Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 267

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 267
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 redemption payment of $10.5 million (the “July Redemption
Payment”) over a period of ten equal monthly payments commencing August 1, 2024. During August and September 2024, we received extensions
from the Note Holders for the July Redemption Payment through October 4, 2024.

On December 9, 2024,
Arrayed Notes Acquisition Corp. (“Arrayed”), a subsidiary of Arrayed Additive, Inc. purchased the Senior Secured Notes due
2026 (the “Secured Notes”) from the Note Holders. Furthermore, on December 9, 2024, the Company and the Note Holders
entered into a forbearance agreement where the Note Holders forbore from taking any enforcement action as a result of the occurrence
and/or continuation of any specified events of default.

On December 24, 2024, the Company and Arrayed entered into a debt for equity exchange transaction where the Company issued 12,343,423 shares of the Company’s common stock, in exchange for the cancellation of $ 22.4 million in principal amount of the Company’s Secured Notes plus $ 0.4 million of accrued interest on the Notes. Arrayed continues to hold $ 5.0 million in principal amount of the Secured Notes, and as a result of the December 2024 Exchange, became the owner of approximately 95% of the Company’s issued and outstanding common stock.

In December 2023, the Board of Directors commenced a strategic business review process to explore alternatives in order to maximize 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 $ 5,750,000and 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 $