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Velo3D stock soars 9%, CEO converts debt into equity
Investing.com – Velo3D Inc (NASDAQ:VELO) stock rose 9% on Wednesday after the company announced that its CEO and a board member converted debt into equity, significantly reducing its debt.
The company’s CEO, Dr. Arun Jeldi, purchased a $5 million promissory note from existing creditors and converted it into common stock at $16.38 per share, a premium over the current market price. Additionally, director and existing noteholder Ken Thieneman converted a $10 million promissory note into common stock at $10.50 per share, according to the terms of the convertible notes.
These transactions reduced Velo3D’s outstanding debt by 60%, down to approximately $10 million.
“I decided to acquire and convert this debt at a significant premium over the market, reflecting my confidence in Velo3D’s long-term value,” Dr. Jeldi commented. “We have significantly reduced the leverage on our balance sheet and will focus on expanding our platform in fiscal 2026 to generate returns for shareholders.”
Velo3D is a leader in additive manufacturing technology, specializing in providing metal additive manufacturing solutions for aerospace and defense supply chains.
This article was translated with the assistance of artificial intelligence. For more information, please see our Terms of Use.