Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 301

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 301
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 2025 |   |     |   |             As of 
 December 31, 2024 |   |
|:---------------------------------------|:----|:--|--------------:|:--|:----|:--|------------------:|:--|
| Current stock price                    |     | $ |          7.20 |   |     | $ |             10.20 |   |
| Expected volatility                    |     |   |         161.2 | % |     |   |             161.2 | % |
| Risk-free interest rate                |     |   |           4.2 | % |     |   |               4.2 | % |
| Dividend yield                         |     |   |             — | % |     |   |                 — | % |
| Business combination measurement input |     |   |             — | % |     |   |                 — | % |
| Expected Term (years)                  |     |   |          1.25 |   |     |   |              1.75 |   |

Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock.

Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the Earnout Shares.

| F-73 |

Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock.

Expected term: The expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the Earnout Shares.

Note 11. Equity Incentive Plans and Stock-Based Compensation

As of June 30, 2025, the Company had a remaining allocated reserve of 0 sharesof its common stock for issuance under its 2021 EIP, which provides for the granting of stock options, RSUs and stock appreciation rights to employees, directors, and consultants of the Company. As of June 30, 2025, the Company had an allocated reserve of 148,897 sharesof its common stock for issuance under its 2021 Employee Stock Purchase Plan (“2021 ESPP”). As of June 30, 2025, the Company