Company: VLDXW
Filing Date: 2025-08-06
Form Type: 10-Q
Source: 0001641172-25-022448
Chunk: 13

Company: Velo3D, Inc.
Filing Date: 2025-08-06
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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, the “BEPO Offering”) an aggregate of: (i) 65,307 shares
of common stock and (ii) immediately exercisable warrants to purchase up to 65,307
shares of common stock at $183.75
per share. The offering price per share of common stock and accompanying warrant was $183.75
and resulted in gross proceeds to the Company of approximately $12
million. The Company used the net proceeds from the BEPO Offering primarily for funding working capital and capital expenditures and
other general corporate purposes, including repayment of portions of the Company’s Secured Notes.

On July 1, 2024, we entered into a third note
amendment to the Secured Notes with the Note Holders (the “Third Note Amendment”). Pursuant to the Third Note Amendment, the
Company and the Note Holders agreed to defer the July 1, 2024 partial redemption payment of $10.5 million (the “July Redemption
Payment”) over a period of ten equal monthly payments commencing August 1, 2024. During August and September 2024, we received extensions
from the Note Holders for the July Redemption Payment through October 4, 2024.

On December 9, 2024,
Arrayed Notes Acquisition Corp. (“Arrayed”), a subsidiary of Arrayed Additive, Inc. purchased the Senior Secured Notes due
2026 (the “Secured Notes”) from the Note Holders. Furthermore, on December 9, 2024, the Company and the Note Holders
entered into a forbearance agreement where the Note Holders forbore from taking any enforcement action as a result of the occurrence
and/or continuation of any specified events of default.

On
December 24, 2024, the Company and 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 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, became the owner of
approximately 95%
of the Company’s issued and outstanding common stock.

In
December 2023, the Board of Directors commenced a strategic business review process to explore alternatives in order to maximize