Company: VLDXW
Filing Date: 2025-01-14
Form Type: 10-Q
Source: 0000950170-25-005443
Chunk: 31

Company: Velo3D, Inc.
Filing Date: 2025-01-14
Form: 10-Q
Item: Part I, Item 1
Chunk 31
---
        )
         
        $
        (2,195
        )
         
        $
        (78,990
        )

        Net unrealized holding gain   on available-for-sale   investments

        149

        —

        149

        585

        —

        585

        Total comprehensive loss
         
        $
        (17,247
        )
         
        $
        (2,068
        )
         
        $
        (19,315
        )
         
        $
        (76,210
        )
         
        $
        (2,195
        )
         
        $
        (78,405
        )

31

Note 17. Subsequent Events Reduction in ForceOn October 9, 2024, the Company commenced a reduction in force plan to streamline its business operations, reduce costs and create further operating efficiencies, which affected 46 employees, representing approximately 32% of the Company’s workforce. In connection with the reduction in force, the Company currently estimates it will incur approximately $1.3 million to $1.5 million of costs, consisting primarily of personnel expenses such as salaries and wages, one-time severance payments, and other benefits. The majority of the cash payments related to these expenses will be paid out during the fourth quarter of 2024.Senior Secured Notes Purchase and ForbearanceOn December 9, 2024, Arrayed Notes Acquisition Corp., a subsidiary of Arrayed Additive, Inc. purchased the Secured Notes from High Trail Investments ON LLC and HB SPV I Master Sub LLC, the Note holders. 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.Debt for Equity ExchangeOn December 24, 2024, the Company and Arrayed Notes Acquisition Corp. (“Arrayed”) entered into a debt for equity exchange transaction where the Company issued 185,151,333 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 Notes, and became the owner of 95% of the Company’s issued and outstanding common stock.As part of the Exchange transaction, six of the ten Board of Directors resigned