Velo3D adjusts conversion price of convertible notes due 2026

By Mary-Katherine Stinson

Lexington, Ky., Aug. 21 – Velo3D, Inc. adjusted the conversion price of its senior secured convertible notes due 2026, according to an 8-K filing with the Securities and Exchange Commission.

Effective Aug. 17, the conversion price was adjusted to 644.7453 shares of the company’s common stock per $1,000 principal amount of notes, equivalent to a conversion price of approximately $1.55 per share. This was lowered from the initial conversion rate of 475.1722 shares of the company’s common stock per $1,000 principal amount of notes, equivalent to an initial conversion price of approximately $2.10 per share, which has been in effect since Aug. 14.

The adjustment was a result of the average of the three daily volume-weighted average prices of the company’s common stock during the three-trading day period ending on, and including Aug. 17, being lower than the initial conversion price.

U.S. Bank Trust Co., NA is the trustee of the notes.

Based in Campbell, Calif., Velo3D is a technology company providing fully integrated metal additive manufacturing solutions for the aerospace, semiconductor, energy, oil and gas, defense and automotive industries.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.