Velo3D debuts on NYSE under VLD ticker following SPAC merger
Business combination with JAWS Spitfire brings $274 million in capital
Common stocks of Velo3D (NYSE: VLD), a leading additive manufacturing technology company for mission-critical metal parts, have begun trading on the NYSE under the VLD ticker symbol. The trading of Velo3D on NYSE follows the previously announced merger with JAWS Spitfire Acquisition Corporation. The combined company will now operate as Velo3D and will be led by CEO and Founder Benny Buller.
As a result of this transaction, the combined company received approximately $274 million in total net proceeds, including $155 million in a private placement of common stock at a $10.00 per share value.
“Becoming a public company is a significant milestone for Velo3D, however, this is merely a means to help us with what our team aims to accomplish,” said Benny Buller, CEO and Founder at Velo3D. “Velo3D’s end-to-end additive manufacturing solution is redefining what’s possible for the production of mission-critical metal parts. We will continue to push the limits of additive manufacturing technology so our customers can innovate without compromise. I would like to thank the entire Velo3D team for making all of this possible.”
CEO Benny Buller and CFO Bill McCombe will continue to lead the combined company through its next phase of growth as it continues to redefine the high-value metal additive manufacturing market.
Since its production launch in the fourth quarter of 2018, Velo3D’s revenue grew from $2 million in 2018 to $19 million in 2020. The company’s Sapphire XC system, which will begin shipping in Q4 2021, has a backlog of orders and pre-orders exceeding $80 million. The company expects the VLD ticker to continue to benefit from organic growth based on increased sales of current products.
Velo3D’s end-to-end additive manufacturing solutions are utilized by some of the most innovative companies in the world, including SpaceX, Honeywell, Boom Supersonic, Chromalloy, and Lam Research. These customers use Velo3D’s technology to transform their manufacturing processes by reducing complex products down to single parts with better performance and less overall weight. Mission-critical parts can also be produced at a fraction of the time and cost of legacy manufacturing approaches.
Velo3D will be ringing the closing bell at the New York Stock Exchange on October 7, 2021, at 4:00 PM ET to celebrate its debut as a publicly traded company. A live stream of the event will be broadcast live on NYSE’s website.
