Velo3D Announces Board Changes and Executive Compensation Updates
Ticker: VLDXW · Form: 8-K · Filed: Apr 22, 2024 · CIK: 1825079
| Field | Detail |
|---|---|
| Company | Velo3d, Inc. (VLDXW) |
| Form Type | 8-K |
| Filed Date | Apr 22, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $0.00001, $11.50, $131,538.46, $380,000, $133,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
Velo3D shakes up board, adjusts exec pay - effective April 16th.
AI Summary
On April 22, 2024, Velo3D, Inc. filed an 8-K report detailing changes in its board of directors and executive compensation. The filing includes the election of new directors and updates to compensatory arrangements for certain officers, effective April 16, 2024.
Why It Matters
Changes in board composition and executive compensation can signal shifts in company strategy, governance, and future performance, impacting investor confidence.
Risk Assessment
Risk Level: medium — Changes in board and executive compensation can indicate internal restructuring or strategic shifts that may carry inherent risks.
Key Players & Entities
- Velo3D, Inc. (company) — Registrant
- April 22, 2024 (date) — Date of Report
- April 16, 2024 (date) — Earliest Event Reported
- Delaware (jurisdiction) — State of Incorporation
- 001-39757 (commission_file_number) — SEC File Number
FAQ
What specific items are being reported in this 8-K filing by Velo3D, Inc.?
This 8-K filing reports on the departure of directors or certain officers, election of directors, appointment of certain officers, and compensatory arrangements of certain officers, along with Regulation FD disclosures and financial statements/exhibits.
What is the effective date of the earliest event reported in this filing?
The earliest event reported in this filing was effective April 16, 2024.
What is Velo3D, Inc.'s state of incorporation and SEC file number?
Velo3D, Inc. is incorporated in Delaware and its SEC file number is 001-39757.
What is the business address of Velo3D, Inc. as listed in the filing?
The business address of Velo3D, Inc. is 2710 Lakeview Court, Fremont, California.
What were Velo3D, Inc.'s former company names and when did their name changes occur?
Velo3D, Inc.'s former company names were JAWS Spitfire Acquisition Corp, with a name change date of September 21, 2020, and Spitfire Acquisition Corp, with a name change date of September 16, 2020.
Filing Stats: 1,246 words · 5 min read · ~4 pages · Grade level 10.3 · Accepted 2024-04-22 16:01:31
Key Financial Figures
- $0.00001 — ich registered Common stock, par value $0.00001 per share VLD New York Stock Exchange
- $11.50 — mon stock, each at an exercise price of $11.50 per share VLD WS New York Stock Exchang
- $131,538.46 — ease of claims against the Company: a $131,538.46 gross severance payment, payable in spe
- $380,000 — l 24, 2024, his starting salary will be $380,000 and he will have a 70% annualized bonus
- $133,000 — ed bonus (having an annualized value of $133,000, pro-rated based on length of service)
Filing Documents
- vld-20240422.htm (8-K) — 43KB
- exhibit101-separationagree.htm (EX-10.1) — 51KB
- exhibit102-cfoofferletter4.htm (EX-10.2) — 48KB
- exhibit991-orgprx042024xfi.htm (EX-99.1) — 18KB
- image_0a.jpg (GRAPHIC) — 4KB
- image_1a.jpg (GRAPHIC) — 181KB
- image_2a.jpg (GRAPHIC) — 0KB
- 0001825079-24-000015.txt ( ) — 621KB
- vld-20240422.xsd (EX-101.SCH) — 2KB
- vld-20240422_def.xml (EX-101.DEF) — 18KB
- vld-20240422_lab.xml (EX-101.LAB) — 32KB
- vld-20240422_pre.xml (EX-101.PRE) — 19KB
- vld-20240422_htm.xml (XML) — 4KB
01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure. On April 22, 2024, the Company also issued a press release announcing Ms. Youssef's and Mr. Chung's departures and the appointment of Mr. Xu, a copy of which is attached hereto as Exhibit 99.1. The information contained in this Item 7.01, including Exhibit 99.1, is being furnished to the Securities and Exchange Commission and, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.
01. Financial Statement and Exhibits
Item 9.01. Financial Statement and Exhibits. (d) Exhibits. Exhibit Number Description 10.1* Separation Agreement, dated April 15, 2024, by and between Velo3D, Inc. and Renette Youssef . 10.2* Offer Letter, dated April 19, 2024, by and between Velo3D, Inc. and Hull Houjun Xu . 99.1 Press Release issued April 22, 2024 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Portions of this exhibit (indicated with markouts) have been redacted in accordance with Item 601(b)(10)(iv). * Indicates a management contract or compensatory plan.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Velo3D, Inc. Date: April 22, 2024 By: /s/ Bradley Kreger Name: Bradley Kreger Title: Interim Chief Executive Officer