The US company Velo3D, known for metal 3D printers, has announced a capital increase of 18 million dollars. Velo3D announced that 36 million new shares were issued in a private placement at a price of 0.50 dollars per share.
According to Velo3D, the aim is to overcome the current financial challenges. In addition to an existing lender, the company was also able to attract new institutional investors. The proceeds are to be used for working capital, investments and general corporate purposes.
At the same time, Velo3D repaid the majority of existing bank debts: In an agreement with creditors, debentures of 21 million dollars plus interest were repaid, canceling future repayment obligations.
According to Velo3D, the capital measure is to be completed at the end of December 2023. A.G.P. Alliance Global Partners acted as underwriter. Velo3D is a provider of 3D metal printing systems, particularly for the aviation industry, and went public in 2022 via a SPAC.