Additive manufacturing company Desktop Metal to go public
3D printing and additive manufacturing company Desktop Metal is going public through a business merger with Trine Acquisition Corp.
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The deal, according to the companies, will provide Desktop Metal with up to $575 million in gross proceeds and create a combined company with a post-transaction equity worth up to $2.5 billion.
Under the terms of the deal, Trine will contribute $300 million via the merger, adding to $275 million secured by Desktop Metal via a $10 per share PIPE from Miller Value Partners, XN, Baron Capital Group, Chamath Palihapitiya, JB Straubel, and HPS Investment Partners.
Burlington, Massachusetts-based Desktop Metal is also touting the deal as part of an effort to consolidate the additive manufacturing industry, which is expected to be worth over $140 billion by 2030. Desktop Metal will list on the New York Stock Exchange under the ticker symbol "DM".
"We are at a major inflection point in the adoption of additive manufacturing, and Desktop Metal is leading the way in this transformation," said Desktop Metal CEO Ric Fulop. "We are energized to make our debut as a publicly traded company and begin our partnership with Trine, which will provide the resources to accelerate our go-to-market efforts and enhance our relentless efforts in R&D."
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