Velo3D's Swan Song...?
Velo3D's Swan Song...?
The Atomic Layers: S2E12 (00038)
Atomic Layer of the Day:
To say that Velo3D is in trouble is a big understatement... Since the end of last year, the beloved American company manufacturing high-class industrial metal 3D printers has been experiencing unimaginable struggles to stay afloat.
Changes in leadership, dramatically declining revenues, deepening losses. While the company is achieving spectacular technological successes (SpaceX says hello!), it’s not translating into financial success.
Sure, the economy is currently terrible, but perhaps there’s something wrong with the business itself? I’m not sure...
In any case, Velo3D's financial troubles are one thing – the company has also been facing issues on the NYSE. Or rather – "had been" facing...
Due to a persistently low stock price and a market valuation below $15 million, Velo3D has been just delisted from the exchange.
The decision is based on Section 802.01B of the NYSE’s Listed Company Manual. Although the company has the right to request a review of this determination by a Committee of the Board of Directors of the Exchange, it decided to change course and move to a different exchange. Not sure if you’ve heard of it?
Velo3D (…) the leader in scalable metal 3D printing technology for production manufacturing, today announces that its common stock anticipates the commencement of trading on the OTCQX® Best Market under the symbol “VLDX.” The company previously traded on the New York Stock Exchange.
Trading on the OTCQX Best Market offers more than 12,000 companies efficient, cost-effective access to the U.S. capital markets. Streamlined market requirements for OTCQX are designed to help companies lower the cost and complexity of being publicly traded, while providing transparent trading for their investors. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.
So there it is… I wish Velo3D the best of luck on this new path, and I’m rooting for their future success in realizing more exciting projects!
Atomic Layer from the Past:
09-12-2022: HP officially launched the Metal Jet S100.
Atomic News & Gossips:
At the moment Sinterit more Sintratec than Formlabs. Watch closely.
Large-format 3D printing based on robotic arms holds great hope but also poses great adaptation problems.
The European filament manufacturers are looking at China with concern. Two years ago, they waren't.