VLD - Why Velo3D Stock Plummeted by 19% Today
2023-09-27 18:40:06 ET
Industrial 3D printer maker Velo3D (NYSE: VLD) wasn't exactly printing money for its shareholders on Wednesday. Following a high-level executive resignation, the company's share price ended up taking a steep dive of more than 19% on the day. This was particularly notable given that the bellwether S&P 500 index basically traded flat that session.
Velo3D announced just after market hours on Tuesday that its CFO William McCombe is stepping down. The resignation is effective this Friday, Sept. 29, although he will remain at the company until Nov. 7 during its transition to a new finance chief. During this time, he will participate in its third-quarter earnings conference call scheduled for that date.
The company said that McCombe is resigning to "pursue other career opportunities." It did not provide any details.
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Why Velo3D Stock Plummeted by 19% Today