Israeli electronic components 3D printing company Nano Dimension (Nasdaq: NNDM), which raised a total of $657 million in the fourth quarter of 2020, has now priced a $332.5 million offering, which will bring to $1 billion, the amount of capital raised in recent months.
The company is issuing 35 million shares at $9.50 per share, $2 higher than the price of the previous raise at the end of December. The latrst offering is at a discount of 17% on last night's closing price on Wall Street and in pre-market trading Nano Dimension's share price is down 14.80% to $9.74, giving a market cap of $1.585 billion.
Nano Dimension's share price rose 21.60% yesterday and is up 1,661% over the past 12 months. Yet in the first nine months of 2020, the company's revenue shrunk 72% to $1.4 million and net loss was $31 million compared with $7 million in the corresponding period of 2019. All this despite a technological breakthrough with the company's DragonFly device, which is now able to print 3D printed circuit boards (PCBs).
As in the previous fund raising, ThinkEquity acted as sole placement agent for the offering, which was supported by Advs. Oded Har Even, Reut Alfiah and David Huberman of the Sullivan & Worcester law firm. As with the previous offerings, Nano Dimension said that the new funds are required for working capital and general business need that could include 'strategic opportunities,' including acquisition of companies. Last year, Nano Dimension hired US investment bank Needham to advise on acquisitions, and it may well be that the company is set to make a major acquisition.
Certainly Nano Dimension's current operations are relatively negligible. The company went public in 2014 through a reverse merger on the Tel Aviv Stock Exchange (TASE), and then dual listed on Nasdaq, and then several months ago delisted from the TASE.
Published by Globes, Israel business news - en.globes.co.il - on January 14, 2021
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