VELO3D, Inc., a major player in additive manufacturing (AM) for high value metal parts, and JAWS Spitfire Acquisition Corporation have entered into a definitive business combination agreement.
Upon completion of the transaction, which is expected to occur in the second half of 2021, the combined company will operate as VELO3D, and will be listed on the New York Stock Exchange.
The transaction values the combined company at an enterprise value of approximately $1.6bn, at the $10 per share PIPE subscription price and assuming no public shareholders of JAWS Spitfire exercise their redemption rights. VELO3D will receive up to $345m in proceeds from JAWS Spitfire’s cash in trust and a $15m private placement of common stock at a $10 per share value.
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