Velo3D, Inc. Makes Strategic Move with Public Stock Offering
Velo3D, Inc. Strengthens Market Position with Stock Offering
Velo3D, Inc. is making a significant move in the market by announcing a public offering of common stock. This offering, consisting of 5,833,333 shares priced at $3.00 each, aims to raise approximately $17.5 million in gross proceeds. The firm commitment underwritten offering is a strategic step for Velo3D as it continues to innovate and lead in the field of additive manufacturing technologies.
Future Trading on Nasdaq
The Company's common stock is set to commence trading on the Nasdaq Capital Market under the ticker symbol "VELO". This uplisting marks a crucial milestone for Velo3D as it expands its visibility and accessibility to investors. The transition to Nasdaq is expected to commence soon, and it represents the Company’s commitment to enhancing its market presence and investor engagement.
Utilization of Proceeds
Velo3D plans to utilize the proceeds from this public offering for various essential purposes. These include working capital, capital expenditures, and other general corporate needs. This financial influx will enable the Company to invest in new technologies and improve its service offerings, driving further growth in the competitive additive manufacturing sector.
Option for Underwriters
As part of the offering, Velo3D has granted the underwriters a 30-day option to acquire an additional 875,000 shares at the public offering price, which reflects the confidence the Company places in its future performance. This move signifies Velo3D's anticipation of strong interest from investors and its dedication to creating a robust financial foundation.
Closing Expectations and Compliance
The closing of the offering is expected around the end of the month, pending customary closing conditions. This timeline is particularly crucial as it marks a new chapter for Velo3D, giving it an empowered platform to operate and innovate further.
Registration Statement and SEC Filings
The offering is conducted according to a recently declared effective Registration Statement on Form S-1, which provides transparency and security to investors. This regulatory compliance underscores Velo3D's commitment to maintaining high standards in corporate governance and investor relations.
About Velo3D
Velo3D is at the forefront of revolutionizing metal 3D printing technology. Unlike traditional additive manufacturing techniques that face limitations, Velo3D's innovative solutions allow engineers the freedom to design and produce complex metal parts without constraints. This capability is particularly crucial for industries such as aerospace, energy, and semiconductors, where precision and reliability are paramount.
Innovative Solutions for Critical Industries
Velo3D’s technology includes Flow print preparation software, the Sapphire family of printers, and the Assure quality control system. Together, these components create a fully integrated manufacturing solution that empowers customers to achieve their engineering goals in ways that were previously unattainable. The efficiency and effectiveness of the Intelligent Fusion manufacturing process are essential for creating high-performance parts that meet the demands of modern applications.
Recognition and Partnerships
Velo3D has gained recognition in the industry, being named one of Fast Company's Most Innovative Companies for 2024. Its commitment to innovation has made it a strategic partner to leading firms such as SpaceX and Honeywell. As Velo3D continues to develop its technology, the Company is poised to redefine how critical components are manufactured across various sectors.
Frequently Asked Questions
What is the primary purpose of Velo3D's stock offering?
The primary purpose of the stock offering is to raise funds for working capital, capital expenditures, and general corporate purposes.
When will Velo3D be listed on Nasdaq?
The trading of Velo3D's common stock on Nasdaq is expected to commence soon under the ticker symbol 'VELO'.
Who is managing the stock offering?
Lake Street Capital Markets, LLC is acting as the sole book-running manager for the stock offering.
What industries does Velo3D serve with its technology?
Velo3D serves industries including space exploration, aviation, energy, and semiconductor manufacturing.
What makes Velo3D different from traditional metal 3D printing manufacturers?
Velo3D has overcome limitations of legacy metal additive manufacturing, allowing greater design freedom and enabling production of complex, mission-critical parts.
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