Velo3D announces 1-for-35 reverse stock split

Velo3D announced that its board of directors has approved a 1-for-35 reverse stock split of the company’s common stock. The common stock will open for trading on the NYSE on Thursday, June 13, on a split-adjusted basis under the current trading symbol. The reverse stock split is intended to enable Velo3D to regain compliance with the minimum share price required for continued listing on NYSE. The reverse stock split was approved by Velo3D’s stockholders on June 10 with the final ratio determined by the company’s board of directors on June 10. The company will file an amendment to its certificate of incorporation with the Secretary of State of Delaware on June 12. The reverse stock split will not reduce the number of authorized shares of the company’s common stock, which will remain at 500,000,000, and will not change the par value of the common stock, which will remain at $0.00001 per share. The 1-for-35 reverse stock split will automatically convert 35 current shares of Velo3D’s common stock into one new share of common stock.