Velo3D CEO Acquires and Converts Certain of the Company's Debt to Equity at $16.38 Per Share, a Significant Premium to Market Price; Company Eliminates 60% of Debt Outstanding in Total
FREMONT, Calif., March 11, 2026 /PRNewswire/ -- Velo 3D, Inc. (NASDAQ:VELO) ("Velo3D" or the "Company"), a leader in additive manufacturing ("AM") technology known for transforming aerospace and defense supply chains through world-class metal AM, today announced that Dr. Arun Jeldi, the Company's Chief Executive Officer, acquired a $5 million promissory note from an existing debt holder and converted it into shares of common stock at $16.38 per share, a significant premium to the Company's current share price. Separately, an existing noteholder, Ken Thieneman, who is a director of the Company, also converted a $10 million promissory note at $10.50 per share, in accordance with the terms of the convertible note. In total, the Company's outstanding debt was reduced by 60% to approximately $10 million.
"My decision to acquire and convert this debt at a significant premium to market reflects my belief in the long-term value of Velo3D," said Dr. Arun Jeldi, CEO of Velo3D. "We have substantially deleveraged our balance sheet and are entering fiscal 2026 focused on scaling our platform and delivering results for shareholders."
About Velo3D:
Velo3D is a metal 3D printing technology company. 3D printing—also known as additive manufacturing (AM)—has a unique ability to improve the way high-value metal parts are built. The company's solution unlocks a wide breadth of design freedom and enables customers in space exploration, aviation, power generation, energy, and semiconductor to innovate the future in their respective industries. Using Velo3D, these customers can now build mission-critical metal parts that were previously impossible to manufacture. The fully integrated solution includes the Flow print preparation software, the Sapphire® family of printers, and the Assure quality control system—all of which are powered by Velo3D's Intelligent Fusion® manufacturing process. The company delivered its first Sapphire system in 2018 and has been a strategic partner to innovators such as Honeywell, Honda, Chromalloy, and Lam Research. Velo3D has been named as one of Fast Company's Most Innovative Companies for 2024. For more information, please visit Velo3D.com, or follow the company on LinkedIn or X.
Forward-Looking Statements:
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding the Company's expectations about the benefits of the debt conversion, the Company's future financial position and capital structure, the Company's ability to scale its platform, and the Company's other expectations, hopes, beliefs, intentions, or strategies for the future. Words such as "expect", "estimate", "project", "budget", "forecast", "anticipate", "intend", "plan", "may", "will", "could", "should", "believes", "predicts", "potential", "continue", and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results, including risks related to the Company's ability to execute its business strategy, market conditions, competition, and other risks described in the documents filed by the Company from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Most of these factors are outside the Company's control and are difficult to predict. The Company cautions readers not to place undue reliance on any forward-looking statements, including projections, which speak only as of the date made. The Company does not undertake or accept any obligation to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.
VELO, VELO3D, SAPPHIRE and INTELLIGENT FUSION, are registered trademarks of Velo3D, Inc.; and WITHOUT COMPROMISE, FLOW and ASSURE are trademarks of Velo3D, Inc. All Rights Reserved © Velo3D, Inc.
All Rights Reserved © Velo3D, Inc.
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SOURCE Velo3D, Inc.