Velo3D, Inc. (VELO): debt financing — Velo3D issues $10M secured convertible note at 30% interest, conversion at $1

Velo3D, Inc.

Issued $10M senior secured convertible note to Thieneman Construction in two $5M tranches; first tranche funded Feb 10, 2025.
Note carries 30% annual interest; each tranche matures 6 months from funding, with repayment of $5.75M per tranche.
Conversion price of $1.00 per share triggers upon listing on a national exchange or during an Event of Default.
Note secured by accounts receivable and inventory; guaranteed by subsidiary Velo3D US, Inc.
Company's common stock currently not listed on any national exchange; no registered trading symbol.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

Velo3D, Inc. incurred convertible notes of $10,000,000 with Thieneman Construction, Inc. maturing six months from the date such tranche was funded.

Instrument: convertible notes
Principal: $10,000,000
Counterparty: Thieneman Construction, Inc.
Maturity: six months from the date such tranche was funded
Event: incurrence

Exact text from the filing

February 10, 2025, Velo3D, Inc. (the “Company”) issued a Senior Secured Convertible Promissory Note in the principal amount of $10,000,000 (the “Note”) to Thieneman Construction, Inc. (the “Holder”), an Indiana corporation, to be funded in two tranches of $5,000,000.

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Velo3D, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-25-006118

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