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Velo3D, Inc. (NYSE:VLD) shares are tumbling after the company announced the pricing of a $12 million public offering.
The company disclosed the pricing of its previously announced public offering of 34.28 million shares of common stock and warrants to purchase up to 34.28 million shares of common shares.
The company sold the securities to new and existing institutional investors at an offering price of $0.35 per share and accompanying warrant for gross proceeds of around $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 following the date of issuance.
The company expects the offering to close on or about April 12, 2024, subject to the satisfaction of customary closing conditions.
Velo3D plans to use the net proceeds from the sale to mainly fund working capital and capital expenditures and repay the senior secured notes due 2026.
As of December 31, 2023, the company had cash and investments of $31 million.
Investors can gain exposure to the stock via 3D Printing (The) ETF (BATS:PRNT) and ARK Space Exploration & Innovation ETF (BATS:ARKX).
Price Action: VLD shares are down 40.14% at $0.2781 on the last check Wednesday.
