Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 309

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 309
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old by Velo3D shall be forfeited by Velo3D and cancelled by Momentus. Any funds in the Prepaid Reserve and work product shall be returned to the respective parties.

The Company evaluated the MSA to determine whether any embedded feature of the MSA potentially qualifies as a derivative required to be separately accounted for in accordance with FASB ASC Topic 815, Derivatives and Hedging. The Refund Provision clause requires the Company to refund a portion of the share-based consideration received if services are not rendered, with the refund amount limited to the lesser of a specified threshold or the net proceeds from the sale of Momentus shares. Management determined that the Refund Provision is required to be bifurcated from the MSA and accounted for separately as a derivative liability. However, based on a valuation analysis as of June 30, 2025, the fair value of the embedded derivative was determined to be de minimis. Accordingly, no separate recognition of the embedded derivative was made in the unaudited condensed consolidated interim financial statements.

The Company has evaluated the accounting treatment for the equity received
under the MSA with Momentus and determined that the arrangement does not currently meet the criteria to be accounted for under ASC 606
as the Company cannot identify the specific goods and services to be transferred or the related payment terms. The Company will reassess
the accounting for the MSA upon the execution of a Statement of Work. For the three and six months ended June 30, 2025, no revenue related
to this MSA has been recognized.

Note 17. Subsequent Events

Subsequent events were evaluated through the filing date of this prospectus, and no events requiring adjustment or disclosure were identified.

| F-78 |

<div align='center'>5,833,333 shares

Velo3D, Inc.

Common Stock

PROSPECTUS

Lake Street

August 19, 2025</div>

Until and including September 13, 2025 (25 days after the date of this prospectus), all dealers that buy, sell, or trade the shares of our common stock, whether or not participating in this offering, may be required to deliver a prospectus. This delivery requirement is in addition to the dealer’s obligation to deliver a prospectus when acting as an underwriter and with respect to unsold allotments or subscriptions.