Arrayed Additive, through its subsidiary Arrayed Notes Acquisition Corp, has acquired a 95% ownership stake in metal PBF 3D printer manufacturer Velo3D. The acquisition involves the cancellation of $22.4 million in senior secured notes held by Arrayed Additive in exchange for 185,151,333 newly issued shares of Velo3D’s common stock. The remaining shares will continue to be publicly traded on OTCQX.
Arun Jeldi, CEO of Arrayed Additive, will take over as CEO of Velo3D and join its Board of Directors. Jeldi highlighted the synergies between the two companies, emphasizing Velo3D’s strong presence in defense, aerospace, and technology markets. He also pointed out how Arrayed Additive’s expertise in lightweight magnesium and aluminum alloys complements Velo3D’s capabilities in large-format metal 3D printing.
The leadership transition will also see the departure of several Velo3D board members, including Carl Bass and Benny Buller, with the Board reducing its size from 10 to 5 members. Brad Kreger will remain as Chief Operating Officer, expressing optimism about the company’s stronger financial position following the debt cancellation.
Arrayed Additive, a relatively new player founded in 2023, specializes in additive manufacturing with magnesium and aluminum alloys—two materials known for their high reactivity and complexity in powder bed fusion processes. The company leverages both electron beam and laser beam-based technologies to create high-performance components with intricate geometries.
Jeldi’s leadership may further advance Velo3D’s capabilities in magnesium 3D printing, given his role as President and Founder of Lite Magnesium Products, a company focused on magnesium-based manufacturing solutions.
The acquisition positions Velo3D for operational stability and technological growth, enabling it to reduce debt, refine its focus, and continue delivering advanced metal 3D printing solutions to industries requiring lightweight and complex parts.
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