Velo3D swaps $22.4M of secured notes for equity, giving Arrayed Additive a controlling stake

Velo3D

Velo3D swapped approximately $22.4 million of senior secured notes (81.7 percent of total debt) for 185 million new shares held by Arrayed Notes Acquisition Corp, a unit of Arrayed Additive, ending up with 95 percent of the company. Arun Jeldi became CEO and the board shrank from ten to five.

• Debt-for-equity swap included $22.4 million senior secured notes plus $369k accrued interest for 185,151,333 common shares
• Arrayed Additive acquired controlling 95% stake; remaining shares continue trading on OTCQX
• Arun Jeldi (Arrayed Additive CEO) appointed Velo3D CEO; Brad Kreger moved to Chief Operating Officer
• Board reduced from 10 to 5 members; six directors resigned, significantly reducing debt obligations