Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 181

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 181
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 transactions permit bids to purchase the underlying security so long as the stabilizing bids        
 do not exceed a specified maximum.                                                                  |
| ● | Over-allotment                                                                                      
 involves sales by the underwriters of shares in excess of the number of shares the underwriters     
 are obligated to purchase, which creates a syndicate short position. The short position may         
 be either a covered short position or a naked short position. In a covered short position,          
 the number of shares over-allotted by the underwriters is not greater than the number of            
 shares that they may purchase in the over-allotment option. In a naked short position, the          
 number of shares involved is greater than the number of shares in the over-allotment option.        
 The underwriters may close out any covered short position by either exercising their over-allotment 
 option and/or purchasing shares in the open market.                                                 |

| 114 |

| ● | Syndicate                                                                                        
 covering transactions involve purchases of the common stock in the open market after the         
 distribution has been completed in order to cover syndicate short positions. In determining      
 the source of shares to close out the short position, the underwriters will consider, among      
 other things, the price of shares available for purchase in the open market as compared to       
 the price at which they may purchase shares through the over-allotment option. A naked short     
 position occurs if the underwriters sell more shares than could be covered by the over-allotment 
 option. This position can only be closed out by buying shares in the open market. A naked        
 short position is more likely to be created if the underwriters are concerned that there         
 could be downward pressure on the price of the shares in the open market after pricing that      
 could adversely affect investors who purchase in the offering.                                   |
| ● | Penalty                                                                                          
 bids permit the underwriters to reclaim a selling concession from a syndicate member when        
 the common stock originally sold by the syndicate member is purchased in a stabilizing or        
 syndicate covering transaction to cover syndicate short positions.                               |

These stabilizing transactions, syndicate covering transactions and penalty bids may have the effect of raising or maintaining the market price of our common stock or preventing or retarding a decline in the market price of the common stock. As a result, the price of our common stock may be higher than the price that might otherwise exist in the open market. These transactions may be discontinued at any time.

Neither we nor the underwriters make any representation or prediction as to