Company: VLDXW
Filing Date: 2025-06-25
Form Type: DRS
Source: 0001641172-25-016496
Chunk: 278

Company: Velo3D, Inc.
Filing Date: 2025-06-25
Form: DRS
Chunk 278
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|                           |     | March 31,      
 2025           
 (In thousands) |        |     | December 31, 
 2024         |       |
|:--------------------------|:----|:---------------|-------:|:----|:-------------|------:|
| January Note              |     | $              |  5,692 |     | $            |     — |
| February Note 1st Tranche |     |                |  5,204 |     |              |     — |
| February Note 2nd Tranche |     |                |  5,046 |     |              |     — |
| Secured Notes             |     |                |  5,716 |     |              | 5,666 |
| Total                     |     | $              | 21,658 |     | $            | 5,666 |
| Debt – current            
 portion                   |     |                | 16,152 |     |              | 5,666 |
| Long-term debt – less     
 current portion           |     | $              |  5,506 |     | $            |     — |

As of March 31, 2025, the Company’s debt consists of the Secured Notes, the January Note, and the February Note. The Secured Notes entered into with Arrayed Notes Acquisition Corp. (“Arrayed”). The Company and Arrayed entered into a forbearance agreement where Arrayed forbore from taking any enforcement action as a result of the occurrences and/or continuation of any specified events of default. For a full description of the these debt arrangements, see Note 9, Debt, in the audited consolidated financial statements included in the 2024 Form 10-K.

Convertible Secured Note

On January 7, 2025, the Company issued the January Note, a Senior Secured Convertible Promissory Note in the principal amount of $5,000,000 to Thieneman Properties, LLC, an Indiana limited liability company. The January Note bears interest at a rate of 60.0% per annum, is payable in full on April 7, 2025 in the amount of $5,750,000 and if not paid on or prior to such date, will continue to accrue interest at the same rate until paid. The January Note may be prepaid in whole or in part at any time without penalty or premium and is convertible in the event of default