Summary by Moomoo AI
Velo3D, Inc., a company listed on the New York Stock Exchange under the symbol VLD, has filed an amendment to its prospectus supplement on January 31, 2024, to increase the aggregate dollar amount of shares of common stock available for sale from $40,000,000 to $75,000,000. This move is in line with the company's obligation to establish an at-the-market offering program as required by the covenant in its senior secured notes due 2026. As of the amendment date, Velo3D has sold shares amounting to $24,636,166.03 under the Sales Agreement with Needham & Company, LLC. The company does not anticipate selling additional shares until after February 12, 2024, which marks the end of a 45-day lock-up period following a recent registered direct offering. The amendment is part of a shelf registration process and is intended to provide the company with the flexibility to sell securities over time. Velo3D has identified the use of proceeds from the offering primarily for working capital, capital expenditures, and other general corporate purposes, including repayment of the secured notes.