Nano Dimension (Nasdaq: NNDM; TASE: NNDM), which manufactures 3D printers, filed a prospectus for a financing round of up to $28.8 million on Nasdaq. Under the prospectus, the company will use the money raised in the financing round to continue expansion of its global sales and marketing, enlargement of its production capacity, and as working capital and for general business needs, which are likely to include licensing of intellectual property and development of its next generation of products.
Nano Dimension had $7.5 million in cash at the end of the third quarter, after raising $13.8 million in an offering of American Depositary Shares (ADS) at a discount on the market price of its share.
The current prospectus says that the underwriter for the offering will be AGP, while other underwriters were used for the earlier offering. Ad. Oded Har-Even from the Zysman, Aharoni, Gayer and Sullivan & Worcester LLP law firm will provide legal advice.
Nano Dimension's market cap is $37 million, following a 52% drop in its share price over the past year.
Nano Dimension, managed by cofounder and CEO Amit Dror, produces 3D printers capable of printing various electronic components. The company published its third quarter financial results last week, reporting $1.7 million in revenue, compared with only $142,000 in the third quarter of 2017 (the company began posting sales last year). Revenue in the first three quarters of 2018 totaled $3.4 million, 745% more than in the corresponding period last year.
Smaller losses
Together with growth in revenue, Nano Dimension also reduced its operating and net losses in the third quarter and the first nine months of the year. The company's third quarter operating loss totaled $3.6 million, 13.1% less than in the corresponding quarter last year, and its net third quarter loss was $3.6 million, compared with $4.1 million in the third quarter of 2017. Nano Dimension's net loss in the first three quarters of 2018 totaled $11.5 million, compared with $13.3 million in the corresponding period in 2017.
Two weeks ago, Nano Dimension's share price surged 13% on the Tel Aviv Stock Exchange (TASE) after the company reported "a breakthrough in 3D printing of electronic components," when it was found that RF circuits printed in 3D on the company's printers were identical to circuits developed by conventional production methods.
Published by Globes, Israel business news - en.globes.co.il - on November 22, 2018
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