Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 250

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 250
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 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 common stock warrants.

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-39 |

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

Notes to Consolidated Financial Statements</div>

Expected term: The expected term represents the period that the warrant is 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 warrant.

2024 Private Warrants - Fair Value Assumptions

The fair value assumptions used in the Monte Carlo simulation model for the valuation of the 2024 Private Warrants liability was as follows:

|               |     | As       
 of       
 December 
 31, 2024 |       |   |
|:--------------|:----|:---------|------:|:--|
| Current       
 stock price   |     | $        | 10.20 |   |
| Expected      
 volatility    |     |          | 191.6 | % |
| Risk-free     
 interest rate |     |          |   4.2 | % |
| Dividend      
 rate          |     |          |     — | % |
| Expected      
 Term (years)  |     |          |  0.37 |   |

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 common stock warrants.

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.

Expected term: The expected term represents the period that the warrant is 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 warrant.

The fair value assumptions used in the Black-Scholes simulation model for the valuation of the BEPO Warrant and the BEPO Agent Warrant liabilities were as follows:

|               |     | As       
 of       
 December 
 31, 202