Arrayed Additive
Assembly Line
Velo3D Announces Debt for Equity Exchange Transaction Significantly Delevers Balance Sheet Arrayed Notes Acquisition Corp to Become Majority Equity Holder of Velo3D
Velo3D, Inc., the leader in scalable metal 3D printing technology for production manufacturing, announced a debt for equity exchange where approximately $22.4 million or 81.7% in principal amount of its outstanding senior secured notes, plus approximately $369 thousand of accrued interest on such notes, held by Arrayed Notes Acquisition Corp. (the “Holder”) will be cancelled in exchange for an issuance of 185,151,333 newly issued shares of the Company’s common stock to the Holder. With the completion of this transaction, the Holder will hold 95% of Velo3D’s issued and outstanding common stock. Shares of Velo3D’s issued and outstanding common stock not held by the Holder will remain publicly traded on OTCQX.
“Velo3D’s industry leading technology and capabilities allow Arrayed Additive to greatly expand our services and product offering to our customers. Velo3D’s focus on defense, space / aerospace and technology end-markets is complementary to Arrayed Additive’s customer base and our leading technology in light weight precision manufacturing using magnesium and aluminum alloy further expands Velo3D’s capabilities. I am thrilled to lead Velo3D into a new chapter of growth,” said Arun Jeldi, Arrayed Additive CEO.