3D printing company is planning IPO.
3D Printing company is planning IPO.
Markforged, a metal 3D printing company, has announced its plans to go public via a merger with a particular purpose acquisition company (SPAC) called one (NYSE: AONE). The merger is expected to close in the summer of 2021, subject to regulatory approvals and other customary closing conditions. The transaction values Markforged at approximately $2.1 billion and are expected to provide the company roughly $425 million of gross proceeds. The funds will accelerate Markforged’s growth strategy and support the development of its innovative metal 3D printing technology.
Markforged’s metal 3D printing technology is used by various industries, including aerospace, automotive, defense, and healthcare. The company’s printers use a patented process to print metal parts that are stronger and lighter than traditional metal parts. The decision to go public via a SPAC is becoming increasingly popular for companies looking to raise capital and go public quickly. SPACs are shell companies that raise money through an initial public offering (IPO) and then merge with a private company to take it public. Markforged is joining a growing list of 3D printing companies that have gone public or are planning to go public. The company’s decision to go public via a SPAC is an exciting development in the rapidly evolving world of 3D printing and could have implications for other companies in the industry. According to Shai Terem, President and CEO of Markforged, “Our mission and vision are to reinvent manufacturing by bringing the power and agility of connected software to the world of industrial manufacturing. Today is a pivotal milestone as we progress towards making that vision a reality. We’ve been at the forefront of the additive manufacturing industry. This transaction will enable us to build on our incredible momentum and provide capital and flexibility to grow our brand, accelerate product innovation, and drive expanded adoption among customers across key verticals. We’re focused on improving manufacturing by capitalizing on the huge opportunity ahead. We are making this important leap through our new long-term partnership with Kevin Hartz and the entire team at one, a group of seasoned founders and operators with unparalleled experience. Their expertise and guidance will be invaluable as we continue reinventing manufacturing today, so our customers can build anything they imagine tomorrow.”
As Kevin Hartz, Founder and CEO of One, mentioned, “Markforged has already reinvented the additive manufacturing industry and is well-positioned for robust growth benefiting from the velocity of digitization. When launching one, our priority was to partner with a company with exceptional founders, visionaries, and operators taking a differentiated approach in large and growing markets – Markforged ticked all those boxes and more. We’re thrilled to work closely with the entire Markforged team, comprised of highly engaged founders, visionary leaders, and world-class engineers, uniquely positioned to lead a revolution in modern manufacturing.”
TechCrunch, Metal 3D printing company Markforged announces plans to go public via SPAC.