Desktop Metal, a Boston, MA-based provider of mass production and additive manufacturing solutions, offering metal 3D printing technology, is going public.
The company plans to become publicly listed through a merger with Trine (NYSE:TRNE), a special purpose acquisition company (SPAC) at an initial equity value of up to $2.5 billion.
The combined company will remain listed on the NYSE under the ticker symbol “DM” following expected transaction close in the fourth quarter of 2020. The deal is to provide up to $575 million in gross proceeds, comprised of Trine’s $300 million of cash held in trust (assuming no redemptions) and a $275M fully committed common stock PIPE at $10.00 per share, including investments from Miller Value Partners, XN, Baron Capital Group, Chamath Palihapitiya, JB Straubel, and HPS Investment Partners.
Leo Hindery, Jr., technology investor and operator, will join Desktop Metal’s board. All significant shareholders including, Lux Capital, NEA, Kleiner Perkins, Ford Motor Company, GV (formerly Google Ventures), and Koch Disruptive Technologies will retain their equity holdings through Desktop Metal’s transition into the publicly listed company.
Led by co-founder, Chairman & Chief Executive Officer Ric Fulop, Desktop Metal has distribution in more than 60 countries around the world and broad adoption from companies spanning array of industries, including automotive, consumer products, industrial automation, medical devices, and aerospace & defense.
The company’s broad product portfolio includes the Studio System™, an office-friendly metal 3D printing system for low volume production, which has been shipping in volume for more than a year, as well as the new Shop System™ for mid-volume manufacturing and its continuous fiber composite printer, Fiber™, both of which are expected to ship in the fourth quarter of 2020.
The Production System™, which has begun shipping to early customers and is expected to ship in volume in the second half of 2021, is designed to be the fastest way to 3D print metal parts at-scale.
FinSMEs
28/08/2020