interests and those of our stockholders and is likely to improve the trading price of our common stock and improve the likelihood that we will meet the initial listing requirements of a national securities exchange. Accordingly, our Board approved the Reverse Stock Split as being in our best interests.

Effective Increase of Authorized and Unissued Shares

Under our Certificate of Incorporation, we are authorized to issue 500,000,000 shares of common stock. As of June 2, 2025, we had 211,009,815 shares of common stock outstanding. In addition, as of June 2, 2025:

9,740,087 shares of our common stock were reserved for issuance upon the exercise of outstanding options and upon the settlement of outstanding RSUs;

11,393,081