Company: VLDXW
Filing Date: 2025-02-12
Form Type: 8-K
Source: 0001493152-25-006118
Chunk: 0

Company: Velo3D, Inc.
Filing Date: 2025-02-12
Form: 8-K
Item: Item 1.01
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Item
1.01 Entry into a Material Definitive Agreement.

Convertible
Secured Note

On
February 10, 2025, Velo3D, Inc. (the “ Company”) issued a Senior Secured Convertible Promissory Note in the principal amount
of $10,000,000 (the “ Note”) to Thieneman Construction, Inc. (the “ Holder”), an Indiana corporation, to be funded
in two tranches of $5,000,000. The first tranche was funded upon the issuance of the Note. The Holder is obligated to fund the second
tranche upon the written request of the Company, no earlier than March 3, 2025 and no later than March 25, 2025, provided no Event of
Default (as defined in the Note) shall have occurred and be continuing. The Note is secured by the Company’s and the Guarantor’s
(as defined below) accounts receivable, inventory and all proceeds and products thereof. Each tranche of the Note is payable in full
on the date that is six months from the date such tranche was funded, in the amount of $5,750,000, and if not paid on or prior to such
date, will continue to accrue interest at the same rate until paid. The Note may be prepaid in whole or in part at any time without penalty
or premium, and interest will cease to accrue on any prepaid portion of the Note when prepaid. The outstanding principal amount of the
Note is convertible upon the occurrence of the Company’s successful listing of shares of its common stock, par value $0.00001 per
share (“ Common Shares

The
Company agreed to enter into a registration rights agreement relating to the registration for resale of the Common Shares, if any, issued
upon conversion of the Note at the time the Note is converted.

The
issuance of the Note was made in reliance upon the exemption provided by Section (4)(a)(2) of the Securities Act of 1933, as amended
(the “ Securities Act”), for the offer and sale of securities not involving a public offering, and Regulation D promulgated
under the Securities Act

In
connection with the issuance of the Note, the Holder and Velo3D US, Inc. (the “ Guarantor”), a wholly-owned subsidiary of
the Company, entered into a Secured Guaranty dated February 10, 2025 (the “ Subsidiary