Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 174

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 174
---
 proceed with a redemption of the warrants if we determine it is in our best interest to do so. As such, we would redeem the warrants in this manner when we believe it is in our best interest to update our capital structure to remove the warrants and pay the redemption price to the warrant holders.

As stated above, we can redeem the warrants when
the shares of common stock are trading at a price starting at $5,250.00, which is below the exercise price of $6,037.50, because
it will provide certainty with respect to our capital structure and cash position while providing warrant holders with the opportunity
to exercise their warrants on a cashless basis for the applicable number of shares. If we choose to redeem the warrants when the shares
of common stock are trading at a price below the exercise price of the warrants, this could result in the warrant holders receiving fewer
shares of common stock than they would have received if they had chosen to wait to exercise their warrants for shares of common stock
if and when such shares were trading at a price higher than the exercise price of $6,037.50.

No fractional shares of common stock will be issued upon exercise. If, upon exercise, a holder would be entitled to receive a fractional interest in a share, we will round down to the nearest whole number of the number of shares of common stock to be issued to the holder. If, at the time of redemption, the warrants are exercisable for a security other than the shares of common stock pursuant to the Warrant Agreement, the warrants may be exercised for such security. At such time as the warrants become exercisable for a security other than the shares of common stock, we (or surviving company) will use our commercially reasonable efforts to register under the Securities Act the security issuable upon the exercise of the warrants.

| 109 |

If we call the warrants for redemption when the price per share of common stock equals or exceeds $9,450.00, our management will have the option to require any holder that wishes to exercise his, her or its warrant to do so on a “cashless basis” beginning on the third trading day prior to the date on which notice of the redemption is given to the holders of warrants. In determining whether to require all holders to exercise their warrants on a “cashless basis,” our management will consider, among other factors, our cash position, the number of warrants that are outstanding and the dilutive effect on our shareholders of issuing the maximum number of shares of common stock issuable upon