Israeli electronics 3D printing company Nano Dimension Ltd. (Nasdaq: NNDM) announced of Friday that it had entered into definitive agreements with investors for the sale of 25 million American Depositary Shares at $4 each for gross proceeds $100 million, before fees and expenses. This was a major 31.7% discount on the company’s share price on close of trade on Thursday of $5.86. On Friday, the company’s share price fell 24.4% on Wall Street, giving a market cap of $316 million.
This is still far above the $0.80 that the company’s share was worth six months ago when it delisted from the Tel Aviv Stock Exchange (TASE). Shortly afterwards, Nano Dimension announced a major breakthrough in its 3D printing technology for print circuit boards (PCBs). While circuit boards are essentially 2D structures, the company’s DragonFly device is now able to 3D print three-dimensional printed circuit boards.
In the third quarter of 2020, Nano Dimension reported revenue of just $438,000 and a net loss of $20.7 million.
Published by Globes, Israel business news – en.globes.co.il – on November 22, 2020
© Copyright of Globes Publisher Itonut (1983) Ltd. 2020