Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 67

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 67
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 without the need
to redesign the part to be manufacturable with AM. Because of these features, we believe our technology and product capabilities are
highly valued by our customers. Our customers are primarily original equipment manufacturers (“OEMs”) and contract manufacturers
(“CMs”) who look to AM to solve issues with traditional metal parts manufacturing technologies. Those traditional manufacturing
technologies rely on processes, including casting, stamping and forging, that typically require high volumes to drive competitive costs
and have long lead times for production. Our customers look to AM solutions to produce assemblies that are lighter, stronger, and more
reliable than those manufactured with traditional technologies. Our customers also expect AM solutions to drive lower costs for low-volume
parts and substantially shorter lead times. However, many of our customers have found that other legacy AM technologies failed to produce
the required designs for the high-value metal parts and assemblies that our customers wanted to produce with AM. As a result, other AM
solutions often require that parts be redesigned so that they can be produced and frequently incur performance losses for high-value
applications.

In contrast, our technology can deliver complex
high value metal parts with the design advantages, lower costs and faster lead times associated with AM, and generally avoids the need
to redesign the parts. As a result, our customers have increasingly adopted our technology into their design and production processes.
We believe our value is reflected in our sales patterns, as most of our customers initially purchased a single machine to validate our
technology and have purchased additional systems over time as they have embedded our technology in their product roadmap and manufacturing
infrastructure. We consider this approach a “land and expand” strategy, oriented around a demonstration of our value proposition
followed by increasing penetration with key customers.

| 45 |

Recent Developments

Recent Debt and Equity Transactions and Change in Majority Ownership

On December 24, 2024, the Company and Arrayed
Note Acquisition Corp., a subsidiary of Arrayed Additive, Inc. (“Arrayed”), entered into a debt for equity exchange transaction
where the Company issued 12,343,423 shares of the Company’s common stock, in exchange for the cancellation of $22.4 million in
principal amount of the Company’s Secured Notes (the “Notes”) plus $0.4 million of accrued interest on the Notes. Arrayed
continues to hold $5.0 million in principal amount of the Secured Notes, and as a result of the December 2024 Exchange,