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Velo3D (OTCQX: VLDX) announced a significant debt-for-equity exchange transaction where 81.7% ($22.4 million) of its outstanding senior secured notes, plus $369,000 in accrued interest, will be cancelled in exchange for 185,151,333 newly issued shares to Arrayed Notes Acquisition Corp. Following the transaction, Arrayed will hold 95% of Velo3D's common stock and retain approximately $5 million in senior secured notes. Arun Jeldi, CEO of Arrayed Additive, will become Velo3D's CEO. The company's board will be reduced from 10 to 5 members, with Brad Kreger remaining as COO. This transaction significantly reduces Velo3D's debt obligations, allowing the company to focus on delivering its metal 3D printing solutions.
Velo3D, Inc. (OTCQX: VLDX), a leader in scalable metal 3D printing technology for production manufacturing, has announced the anticipated commencement of trading on the OTCQX® Best Market under the symbol 'VLDX'. The company previously traded on the New York Stock Exchange.
The OTCQX Best Market provides efficient and cost-effective access to U.S. capital markets for over 12,000 companies. It offers streamlined market requirements designed to reduce costs and complexity for publicly traded companies while ensuring transparent trading for investors. To qualify, companies must meet high financial standards, follow best practice corporate governance, and comply with applicable securities laws.
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