Sidley represented California-headquartered Velo3D, Inc. (OTCQX: VLDX) (“Velo3D”), a leader in scalable metal 3D printing technology, in connection with a debt for equity exchange transaction with Arrayed Notes Acquisition Corp. (“Arrayed”).
Upon closing of the transaction on December 24, 2024, approximately US$22.4 million (or 81.7%) in principal amount of Velo3D’s outstanding senior secured notes, plus accrued interest, was canceled in exchange for issuance of newly issued shares of Velo3D’s common stock to Arrayed.
The matter involved Sidley lawyers in Palo Alto, New York, Washington, D.C., Boston, Houston, Chicago, and Los Angeles. The Sidley team was led by Derek Zaba (M&A), and included Anthony Grossi, Patrick Venter, Weiru Fang, Michael Sabino, Jake Landreth, and Siddhanth Goyal (Restructuring); Chaim Theil, Daniel Serota, Emily Hunter, Fares Chehabi, and law clerk Ella Seoyoung Kim (M&A); Adam Gross, John Stribling, and Amy Jang (Capital Markets); Suresh Advani and Alice Qin (Tax); Mark Adler and Jim Albrecht (Global Finance); Jim Ducayet and Cassandra Liu (Litigation); and Katherine Roberts (Labor, Employment and Immigration). A press release that notes Sidley’s representation and provides additional details is posted on the Velo3D website.
