Company: VLDXW
Filing Date: 2025-06-25
Form Type: DRS
Source: 0001641172-25-016496
Chunk: 177

Company: Velo3D, Inc.
Filing Date: 2025-06-25
Form: DRS
Chunk 177
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 not been approved and/or endorsed by us or the underwriter in its capacity as underwriter, and should not be relied upon by investors.

Price Stabilization, Short Positions and Penalty Bids

In connection with the offering, the underwriters may engage in stabilizing transactions, over-allotment transactions, syndicate covering transactions and penalty bids in accordance with Regulation M under the Exchange Act:

| ● | Stabilizing                                                                                         
 transactions permit bids to purchase the underlying security so long as the stabilizing bids        
 do not exceed a specified maximum.                                                                  |
| ● | Over-allotment                                                                                      
 involves sales by the underwriters of shares in excess of the number of shares the underwriters     
 are obligated to purchase, which creates a syndicate short position. The short position may         
 be either a covered short position or a naked short position. In a covered short position,          
 the number of shares over-allotted by the underwriters is not greater than the number of            
 shares that they may purchase in the over-allotment option. In a naked short position, the          
 number of shares involved is greater than the number of shares in the over-allotment option.        
 The underwriters may close out any covered short position by either exercising their over-allotment 
 option and/or purchasing shares in the open market.                                                 |

| 110 |

<div align='center'>Confidential Treatment Requested by Velo3D, Inc.

Pursuant to 17 CFR 200.83</div>

| ● | Syndicate                                                                                        
 covering transactions involve purchases of the common stock in the open market after the         
 distribution has been completed in order to cover syndicate short positions. In determining      
 the source of shares to close out the short position, the underwriters will consider, among      
 other things, the price of shares available for purchase in the open market as compared to       
 the price at which they may purchase shares through the over-allotment option. A naked short     
 position occurs if the underwriters sell more shares than could be covered by the over-allotment 
 option. This position can only be closed out by buying shares in the open market. A naked        
 short position is more likely to be created if the underwriters are concerned that there         
 could be downward pressure on the price of the shares in the open market after pricing that      
 could adversely affect investors who purchase in the offering.                                   |
| ● | Penalty                                                                                          
 bids permit the underwriters to reclaim a selling concession from a syndicate member when        
 the common stock