Summary by Moomoo AI
Velo3D, Inc. has announced that it will be unable to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023, within the prescribed time period due to several reasons. The company is currently negotiating and finalizing a proposed amendment to its senior secured notes due 2026, which has demanded significant management time. Additionally, an error related to revenue, contract assets, and other assets has been identified, which requires revision along with other previously identified immaterial errors from 2022 and 2021. Velo3D also expects to report two new material weaknesses in its accounting practices, specifically concerning debt and equity transactions and financial statement presentation. These are in addition to the expanded description of two existing material weaknesses related to inventory and contract asset...Show More