Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 229

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 229
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 2026. The Company was required to repay the principal on the Secured Notes at a repayment price equal to 120%of the Secured Notes principal balance repaid plus accrued interest. The Secured Notes included covenants requiring the Company to maintain a minimum of $ 35million of unrestricted cash and cash equivalents and to maintain minimum levels of available cash, calculated monthly based on a rolling three-month lookback period beginning with the three-month period ending on December 31, 2023.

| F-30 |

Velo3D, Inc.

Notes to Consolidated Financial Statements

On December 27, 2023, the Company entered into note amendment to its Secured Notes with the Investors, pursuant to which the Company made a cash payment to the note holders of $ 25.0million to repay approximately $ 20.8million of aggregate principal amount of the Secured Notes, together with accrued and unpaid interest. The amendment was determined to be a modification of the Secured Notes. The amended Secured Notes eliminated the requirement to pay a principal amount of Secured Notes on January 1, 2024, eliminated the requirement to maintain a minimum of $ 35.0million of unrestricted cash and cash equivalents, and deferred the requirement to, on or before December 31, 2023, establish a new “at-the-market” offering program (or increase the Company’s existing “at-the-market” offering program) with aggregate available, accessible and unused capacity to generate gross proceeds to the Company of at least $ 75.0million as of December 31, 2023 to January 31, 2024.

On April 1, 2024, the Company entered into a second note amendment (the “Second Note Amendment”) to its Secured Note with the Investors. Pursuant to the Second Note Amendment, the Company made cash payments, the first of which was $ 5.0million on April 1, 2024 which redeemed approximately $ 4.2million of aggregate principal amount, and another cash payment of $ 5.5million on April 15, 2024 which redeemed approximately $ 4.6million of principal. In connection with the Second Note Amendment, the Company issued to the Investors warrants to purchase 41,808shares of the Company’s common stock that became exercisable 45 days after the original issuance date at an exercise price of $ 239.22per share. The Investors may exercise the Warrants by paying the exercise in cash