3D printer manufacturer Nano Dimension (Nasdaq: NNDM; TASE: NNDM) has raised $12 million in an offering of 1.85 million Depositary Shares (ADSs) at $6.50 per ADS on Nasdaq. Each ADS represents five ordinary Nano Dimension shares. The offering price represents a 16% discount on yesterday's closing share price on the TASE.
The amount raised could increase by $1.8 million if the underwriters, National Securities Corporation and Lake Street Capital Markets, exercise their greenshoe option to buy a further 278,000 ADS within 45 days at the offering price. Nano Dimension said it would use the proceeds from the offering for the marketing and sales of its printers, creating mass production infrastructure, production expenses, R&D, possible acquisitions, and other general purposes.
Nano Dimension board chairman Itschak Shrem, who also took part in the offering, said, "We're proud that an especially successful offering has been completed in the US. The issue price reflected a minimal discount on the company share's average market price over the past month, without granting any options, in order to maintain and generate value for the company shareholders. The offering reflects US investors' trust in the company's innovative technology and its potential." It is believed that Shrem spent $200,000 on buying the company's ADS in the offering.
CEO Amir Dror added, "We welcome the great trust shown by the US investors who took part in the offering, as reflected by the strong market demand. The capital we raised will enable us to advance to the company's most significant stage - the move to sales. After delivering the first two printers in recent weeks, the company plans to increase its customer base and continue developing ground-breaking solutions."
Nano Dimension develops 3D printers for the printed circuit board (PCB) prototype market. The company became a Tel Aviv Stock Exchange (TASE)-listed company in 2014 by merging with stock exchange shell ZBI, and its share has since zoomed more than 200%, putting the company market cap at NIS 227 million. The company was also recently listed on Nasdaq. The company had no revenue in the first half of the year, posting a $3.3 million operating loss and a $3.4 million net loss. Nano Dimension expects to post its first revenue in the fourth quarter, after supplying its first printer to beta customer and business partner Fathom.
Published by Globes [online], Israel business news - www.globes-online.com - on September 27, 2016
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