09:37 AM EDT, 04/10/2024 (MT Newswires) -- Velo3D ( VLD ) said Wednesday it priced a "reasonable best efforts" public offering of about 34.3 million shares and warrants to buy up to the same number of shares.

The securities were sold at $0.35 per share and accompanying warrant for gross proceeds of about $12 million, the company said. The warrants are exercisable at $0.35 per share, it said.

The offering is expected to close on or about April 12.

Net proceeds will be used for working capital and capital expenditures as well as repayment of senior notes due 2026 and other general corporate purposes, Velo3D ( VLD ) said.

The company's shares were falling more than 37% in recent premarket activity.

Price: 0.29, Change: -0.17, Percent Change: -37.48