Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 66

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 66
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05 per share. For each $1.00 increase in the assumed public offering price, the dilution per share to new investors participating in this offering would be $0.95 per share, assuming that the number of shares of common stock offered by us, as set forth on the cover page of this prospectus, remains the same, and after deducting estimated underwriting discounts and commissions and estimated offering expenses payable by us. For each $1.00 decrease in the assumed public offering price, the dilution per share to new investors participating in this offering would be $0.93 assuming the same. Similarly, an increase of 1.0 million shares of common stock offered by us would decrease the as adjusted net tangible book value after this offering by $0.19 per share and increase the dilution per share to new investors participating in this offering by $0.19 per share, and a decrease of 1.0 million shares of common stock offered by us would increase the as adjusted net tangible book value by $0.21 per share and decrease the dilution per share to new investors in this offering by $0.21 per share, assuming that the assumed public offering price remains the same, and after deducting estimated underwriting discounts and commissions.

The foregoing discussion and tables above are based
on 14,067,416 shares of common stock outstanding as of June 30, 2025, and excludes:

| ● | 303,577                                                                                 
 shares of common stock issuable upon the vesting of outstanding restricted stock units; |

| ● | 36,892                                                                     
 shares of common stock issuable upon the exercise of outstanding warrants; |

| ● | 9,971                                                                                       
 shares of common stock issuable upon the vesting and exercise of outstanding stock options; 
 and                                                                                         |

| ● | 0                                                                            
 shares of our common stock reserved for future issuance under the 2021 Plan. |

To the extent that any outstanding options or warrants are exercised, new options or other equity awards are issued under our equity incentive plans, or we issue additional shares in the future, there will be further dilution to new investors participating in this offering.

| 44 |

<div align='center'>MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS</div>

You should read the following discussion and analysis of our financial condition and results of operations together with our financial statements and related notes appearing elsewhere in this prospectus. Some of the information contained in this discussion