Velo3D Reports Exit/Disposal Costs
Ticker: VLDXW · Form: 8-K · Filed: Oct 11, 2024 · CIK: 1825079
| Field | Detail |
|---|---|
| Company | Velo3d, Inc. (VLDXW) |
| Form Type | 8-K |
| Filed Date | Oct 11, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $1.3 |
| Sentiment | neutral |
Sentiment: neutral
Topics: restructuring, disposal, 8-K
Related Tickers: VLDI
TL;DR
Velo3D is reporting costs related to exiting or disposing of assets/operations.
AI Summary
On October 9, 2024, Velo3D, Inc. filed an 8-K report detailing cost associated with exit or disposal activities. The filing indicates a change in the company's structure or operations that may involve significant financial implications. Specific details regarding the nature and financial impact of these exit or disposal activities are expected to be further elaborated in the filing.
Why It Matters
This filing signals potential restructuring or divestment activities within Velo3D, which could impact its future operational focus and financial performance.
Risk Assessment
Risk Level: medium — Disposal activities can indicate financial distress or strategic shifts that carry inherent risks.
Key Players & Entities
- Velo3D, Inc. (company) — Registrant
- JAWS Spitfire Acquisition Corp (company) — Former Company Name
- Spitfire Acquisition Corp (company) — Former Company Name
- October 9, 2024 (date) — Date of earliest event reported
- 2710 Lakeview Court, Fremont, California 94538 (address) — Principal executive offices
FAQ
What specific activities are considered 'exit or disposal activities' by Velo3D?
The filing does not specify the exact nature of the exit or disposal activities, only that costs are associated with them.
When did these exit or disposal activities commence or become reportable?
The earliest event reported in relation to these activities was on October 9, 2024.
What is the total financial impact of these exit or disposal activities?
The filing is an 8-K reporting the existence of costs associated with these activities, but does not provide a specific dollar amount for the total impact.
Has Velo3D undergone name changes in the past?
Yes, Velo3D, Inc. was formerly known as JAWS Spitfire Acquisition Corp (name change on 20200921) and prior to that, Spitfire Acquisition Corp (name change on 20200916).
Where are Velo3D's principal executive offices located?
Velo3D's principal executive offices are located at 2710 Lakeview Court, Fremont, California 94538.
Filing Stats: 700 words · 3 min read · ~2 pages · Grade level 13.3 · Accepted 2024-10-11 16:01:11
Key Financial Figures
- $1.3 — y estimates it will incur approximately $1.3 to 1.5 million of costs, consisting pri
Filing Documents
- vldx-20241009.htm (8-K) — 46KB
- vldx-ex99_1.htm (EX-99.1) — 20KB
- 0000950170-24-114308.txt ( ) — 203KB
- vldx-20241009.xsd (EX-101.SCH) — 51KB
- vldx-20241009_htm.xml (XML) — 4KB
05. Costs Associated with Exit or Disposal Activities
Item 2.05. Costs Associated with Exit or Disposal Activities. On October 9, 2024, Velo3D, Inc. (the "Company") commenced a reduction in force plan to streamline its business operations, reduce costs and create further operating efficiencies, which is expected to affect approximately 46 employees globally, representing approximately 32% of the Company's workforce. In connection with the reduction in force, the Company currently estimates it will incur approximately $1.3 to 1.5 million of costs, consisting primarily of personnel expenses such as salaries and wages, one time severance payments, and other benefits. The majority of the cash payments related to these expenses will be paid out during the fourth quarter of 2024. This reduction in force is expected to be completed in December 2024.
Forward-Looking Statements
Forward-Looking Statements This Current Report on Form 8-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein that do not describe historical facts, including, but not limited to, statements regarding the expected costs and benefits associated with the reduction in force as well as the Company's timeline for completing the reduction in force and recognition of associated costs, are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, among others, the risks identified in the Company's filings with the Securities and Exchange Commission (the "SEC"), including its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on April 3, 2024, and its subsequent Quarterly Reports on Form 10-Q. Any of these risks and uncertainties could materially and adversely affect the Company's business, financial condition and results of operations, which could, in turn, have a significant and adverse impact on the price of the Company's securities. The Company cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date they were made or to reflect the occurrence of unanticipated events.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Velo3D, Inc. Date: October 11, 2024 By: /s/ Bradley Kreger Name: Bradley Kreger Title: Chief Executive Officer