Fenwick represented VELO3D
Inc., a leader in additive manufacturing for high-value metal parts, in its definitive business combination agreement with JAWS Spitfire Acquisition Corporation (NYSE: SPFR), a special purpose acquisition company (SPAC).
The transaction values the combined company at an enterprise value of approximately $1.6 billion. VELO3D will receive up to $345 million in proceeds from JAWS Spitfire’s cash in trust and a $155 million private placement of common stock at a $10 per share value.
The transaction is anticipated to strengthen VELO3D’s position as a trusted partner for companies seeking manufacturing solutions for complex design challenges. The combined company will operate as VELO3D and will be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “VLD.” The transaction is expected to close in the second half of 2021. More information can be obtained from the company’s announcement.
The Fenwick transaction team included corporate partners Steven Levine and David Michaels and associates Victoria Lupu, Yael Li-Ran Perl, Stephanie Cheng, Terence Desouza and John Clancy; capital markets partners Per Chilstrom and Julia Forbess and associate Stephanie Hong; executive compensation and employee benefits partner Nancy Chen and associate Emily Gulyako; technology transactions partner Jonathan Millard, associate Ana Razmazma, staff attorney Amy Brown and law clerk Jeremiah Oteh; and tax partner William Skinner and associate Michael Knobler.