Digital manufacturing firm Velo3D announced on Tuesday that it will merge with Jaws Spitfire Acquisition, a blank-check company backed by tennis legend Serena Williams, in a deal that will put the combined company at an enterprise value of approximately $1.6 billion.
The merger is expected to occur in the second half of 2021. The combined company will operate as Velo3D and will trade under the ticker symbol VLD.
The Silicon Valley-based manufacturing firm will receive up to $345 million from Jaws Spitfire's cash in trust and a $155 million private placement of common stock at a $10 per share from Baron Capital Group and Hedosophia, as well as other investors.
Velo3D, founded in 2015, has counted SpaceX, Honeywell, Boom Supersonic, Chromalloy, and Lam Research as its clients. It launched commercially in 2018.