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Velo3D aims to Secure $18 Million in New Share Offering

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Velo3D aims to Secure $18 Million in New Share Offering
Velo3D Team/Source: Velo3D

Velo3D, Inc., a company known for its advanced metal 3D printing technology, made a significant financial move recently. They agreed to sell 36 million shares of their stock amounting to a total of $18 million in new share offering at a low price, along with special “warrants” that allow people to buy another 36 million shares in the future. These warrants are valid for five years and can be used immediately.

Even after fees and other costs, this deal is expected to bring in about $18 million for Velo3D. They intend to use this money for routine business expenses, the purchase of new equipment, and other general needs.

The news comes close to the recent stepping down of their long-time CEO Benny Buller in December itself and also the resignation of their CFO William McCombe in September 2023.

Velo3D’s New Share Offering

Assuming everything goes as planned, the sale of these stocks and warrants is scheduled for December 29, 2023. The only company assisting Velo3D with this sale is A.G.P./Alliance Global Partners. Velo3D registered with the Securities and Exchange Commission (the SEC), a government agency that oversees such financial transactions, in November 2022, making this entire plan possible. If you want to see the detailed financial documents for this sale, you can go to the SEC’s website or contact A.G.P./Alliance Global Partners directly.

In addition, Velo3D modified an existing financial agreement regarding their “Secured Notes,” a type of debt. Because of these changes, they will pay the note holders $25 million, which will cover approximately $20.8 million of the debt and any interest that has accrued. This payment is expected to be made around December 29, 2023, on the same day as the stock sale.

Velo3D will avoid having to repay another large portion of their debt in early 2024, and they will also avoid having to keep a certain amount of cash on hand. This gives them more financial flexibility.

To summarise, Velo3D is raising funds through a stock sale and restructuring its debts in order to improve its financial position. This is a significant step forward for the company as it expands and invests in its technology. These actions demonstrate Velo3D’s efforts to fortify its financial foundation and prepare for future growth and development.


About Manufactur3D Magazine: Manufactur3D is an online magazine on 3D Printing. Visit our Global News page for more updates on Global 3D Printing News. To stay up-to-date about the latest happenings in the 3D printing world, like us on Facebook or follow us on LinkedIn and Twitter. Follow us on Google News.

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About author
Abhimanyu Chavan is the founder of Manufactur3D Magazine. He writes on Additive Manufacturing technology, interviews industry leaders, shares industry insights, and expresses his thoughts on the latest developments in the industry. You can follow him on LinkedIn, Twitter and Instagram.
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