Velo3D Announces Merger and Intention to Go Public Later in 2021March 25, 2021
Velo3D has announced an agreement to merge with Jaws Spitfire Acquisition Corp., a special-purpose acquisition company, through which Velo3D will become a public company. Upon completion of the transaction, expected in the second half of 2021, the combined company will operate as Velo3D, and will be listed on the New York Stock Exchange under the new ticker symbol “VLD.”
Velo3D’s management team, including founder and CEO Benny Buller and CFO Bill McCombe, will continue to lead the company throughout and after the merger. Additional capital provided from this transaction will allow Velo3D to make substantial investments in engineering, product development, sales, marketing and customer support, according to company officials.
Velo3D metal-AM products, designed for high-value metal-additive manufacturing (AM) parts for aerospace and other transportation clients as well as energy clients, include the Sapphire printer featuring SupportFree technology, Flow print-preparation software and Assure quality assurance software. The company is readying to deploy its new Sapphire XC system, which is expected to ship in the fourth quarter of 2021. The machine is designed as a scale-up of the Sapphire and will support the production of parts in volumes to five times higher volume and to one-third the cost as compared to existing Sapphire technology.
“With Jaws Spitfire’s long-term partnership, we expect to extend the reach of Velo3D’s technology and bring its solutions to even more customers globally,” says Buller. “As we scale our business and advance our growth strategy, we expect to expand the high-value metal-AM market and strengthen our competitive position.”
Says Barry Sternlicht, co-founder and chairman of Jaws Spitfire. “Benny and the Velo3D team have placed technical innovation at the core of their business model, and we are excited to partner as they bring their technology to a broader set of similarly innovative customers across the world.”
See also: Velo3D
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