secwatch.observer — SEC 8-K summary
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Issuer:     Velo3D, Inc. (VELO)
CIK:        0001825079
Form:       8-K
Filed at:   2023-08-15T23:59:59+00:00
Accession:  0001825079-23-000028
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Velo3D raises $70M via senior secured convertible notes; repays $22M SVB loan
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- Issued $70M initial senior secured convertible notes (6% interest, maturing August 1, 2026) with option for additional $35M.
- Net proceeds ~$66M; used ~$22M to repay and terminate SVB loan agreement.
- Notes convertible at ~$2.10/share; secured by company assets including IP.
- Covenants require maintaining $30M cash and minimum quarterly revenue through June 2026.
- Officers and directors entered 90-day lock-up and voting agreements to approve stock issuance.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1825079/000182507923000028/0001825079-23-000028-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1825079/000182507923000028/vld-20230810.htm
  HTML page:      https://secwatch.observer/filing/0001825079-23-000028

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