SCHEDULE 13G/A: Highbridge Capital Management Discloses Passive 0.6% Stake in Velo3D, Inc. via Warrants

Highbridge Capital Management, LLC has filed an amended Schedule 13G, disclosing a 0.6% passive beneficial ownership stake in Velo3D, Inc., primarily through warrants.

Summary

• Highbridge Capital Management, LLC (Highbridge) has filed an Amendment No. 1 to Schedule 13G regarding its beneficial ownership in Velo3D, Inc.
• Highbridge, acting as an investment adviser to certain funds and accounts (the "Highbridge Funds"), holds 1,187,056 shares of Velo3D, Inc. Common Stock.
• These shares are issuable upon the exercise of warrants directly held by the Highbridge Funds.
• This beneficial ownership represents a 0.6% stake in Velo3D, Inc.'s Common Stock.
• The percentage is calculated based on a total of 194,505,409 shares of Common Stock outstanding, which includes 9,354,076 shares from an August 15, 2024 offering and 185,151,333 shares issued on December 24, 2024.
• Highbridge certifies that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Velo3D, Inc.

Sentiment

Score: 5

Explanation: The document is a factual, routine regulatory filing disclosing a passive ownership stake. It contains no positive or negative operational news, hence a neutral sentiment score.

Positives

• The disclosure of a stake by Highbridge Capital Management, a recognized investment adviser, could be viewed as a minor vote of confidence in Velo3D, Inc., even if the stake is small and passive.

Negatives

• The beneficial ownership is relatively small at 0.6%, indicating a limited direct influence or significant conviction from this specific filing.
• The shares are held as warrants, meaning they are not yet converted into common stock, which could imply a future exercise decision dependent on market conditions.

Risks

• The value of the beneficial ownership is tied to the future exercise of warrants, which depends on the stock price performance of Velo3D, Inc.
• The small percentage of ownership (0.6%) means Highbridge Capital Management has minimal influence over Velo3D's corporate governance or strategic direction.

Future Outlook

The document is a beneficial ownership filing and does not contain forward-looking statements or guidance from Velo3D, Inc. or Highbridge Capital Management regarding Velo3D's future performance.

Management Comments

• "The 1,187,056 shares of Common Stock reported herein are issuable upon exercise of warrants."
• "The filing of this statement should not be construed as an admission that any of the foregoing persons or the Reporting Person is, for the purposes of Section 13 of the Act, the beneficial owner of the securities reported herein."
• "By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11."

Industry Context

This filing is a routine disclosure of passive beneficial ownership by an investment adviser. It does not provide specific insights into Velo3D's operational performance or broader industry trends, but rather reflects an investment position taken by Highbridge Capital Management within the additive manufacturing or industrial technology sector where Velo3D operates.

Comparison to Industry Standards

• This document is a standard beneficial ownership disclosure (Schedule 13G) and does not contain financial or operational results that can be compared to industry benchmarks or specific comparable companies/projects. Its purpose is solely to report a passive ownership stake.

Stakeholder Impact

• Shareholders: Provides transparency regarding a passive investment by Highbridge Capital Management, which holds a small, non-controlling stake.
• Management: Awareness of Highbridge's passive investment, but no direct impact on operations or strategy.

Next Steps

• The document does not specify any future actions or milestones for Velo3D, Inc. or Highbridge Capital Management beyond the routine regulatory compliance.

Key Dates

Keywords

Velo3D Inc., Highbridge Capital Management, Schedule 13G, Beneficial Ownership, Common Stock, Warrants, Investment Adviser, Passive Investment, SEC Filing