Velo 3D announced that Arun Jeldi, the Company’s CEO, acquired a $5M promissory note from an existing debt holder and converted it into shares of common stock at $16.38 per share, a significant premium to the Company’s current share price. Separately, an existing noteholder, Ken Thieneman, who is a director of the Company, also converted a $10M promissory note at $10.50 per share, in accordance with the terms of the convertible note. In total, the Company’s outstanding debt was reduced by 60% to approximately $10M.
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