Voxeljet announces $10M registered direct offering of ordinary shares

German 3D printer manufacturer voxeljet has entered into definitive agreements with its investors for the purchase and sale of 621,170 of its ordinary shares in the form of American Depository Receipts (ADRs), in a registered direct offering.

Priced at-the-market under NASDAQ rules, the ordinary shares have a purchase price of €13.33 per share ($16.16), with the offering expected to close on or around January 27th, 2021.

Through this, voxeljet hopes to increase its capital and will use the net proceeds of the issuance for “general corporate purposes.”

voxeljet's VX4000 is the world's largest industrial printing system for sand molds. Photo via voxeljet
voxeljet’s VX4000 is the world’s largest industrial printing system for sand molds. Photo via voxeljet

Voxeljet’s recent financials

Voxeljet deploys its High-Speed Sintering (HSS) and binder jet 3D printers to provide an on-demand manufacturing service throughout Germany, the US, UK, China, and India. HSS is an inkjet-based technology originally invented and patented by Neil Hopkinson at the University of Loughborough in the early 2000s. In 2016, voxeljet obtained a license from the university to help commercialize the HSS process and develop its own 3D printers equipped with the technology.

In November 2020, voxeljet reported a return to annual growth in its Q3 financials having seen a revenue increase of 10 percent in the three months leading up to September 30th, 2020. This rise represented a 32.5 percent increase on the firm’s revenue decline in the previous quarter, driven by improvements in its Systems segment revenue. It is thought the announcement of Desktop Metal’s IPO earlier in the year sparked a surge of public interest in binder jetting technologies, a factor that may have played a part in voxeljet’s Q3 performance.

Voxeljet is planning a commercial release for its VX1000 system (pictured) in 2021. Photo via voxeljet.
Voxeljet is planning a commercial release for its VX1000 system (pictured) in 2021. Photo via voxeljet.

The registered direct offering

Voxeljet’s management board has approved an increase in the company’s capital against cash contributions in an amount up to €1.45 million, which will see the firm issue new registered 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. 

ADRs are issued by American banks or brokers as a form of equity security created to simplify foreign investing for American investors. An ADR represents one or more shares of foreign-company stock held by that bank in the home stock market of the foreign company – in voxeljet’s case, each ADR represents one ordinary share, and Alliance Global Partners (AGP) is acting as the sole placement agent for the offering.

Voxeljet has reached agreements with its institutional investors to price the purchase and sale of 621,170 ordinary shares at €13.33, which equals $16.16 per share based on the exchange rate as of the close of business on the NASDAQ on January 14th. The registered direct offering is expected to close on January 27th, subject to satisfactory customary closing conditions.

The offering is being made in accordance with an effective shelf registration statement on Form F-3 – a regulatory form to register securities used by foreign private issuers – voxeljet had previously filed with the US Securities and Exchange Commission (SEC). A prospectus supplement related to the capital increase and offering will be filed with the SEC and available on the organization’s website.

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Featured image shows voxeljet’s VX4000 is the world’s largest industrial printing system for sand molds. Photo via voxeljet.

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