Company: VLDXW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001641172-25-022448
Chunk: 57

Company: Velo3D, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 57
---
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 outstanding
principal amount of the February Note is convertible into shares of the Company’s common stock 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 common stock at a fixed conversion price of $15.00 per share.

2025
Reverse Stock Split

Effective
July 28, 2025, we implemented a 1-for-15 reverse stock split of our issued and outstanding common stock. The reverse stock split was
effected by the filing of a certificate of amendment (the “Amendment”) to our Certificate of Incorporation with the
Secretary of State of the State of Delaware, without any change to par value or the number of authorized shares of common stock. The Amendment became effective upon such filing. No
fractional shares were issued in connection with the reverse stock split as all fractional shares were rounded up to the next whole
share. All share and per share amounts of our common stock listed in this Quarterly Report have been adjusted, as applicable, to
give effect to the reverse stock split.

See
Note 2, Summary of Significant Accounting Policies, for additional information on the 2025 reverse stock split in the notes
to our unaudited condensed consolidated interim financial statements included elsewhere in this Quarterly Report.

Notwithstanding
the recent debt and equity transactions, as described in “—Liquidity and Capital Resources” and in Note 1 Description
of Business and Basis of Presentation—Going Concern, Financial Condition and Liquidity and Capital Resources in the notes
to the unaudited condensed consolidated interim financial statements included elsewhere in this Quarterly Report, management believes that substantial doubt exists about the Company’s ability to continue as a going concern. We do not have sufficient
liquidity to meet our operating needs and satisfy our debt obligations for at least the next 12 months. The Company will need to
engage in additional financings to fund our operations, continue to fund payroll for employees, and satisfy our obligations in the
near term. Without such additional funding, we will not be able to continue operations and may be required to sell assets, liquidate
and/or file for bankruptcy.

Amendment
to Company’s Certificate of Incorporation allowing stockholders to act by written consent

On
June 27, 2025, the stockholders of