Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 254

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 254
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 | ) |
| Ending                                          
 Balance                                         |     | $          |     11 |   |     | $    |   1,456 |   |

Assumptions used in the fair value of the contingent earnout liabilities are described below.

Schedule of Fair Value Assumptions Contingent Earnout Liabilities

|               |     |   |       As 
       of 
 December 
 31, 2024 |   |     |   |       As 
       of 
 December 
 31, 2023 |   |
|:--------------|:----|:--|---------:|:--|:----|:--|---------:|:--|
| Current       
 stock price   |     | $ |    10.20 |   |     | $ |   210.00 |   |
| Expected      
 volatility    |     |   |    161.2 | % |     |   |    105.0 | % |
| Risk-free     
 interest rate |     |   |      4.2 | % |     |   |      4.1 | % |
| Dividend      
 yield         |     |   |        — | % |     |   |        — | % |
| Expected      
 Term (years)  |     |   |     1.75 |   |     |   |     2.75 |   |

Expected volatility: The expected volatility was derived from the implied volatility of the Company’s publicly traded common stock.

Risk-free interest rate: The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for zero-coupon U.S. Treasury notes with maturities corresponding to the expected term of the Earnout Shares.

Expected dividend yield: The expected dividend rate is zero as the Company currently has no history or expectation of declaring dividends on its common stock.

| F-42 |

<div align='center'>Velo3D, Inc.

Notes to Consolidated Financial Statements</div>

Expected term: The expected term represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method, which deems the term to be the average of the time to vesting and the contractual life of the Earnout Shares.

Note 11. Equity Incentive Plans & Stock-Based Compensation

Equity Incentive Plans and Stock-Based Compensation

In 2014, the Company adopted its 2014 equity incentive plan (the “