Company: VLDXW
Filing Date: 2025-08-20
Form Type: 424B4
Source: 0001641172-25-024892
Chunk: 248

Company: Velo3D, Inc.
Filing Date: 2025-08-20
Form: 424B4
Chunk 248
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| Beginning                                            
 Balance                                              |     | $          |  11,835 |   |     | $    |  2,745 |   |
| Issuance                                             
 of common stock warrant in connection with financing |     |            |  22,425 |   |     |      | 11,428 |   |
| Loss                                                 
 on fair value of warrants                            |     |            | (32,093 | ) |     |      | (2,338 | ) |
| Ending                                               
 Balance                                              |     | $          |   2,167 |   |     | $    | 11,835 |   |

The liabilities associated with the Private Placement Warrants, 2022 Private Warrant, RDO Warrants, and Placement Agent Warrants were subject to remeasurement at each balance sheet date using the Level 3 fair value inputs and the Public Warrants were subject to remeasurement at each balance sheet date using the latest trading price of the warrants for the years ended December 31, 2024 and 2023.

| F-38 |

<div align='center'>Velo3D, Inc.

Notes to Consolidated Financial Statements</div>

Private Placement Warrant - Fair Value Assumption

The fair value of the private placement common stock warrant liability was $0 as of December 31, 2024 as the publicly traded price was $0.00 as of December 31, 2024. The assumptions used in the Monte Carlo simulation model for the recurring valuation of the private placement common stock warrant liability were as follows:

Schedule of Fair Value Assumptions

|                 |     | As       
 of       
 December 
 31, 2024 |    |   |     | As       
 of       
 December 
 31, 2023 |        |   |
|:----------------|:----|:---------|:---|:--|:----|:---------|-------:|:--|
| Current         
 stock price     |     | $        | —  |   |     | $        | 208.80 |   |
| Expected        
 volatility      |     |          | —  | % |     |          |  105.0 | % |
| Risk-free       
 interest rate   |     |          | —  | % |     |          |    4.1 | % |
| Dividend        
 yield           |     |          | —  | % |     |          |      — | % |