Velo3D, Inc. (VELO): restructuring charge — Velo3D cuts 30% of workforce (~63 employees) in restructuring; expects $1.1-1.7M in costs

Velo3D, Inc.

Reduction in force affects approximately 63 employees globally, about 30% of total workforce.
Estimated costs between $1.1M and $1.7M, primarily wages and benefits, paid in Q4 2024.
Layoff plan expected to be completed by end of October 2024.
Company cites streamlining operations and reducing costs.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Velo3D, Inc. announced a restructuring with charges of approximately $1.1 to 1.7 million (approximately 63 employees globally, representing approximately 30% of the Company's workforce).

Type: restructuring
Charge: approximately $1.1 to 1.7 million
Headcount: approximately 63 employees globally, representing approximately 30% of the Company's workforce

Exact text from the filing

On August 9, 2024, Velo3D, Inc. (the “Company”) announced a reduction in force plan to streamline its business operations, reduce costs and create further operating efficiencies, which is expected to affect approximately 63 employees globally, representing approximately 30% of the Company’s workforce. In connection with the reduction in force, the Company currently estimates it will incur approximately $1.1 to 1.7 million of costs, consisting primarily of personnel expenses such as wages and other benefits.

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Velo3D, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-095783

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