Velo3D's Board of Directors last month approved a 1-for-35 reverse stock split of the company's common stock.
The common stock opened for trading on the New York Stock Exchange (NYSE) on Thursday, June 13, 2024 on a split-adjusted basis under the VLD trading symbol.
In connection with the reverse stock split, the CUSIP numbers for the Company’s common stock will change to 92259N 203. The reverse stock split is intended to enable Velo3D to regain compliance with the minimum share price required for continued listing on NYSE after the company was hit by a noncompliance notice earlier this year. The reverse stock split was approved by Velo3D’s stockholders on June 10, 2024, with the final ratio determined by the Company’s board of directors on June 10, 2024.
The reverse stock split does not reduce the number of authorised 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.
Read more | Interview: Interim CEO Brad Kreger on the potential sale of Velo3D
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. Fractional shares have not been issued in connection with the reverse stock split. Each stockholder who would otherwise hold a fractional share of common stock as a result of the reverse stock split will receive one share of common stock in lieu of such fractional share. The reverse split reduces the number of shares of outstanding common stock from approximately 297,064,857 shares to approximately 8,487,567 shares. Proportional adjustments are also being made to the exercise prices of Velo3D’s outstanding stock options and warrants, and to the number of shares issued and issuable under Velo3D’s outstanding equity-based awards.
Last month, Velo3D also announced Brad Kreger had been formally appointed as the CEO.
The company's share value currently stands at 3.11 USD per share.
