Velo3D Inc. (NASDAQ: VELO) completed a registered direct offering of 3,571,428 shares of common stock, raising approximately $50 million in gross proceeds, the metal additive manufacturing company announced.

Cantor Fitzgerald served as the sole book-running manager for the offering. The company plans to use the net proceeds for working capital and general corporate purposes.

The securities were offered under an effective shelf registration statement on Form S-3 filed with the Securities and Exchange Commission on April 3 and declared effective on April 8. A prospectus supplement describing the offering terms was filed on April 27.

Velo3D develops metal 3D printing technology for mission-critical parts manufacturing. The company's integrated solution includes Flow print preparation software, the Sapphire family of printers, and the Assure quality control system.