Velo3D debuts on the New York Stock Exchange under the symbol “VLD” following merger with JAWS Spitfire Acquisition Corporation
Merger Provides $ 274 Million in Velo3D Capital to Accelerate Adoption of Company’s Additive Manufacturing Technology
NEW YORK, September 30, 2021– (BUSINESS WIRE) – Velo3D, Inc. (the “Company” or “Velo3D”) (NYSE: VLD), a leading company in additive manufacturing technology for critical metal parts, has announced that Shares of its common stock began trading on the New York Stock Exchange under the symbol “VLD” following its merger with JAWS Spitfire Acquisition Corporation (“JAWS Spitfire”). The combined company will now operate under the name Velo3D and will be led by CEO and founder Benny Buller. The merger provides Velo3D with total capital of $ 274 million to fuel the next stage of business growth.
“Becoming a public company is a big step for Velo3D, but it’s just a way to help us in what our team aims to accomplish,” said Benny Buller, CEO and Founder of Velo3D. “Velo3D’s end-to-end additive manufacturing solution redefines what is possible for the production of critical metal parts. We will continue to push the boundaries of additive manufacturing technology so that our customers can innovate without compromise. The Velo3D team for making it all possible. “
Since launching production in the fourth quarter of 2018, Velo3D’s revenue has grown from $ 2 million in 2018 to $ 19 million in 2020. The company’s Sapphire® The XC system, which will begin shipping in Q4 2021, has an order and pre-order backlog of over $ 80 million.
Velo3D’s end-to-end additive manufacturing solutions are used by some of the world’s most innovative companies, including SpaceX, Honeywell, Boom Supersonic, Chromalloy, and Lam Research. These customers are using Velo3D technology to transform their manufacturing processes by reducing complex products to single parts with better performance and less overall weight. Critical parts can also be produced at a fraction of the time and cost of traditional manufacturing approaches.
Velo3D will ring the closing bell on the New York Stock Exchange on October 7, 2021 at 4:00 p.m. ET to celebrate its debut as a publicly traded company. A live stream of the event will be streamed live on the NYSE website. Photos and videos of the ringtone will be available on NYSE’s YouTube and Facebook pages and on Twitter @NYSE and @ VELO3DMetal.
Velo3D is a metal 3D printing technology company. 3D printing, also known as additive manufacturing (AM), has a unique ability to improve the way high-value metal parts are built. However, traditional metal AM has been significantly limited in its capabilities since its invention almost 30 years ago. This prevented the technology from being used to create the most valuable and impactful pieces, limiting its use to specific niches where limitations were acceptable.
Velo3D overcame these limitations so engineers can design and print the parts they want. The company’s solution opens up a wide range of design freedom and enables space exploration, aviation, power generation, power and semiconductor customers to innovate the future in their respective industries. Thanks to Velo3D, these customers can now build critical metal parts that were previously impossible to manufacture. End-to-end solution includes Flow ™ print preparation software, the Sapphire® range of printers and the Assure ™ quality control system, all of which are powered by Velo3D’s Intelligent Fusion ™ manufacturing process. The company delivered its first Saphir® system in 2018 and has been a strategic partner of innovators such as SpaceX, Honeywell, Honda, Chromalloy and Lam Research. Velo3D has been named to Fast Company’s prestigious annual list of the world’s most innovative companies for 2021. For more information, please visit https://www.velo3d.com, or follow the company on LinkedIn or Twitter.
This press release includes “forward-looking statements” within the meaning of the “safety regulations” provisions of the Private Securities Litigation Reform Act of 1996. The actual results of the Company may differ from its expectations, estimates and projections and, therefore, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “plan”, “anticipate”, “intend to”, “plan”, “can”, “will”, “Could”, “should”, “believes”, “predicted”, “potential”, “continuing” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations regarding the future performance and anticipated financial impacts of the transaction and other expectations, hopes, beliefs, intentions or strategies of the Company for the future. These forward-looking statements involve significant risks and uncertainties which could cause actual results to differ materially from expected results. You should carefully consider the risks and uncertainties described in the “Risk Factors” section of the Management Proxy Circular / Final Prospectus relating to the Business Combination (the “Proxy Statement / Prospectus”), which was filed by JAWS Spitfire with the SEC on September 8. , 2021 and other documents filed by the Combined Company from time to time with the SEC. These documents identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in forward-looking statements. Most of these factors are beyond the control of the Company and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be brought against the combined company following the announcement of the transaction; (2) the risk that the transaction will disrupt current plans and operations following the announcement and completion of the transaction; (3) the inability to recognize the anticipated benefits of the transaction, which may be affected, among other things, by competition, the combined company’s ability to grow and manage its growth profitably, to maintain relationships with customers and suppliers and retain its key employees; (4) transaction costs; (5) changes in applicable laws or regulations; (6) the possibility that the merged company will be affected by other economic, commercial and / or competitive factors; (7) the impact of the global COVID-19 pandemic; and (8) other risks and uncertainties indicated from time to time described in the proxy statement / prospectus, including those mentioned in the section “Risk Factors” and in other documents filed by the Combined Company with the DRY. The Company cautions that the above list of factors is not exclusive and should not place undue reliance on forward-looking statements, including projections, which speak only as of the date they are posted. The Company neither undertakes nor accepts any obligation to publicly issue any updates or revisions to forward-looking statements to reflect any change in its expectations or any change in the events, conditions or circumstances upon which such statement is based.
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Bob Okunski, Vice President of Investor Relations