Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 266

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 266
---
, the Company does not have sufficient liquidity to meet its operating needs and satisfy its obligations for at least 12 months from the date of issuance of the these unaudited condensed consolidated interim financial statements.

On April 1, 2024, the Company
entered into a second note amendment (the “Second Note Amendment”) to its Secured Notes with High Trail Investments ON LLC
and HB SPV I Master Sub LLC, (“the Note Holders”). Pursuant to the Second Note Amendment, the Company agreed to make and
made a cash payment of $5.0million on April 1, 2024, to redeem approximately $4.2
million of aggregate principal amount of the Secured Notes, together with accrued and unpaid interest, and a cash payment of $5.5
million on April 15, 2024, to repay approximately $4.6
million of principal of the Secured Notes, together with accrued and unpaid interest. In connection with the Second Note Amendment, the
Company issued to the Note Holders warrants to purchase 41,808
shares of the Company’s common stock that became exercisable 45 days after the original issuance date at an exercise price of $239.22
per share. The Note Holders may exercise the Warrants by paying the exercise in cash or by reducing the outstanding principal amount
under the Secured Notes by an amount equal to the quotient of (A) the amount of the exercise price divided by (B) 1.20.

On April 10, 2024, the Company
sold (such sale and issuance, the “BEPO Offering”) an aggregate of: (i) 65,307
shares of common stock and (ii) immediately exercisable warrants to purchase up to 65,307
shares of common stock at $183.75
per share. The offering price per share of common stock and accompanying warrant was $183.75
and resulted in gross proceeds to the Company of approximately $12
million. The Company used the net proceeds from the BEPO Offering primarily for funding working capital and capital expenditures and
other general corporate purposes, including repayment of portions of the Company’s Secured Notes.

On July 1, 2024, we entered into a third note
amendment to the Secured Notes with the Note Holders (the “Third Note Amendment”). Pursuant to the Third Note Amendment, the
Company and the Note Holders agreed to defer the July 1, 2024 partial