Velo3D has closed its recently announced ‘reasonable best efforts’ public offering of 34,285,715 shares of common stock and warrants, raising approximately 12 million USD.
The warrants are immediately exercisable at an exercise price of 0.35 USD per share and expire five years after the date of issuance.
This offering was being made pursuant to an effective shelf registration statement on Form S-3 (File No. 333-2268346) previously filed with the U.S. Securities and Exchange Commission (the “SEC”), which was declared effective by the SEC on November 21st, 2022.
Velo3D announced it would sell shares through a ‘reasonable best efforts’ public offering earlier this month, with the company suggesting it would use the funds raised to fund working capital and capital expenditures, as well as other general corporate purchases, including the repayment of the Company’s senior secured notes due 2026 and ‘other permitted indebtedness.’
After announcing the public offering, Velo3D’s shares dropped from 0.47 USD to 0.27 USD – a 42% drop. Its share price currently stands at 0.30 USD. Velo3D sold 34,285,715 shares through its public offering at 0.35 USD per share.
Late last year, Velo3D was hit by a NYSE noncompliance notice after its share price remained at below 1.00 USD for 30 consecutive trading days. It came shortly after founder and CEO Benny Buller resigned, with the company suggesting it would explore strategic alternatives to chart a path forward. In recent weeks, Velo3D has reported 27 million USD in purchase orders since mid-December and appointed Nancy Krystal as Vice President, General Counsel.
