Company: VLDXW
Filing Date: 2025-08-07
Form Type: S-1
Source: 0001641172-25-022475
Chunk: 205

Company: Velo3D, Inc.
Filing Date: 2025-08-07
Form: S-1
Chunk 205
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 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 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 12,343,423shares of the Company’s common stock, in exchange for the cancellation of $ 22.4million in principal amount of the Company’s Secured Notes plus $ 0.4million of accrued interest on the Notes. Arrayed continues to hold $ 5.0million in principal amount of the Notes, and became the owner of approximately 95% of the Company’s issued and outstanding common stock.

| F-9 |

Velo3D, Inc.

Notes to Consolidated Financial Statements

In December 2023, the Board of Directors commenced a strategic business review process to explore alternatives in order to maximize stockholder value. The potential strategic alternatives actively being explored or evaluated currently included a potential merger, business combination or sale. The Company’s strategic review was concluded on December 24, 2024, at the close of the debt for equity exchange transaction.

On January 7, 2025, the Company issued a Senior Secured Convertible Promissory Note in the principal amount of $ 5,000,000(the “January Note”) to Thieneman Properties, LLC, an Indiana limited liability company. The January Note is payable in full on April 7, 2025 in the amount of $ 5,750,000and if not paid on or prior to such date, will continue to accrue interest at the same rate until paid. The January Note may be prepaid in whole or in part at any time without penalty or premium and is convertible in the event of default into shares of the Company’s common stock, at a fixed conversion price of $ 23.40per share.

On February 10, 2025, the Company issued a Senior Secured Convertible Promissory Note in the principal amount of $ 10,000,000(the “February Note”) to Thieneman Construction, Inc,