secwatch.observer — SEC 8-K summary
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Issuer:     Velo3D, Inc. (VELO)
CIK:        0001825079
Form:       8-K
Filed at:   2023-11-29T23:59:59+00:00
Accession:  0001825079-23-000049
Event type: debt
Sentiment:  negative
Materiality: 0.85
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Velo3D completes debt exchange, issues $57.5M new senior secured notes, 10M shares
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- Paid $15M cash to retire $12.5M prior notes plus default-rate accrued interest.
- Exchanged remaining prior notes for $57.5M Exchange Notes at 6% interest, maturing Aug 1, 2026.
- Issued 10M shares of common stock to note holders; officers/directors entered voting agreements to approve share issuance.
- Exchange Notes require quarterly redemption of $8.75M principal ($10.5M payment) starting Jan 2024; $35M minimum cash covenant.
- Notes secured by first lien on assets including IP; company also amended security agreement to cover new notes.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1825079/000182507923000049/0001825079-23-000049-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1825079/000182507923000049/vld-20231129.htm
  HTML page:      https://secwatch.observer/filing/0001825079-23-000049

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