Velo3D, Inc. announced the pricing of a $12 million public offering and has disclosed that it will be offering 34.28 million shares of common stock and warrants to purchase up to 34.28 million shares of common stock. These securities will be sold to new and existing institutional investors at $0.35 per share along with accompanying warrants.
The warrants provided with the shares are immediately exercisable at $0.35 per share, and they will expire five years after the date of issuance. The offering is expected to close on or around April 12, 2024, pending the satisfaction of customary closing conditions. Velo3D intends to use the net proceeds from the sale to primarily fund working capital, capital expenditures, and repay senior secured notes due in 2026.
By the end of December 31, 2023, the company had $31 million in cash and investments available. Investors looking to gain exposure to Velo3D’s stock can do so through the 3D Printing ETF (PRNT) and ARK Space Exploration & Innovation ETF (ARKX). Currently, VLD shares are trading at $0.2781, reflecting a 40.14% decrease from the previous check on Wednesday.
