Desktop Metal now publicly listed on New York Stock Exchange as Trine acquisition approved

×

Expand

Desktop Metal Studio System

Desktop Metal Studio System

Desktop Metal and Trine Acquisition Corp have announced the completion of their business transaction with the 3D printing vendor trading on the New York Stock Exchange as of December 10 2020.

The acquisition of Desktop Metal by Trine was unanimously approved by the special purpose acquisition company’s board of directors earlier this week, with Desktop Metal receiving approximately $580m of gross proceeds from the Trine trust account and concurrent equity private placements. Chairman and CEO of Trine, Leo Hundrey Jr has also joined the Desktop Metal Board of Directors as a result of the agreement.

Desktop Metal announced it was to go public with the support of Trine at a value of $2.5B in August. The company believes the move will help to accelerate global go-to-market efforts, give a boost to its R&D and allow it to ‘capitalise on growth opportunities’ over the next decade. Earlier this week, the company introduced a pure copper material for its Studio System, having last month announced shipments of its Shop System to several customers. Its Production System, meanwhile, is set to comment next year with the new name of P50 and an update on the progress of its Fiber System is due before the end of the year.

“Today is an exciting moment and major milestone for our company and for the additive manufacturing industry at large,” commented Desktop Metal CEO Ric Fulop. “With a broad portfolio of solutions offering revolutionary ease-of-use and productivity for the AM industry, Desktop Metal is uniquely positioned to disrupt how parts are made across a wide range of industries. We are excited to bring Desktop Metal to the public markets.”

“Desktop Metal is poised to revolutionise the manufacturing industry by applying transformative ‘AM 2.0 technologies’ to the products and industries that will drive the economy in the 21^st century,” added Hindrey Jr. “The company has a distinct first-mover advantage over competitors and the injection of capital from this transaction, a large portion of which will be dedicated to continuous product innovation, will protect and extend this first-mover advantage.”

Want to discuss? Join the conversation on the Additive Manufacturing Global Community Discord.  

Get your FREE print subscription to TCT Magazine.