secwatch.observer — SEC 8-K summary
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Issuer:     Velo3D, Inc. (VELO)
CIK:        0001825079
Form:       8-K
Filed at:   2024-12-26T23:59:59+00:00
Accession:  0001493152-24-051999
Event type: other_material
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 3.02, 5.01, 5.02, 5.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Velo3D exchanges $22.4M debt for 185M shares; Holder gets 95% control, new CEO appointed
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- 81.7% of senior secured notes cancelled ($22.38M principal + $369K accrued interest) for 185,151,333 shares.
- Arrayed Notes Acquisition Corp now owns 95% of outstanding common stock; remaining $5M notes stay.
- CEO Brad Kreger steps down, appointed COO; Arun Jeldi (Arrayed Additive CEO) becomes CEO and director.
- Six board members resign (Carl Bass, Ellen Smith, Gabrielle Toledano, Matthew Walters, Benyamin Buller, Darryl Porter); board reduced from 10 to 5.
- Bylaws amended to grant majority holder special meeting and consent rights; company remains publicly traded on OTCQX.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1825079/000149315224051999/0001493152-24-051999-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1825079/000149315224051999/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-051999

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer