German 3D printer manufacturer voxeljet has announced a $12 million registered direct offering with its institutional investors, which will see the purchase and sale of 433,414 of its ordinary shares in the form of American Depository Receipts (ADRs).
The announcement comes less than a month after voxeljet’s first registered direct offering, which involved 621,170 of its ordinary shares, as the firm sought to increase its capital.
This time around, the company’s ordinary shares have a purchase price of $26.95 per share, based on the exchange rate as of the close of business in New York on Tuesday, which is more than $10 higher than those issued last month.
Voxeljet’s shares were also up two percent pre-market, which refers to trading activity that occurs before the regular market session.
A second registered direct offering
Voxeljet has priced its second registered direct offering at $12 million after entering into definitive agreements with its investors for the purchase and sale of a further 443,414 of its ordinary shares – shares which give shareholders the right to vote in company meetings and provide an income in the form of dividends from the company’s profits – in the form of ADRs.
Issued by American banks or brokers as a form of equity security to simplify foreign investing for American investors, ADRs represent one or more shares of foreign-company stock held by that bank in the home stock market of the foreign company.
Voxeljet is pricing the purchase and sale of its ordinary shares at £26.95 per share (€22.27), with each ADR representing one ordinary share. The closing of the offering is expected to take place on or around February 19, 2021, subject to the satisfaction of customary closing conditions.
Alliance Global Partners (AGP) will again act as the sole placement agent for the offering, which is being made in accordance with a shelf registration statement on an F-3 Form previously filed with the US Securities and Exchange Commission (SEC).
Lead up to the registered direct offering
In the months prior to announcing its first registered direct offering, priced at $10 million, voxeljet reported a return to annual growth in last year’s Q3 financial results. The firm welcomed a 10 percent revenue increase in the three months leading up to September 30, 2020, which represented a 32.5 percent increase on the firm’s revenue decline in Q2. It is likely the firm’s Q3 performance was aided by the announcement of metal 3D printing company Desktop Metal’s initial public offering (IPO) in August, which triggered a surge of public interest in binder jetting technologies.
Voxeljet’s own shares were up two percent pre-market this morning after the announcement of its second registered direct offering last night. The offering is expected to close February 19, and a prospectus supplement related to the offering will be filed with the SEC for interested investors.
Israeli 3D printed electronics manufacturer Nano Dimension also recently announced a $332.5 million direct share offering, taking the total raised by the company to $1 billion. A few months prior, the firm raised $35.9 million in another direct stock offering, of which it intended to use the raised proceeds for working capital and “other general corporate and operation purposes”.
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Featured image shows the Voxeljet VX4000 binder jet system. Photo via Voxeljet.