Velo3D Completes Merger With JAWS Spitfire Acquisition Corporation To Become A Publicly-Traded, Additive Manufacturing Technology Company

Velo3D’s Common Stock to Begin Trading on the New York Stock Exchange Under the Ticker “VLD” on September 30, 2021

Transaction Delivers $274 Million to Support the Adoption of Velo3D’s End-to-End Manufacturing Solutions

Velo3D to Celebrate Milestone by Ringing the New York Stock Exchange Closing Bell on October 7, 2021

Velo3D, Inc. a leading additive manufacturing technology company for mission-critical metal parts, announced it has completed its merger with JAWS Spitfire Acquisition Corporation (“JAWS Spitfire”) (NYSE: SPFR), a special purpose acquisition company, to become publicly traded. The combined company will retain the name Velo3D and its common stock will begin trading on the New York Stock Exchange under the ticker symbol “VLD” and its warrants under the symbol “VLD WS” on September 30, 2021.

Recommended AI News: Dell Technologies Drives the Evolution of Modern Support and Security

The business combination was approved by the board of directors of JAWS Spitfire and was also approved at a special meeting of JAWS Spitfire’s shareholders on September 28, 2021. 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.

“Today marks a huge milestone for Velo3D,” said Benny Buller, Founder and CEO at Velo3D. “Our vision for the company has always been to enable our customers to build without compromise and the capital raised from this merger will help unlock a new era of innovation through additive manufacturing. Our end-to-end solution has the ability to transform industries and enable the creation of technologies that were previously thought impossible to build. We believe we have a significant opportunity ahead of us and that the unique capabilities that we bring to the market will drive rapid adoption of our technology and our future growth.”

“When you look at the additive manufacturing industry, I believe Velo3D is years ahead of the competition and its proprietary technology and broad set of patents will help the company maintain this lead well into the future,” said Barry Sternlicht, Chairman of JAWS Spitfire Acquisition. “What Velo3D has done for its customers—most of whom are at the forefront of innovation in their industries—is nothing less than transformative. We’re proud to be affiliated with Benny and the rest of the Velo3D team.”

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.

Recommended AI News: Microland Partners With Balbix to Deliver Managed Cybersecurity Posture Services

Since its production launch in 2018, Velo3D has been utilized by some of the most innovative companies in the world, including SpaceX, Honeywell, Boom Supersonic, Chromalloy, and Lam Research.

The proceeds are expected to accelerate the adoption of Velo3D’s end-to-end additive manufacturing solutions. This growth includes the company’s planned expansion into Europe, which will be a key market in 2022.

Funds will also support the rollout of the new Velo3D Sapphire^® XC printer to customers in the space, aviation, energy, and defense industries, as well as customers in new industries that can benefit from printing larger mission-critical metal parts. The first system is expected to be delivered in the fourth quarter of 2021 and will be able to produce parts that are 400% larger in volume and lower production costs by 65-85%, allowing Velo3D’s end-to-end solution to service a wider range of applications. Sapphire^® XC currently has more than $80 million in backlog of pre-orders and bookings.

The $274 million in net proceeds from this transaction are calculated as: $345 million from JAWS Spitfire cash in trust, $155 million from private placement of common stock, less $182 million from redemptions, and $44 million in transaction expenses.

Recommended AI News: Origin Wireless Partners With Noonlight To Offer Professional Monitoring For Home Security

[To share your insights with us, please write to sghosh@martechseries.com ]