JAWS Spitfire Acquisition Corp. (NASDAQ: SPFR) stock declined by 14.31% at the last close whereas the SPFR stock price rises by 6.04% in the pre-market trading session. JAWS Spitfire Acquisition Corporation was a blank check company formed as a Cayman Islands excluded company with the aim of impacting a merger, share exchange, purchase of assets, share purchase, restructuring, or similar business combination with one or more companies or entities before the business combination.
SPFR stock’ Current Update
Velo3D, a premier additive manufacturing technology company specialising in mission-critical metal components, has finalized its merger with JAWS Spitfire Acquisition Corporation and is now publicly listed. On September 30, 2021, the merged business will be known as Velo3D, and its common stock and warrants will start trading on the New York Stock Exchange under the ticker symbol “VLD” and “VLD WS,” respectively.
The corporate combination was authorised by JAWS Spitfire’s board of directors, as well as a special meeting of the company’s shareholders on September 28, 2021. The merged business acquired about $274 million in total net proceeds as a consequence of this transaction, including $155 million in a private issue of common stock valued at $10.00 per share.
Velo3D’s end-to-end additive manufacturing solutions are likely to benefit from the revenues. The company’s projected expansion into Europe, which will be a significant market in 2022, is part of this growth.
Benny Buller, Founder, and CEO at Velo3D stated,
Velo3D has reached a significant milestone. The company’s mission has always been to empower their customers to create without compromise, and the funds obtained from this combination will help them usher in a new age of advanced manufacturing innovation. The end-to-end solution has the potential to change industries and contribute to the formation of previously unimaginable technologies. They think they have a huge potential ahead of them, and that their unique skills will drive fast acceptance of their technology and future growth.
