Company: VLDXW
Filing Date: 2025-06-25
Form Type: DRS
Source: 0001641172-25-016496
Chunk: 69

Company: Velo3D, Inc.
Filing Date: 2025-06-25
Form: DRS
Chunk 69
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 $                 | (455,745 | ) |     |          |
| Total stockholders’                                                                                                        
 equity                                                                                                                     |     | $                 |   32,882 |   |     | $        |
| Total capitalization                                                                                                       |     | $                 |   91,399 |   |     | $        |

The foregoing discussion and tables above are based on 210,232,762 shares of common stock outstanding as of March 31, 2025, and excludes:

| ● | 257,256                                                                                 
 shares of common stock issuable upon the vesting of outstanding restricted stock units; |

| ● | 553,326                                                                    
 shares of common stock issuable upon the exercise of outstanding warrants; |

| ● | 254,291                                                                                     
 shares of common stock issuable upon the vesting and exercise of outstanding stock options; 
 and                                                                                         |

| ● | 43,957                                                                       
 shares of our common stock reserved for future issuance under the 2021 Plan. |

| 43 |

<div align='center'>Confidential Treatment Requested by Velo3D, Inc.

Pursuant to 17 CFR 200.83

DILUTION</div>

If you invest in our common stock, your interest will be immediately diluted to the extent of the difference between the public offering price per share and the as adjusted net tangible book value per share of our common stock after this offering. Net tangible book value per share represents our total tangible assets less total liabilities, divided by the number of shares of our common stock outstanding.

As of March 31, 2025, our net tangible book value was $32.9 million, or $0.16 per share of common stock, based on 210,232,762 shares of common stock outstanding as of March 31, 2025.

Dilution in net tangible book value per share represents the difference between the amount per share paid by purchasers in this offering and the as adjusted net tangible book value per share of our common stock immediately after this offering. After giving effect to the sale of up to shares of common stock at an assumed public offering price per share of common stock of $ , which is equal to the last reported sale price of our common stock on the OTCQX on , 2025, after deducting the estimated underwriting discounts and estimated offering expenses payable by us, our as adjusted net tangible book value as of March 31, 2025 would have been approximately $ million, or approximately $