Velo3D starts the year on a high with Arrayed Additive restructuring deal
January 6, 2025
Velo3D, headquartered in Fremont, California, USA, has undergone major financial restructuring, with Arrayed Additive gaining a 95% stake through its subsidiary Arrayed Notes Acquisition Corp. The company announced a debt for equity exchange, where approximately $22.4 million or 81.7% in principal amount of its outstanding senior secured notes held by Arrayed Notes Acquisition Corp will be cancelled in exchange for an issuance of 185,151,333 newly issued shares.
Unanimously approved by the Velo3D Board of Directors, the deal will see Arun Jeldi, CEO of Arrayed Additive, appointed as CEO of Velo3D and added to Velo3D’s Board of Directors. Following completion, the Board will be reduced from ten to five members.
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“Velo3D’s industry leading technology and capabilities allow Arrayed Additive to greatly expand our services and product offering to our customers,“ stated Jeldi. “Velo3D’s focus on defence, space/aerospace and technology end-markets is complementary to Arrayed Additive’s customer base and our leading technology in lightweight precision manufacturing using magnesium and aluminium alloy further expands Velo3D’s capabilities. I am thrilled to lead Velo3D into a new chapter of growth,”
It was announced that Carl Bass, Ellen Smith, Gabrielle Toledano, Matthew Walters, Benyamin Buller and Darryl Porter have resigned from Velo3D’s Board of Directors. Brad Kreger will remain with the company as its Chief Operating Officer.
“I am excited to work with Arun and the Arrayed Additive team to reposition the company for future success,” added Kreger. “With the majority of our senior secured notes cancelled, we are now in a stronger financial position, enabling us to focus our efforts on the future of Velo3D and delivering unparalleled large-format metal 3D printing capabilities to our global customer base.”
Velo3D delivered its first Sapphire metal Additive Manufacturing machine in 2018 and has been a strategic partner to leading companies such as SpaceX, Aerojet Rocketdyne, Lockheed Martin, Avio, and General Motors.
