Company: VLDXW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001641172-25-022448
Chunk: 9

Company: Velo3D, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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, B.V., (a sales and marketing office located in the Netherlands) and Velo3D,
GmbH, (a sales and marketing office located in Germany). The first commercially developed 3D Printer was delivered in the fourth quarter
of 2018.

On
September 29, 2021 (the “Closing Date” or the “Reverse Recapitalization Date”), JAWS Spitfire completed
the previously announced merger with Legacy Velo3D, with Legacy Velo3D surviving as a wholly-owned subsidiary of JAWS Spitfire (the “Merger”
or the “Reverse Recapitalization”). In connection with the Merger, JAWS Spitfire was renamed “Velo3D, Inc.”,
and Legacy Velo3D was renamed “Velo3D US, Inc.”

The
shares and net loss per share attributable to common stockholders, basic and diluted, prior to the Merger, have been retroactively restated
as shares reflecting the exchange ratio (the “Exchange Ratio”) established in the Merger (0.8149 shares of Velo3D
common stock for 1 share of Legacy Velo3D common stock, par value $0.00001 (the “common stock”) before the 1-for-35
reverse stock split in 2024 and the 1-for-15 reverse stock split in 2025. All fractional shares were rounded.

Unless
otherwise stated herein or unless the context otherwise requires, references in these notes to the “Company” refer to (i)
Legacy Velo3D prior to the consummation of the Merger; and (ii) Velo3D and its consolidated subsidiaries following the consummation of
the Merger.

Basis
of Presentation

The
unaudited condensed consolidated interim financial statements include the accounts of the Company and its subsidiaries and have been
prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the
requirements of the U.S. Securities and Exchange Commission (the “SEC”) for interim financial reporting. Intercompany balances
and transactions have been eliminated in consolidation. As permitted under those rules, certain footnotes or other financial information
that are normally required by U.S. GAAP can be condensed or omitted. Accordingly, these unaudited condensed consolidated interim financial
statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report
on Form 10-K for the fiscal year ended December