Velo3D Shares Drop Today Due to Metal 3D Printing Technology Company – Velo3D (NYSE:VLD)


Velo3D Shares Drop Today Due to Metal 3D Printing Technology Company – Velo3D (NYSE:VLD)

Velo3D, Inc. announced the pricing of a $12 million public offering, which has caused VLD shares to tumble. The company disclosed that the offering consists of 34.28 million shares of common stock and warrants to purchase up to 34.28 million shares. These securities were sold to both new and existing institutional investors at an offering price of $0.35 per share, along with accompanying warrants. This resulted in gross proceeds of approximately $12 million, before deducting placement agent fees and other offering expenses. The warrants are immediately exercisable at a price of $0.35 per share and will expire five years after issuance. The offering is expected to close around April 12, 2024, pending customary closing conditions.

Velo3D plans to utilize the net proceeds from the sale primarily for working capital, capital expenditures, and repayment of senior secured notes due in 2026. As of December 31, 2023, the company had cash and investments totaling $31 million. Investors looking to gain exposure to VLD stock can consider investment options such as the 3D Printing (The) ETF (PRNT) and ARK Space Exploration & Innovation ETF (ARKX).

Currently, VLD shares are down 40.14% at $0.2781 as of the latest check on Wednesday. This information is sourced from Benzinga.com, which does not provide investment advice. All rights are reserved.

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