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Velo3D ( (VLDX) ) just unveiled an update.
Velo3D announced a significant debt-for-equity exchange transaction with Arrayed Notes Acquisition Corp., resulting in the cancellation of approximately $22.4 million in senior secured notes. This transaction significantly reduces Velo3D’s debt, with Arrayed Notes Acquisition Corp. holding 95% of the company’s common stock. Following the exchange, Arun Jeldi, CEO of Arrayed Additive Inc., will become Velo3D’s CEO, leading the company into a new growth chapter. As part of the restructuring, several board members resigned, and the board was reduced to five members, with Brad Kreger assuming the role of Chief Operating Officer.
More about Velo3D
Velo3D is a leader in scalable metal 3D printing technology, focusing on innovative solutions for industries such as space exploration, aviation, energy, and semiconductors. The company’s integrated ecosystem includes the Flow print preparation software, the Sapphire family of printers, and the Assure quality control system, enabling customers to manufacture complex, mission-critical metal parts.
YTD Price Performance: -95.83%
Average Trading Volume: 62,752
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $5.58M
See more insights into VLDX stock on TipRanks’ Stock Analysis page.
