Massachusetts-based Desktop Metal, Inc. has today announced it will become publicly listed with the aim of accelerating its growth. To go public, the company has entered a definitive business combination agreement with Trine Acquisition Corp. and HPS Investment Partners. The company will operate under the name Desktop Metal, Inc. and be listed on the NYSE as “DM”, same as before. Leo Hindery, Jr., the Chairman and CEO of Trine Acquisition Corp, has also been appointed to Desktop Metal’s Board of Directors.
“We are at a major inflection point in the adoption of additive manufacturing, and Desktop Metal is leading the way in this transformation,” said Ric Fulop, Co-founder, Chairman and CEO of Desktop Metal. “Our solutions are designed for both massive throughput and ease of use, enabling organizations of all sizes to make parts faster, more cost effectively, and with higher levels of complexity and sustainability than ever before. We are energized to make our debut as a publicly traded company and begin our partnership with Trine, which will provide the resources to accelerate our go-to-market efforts and enhance our relentless efforts in R&D.”
After the transaction, the combined company is said to have an estimated equity value of up to $2.5 billion. The transaction will provide up to $575 million in gross proceeds, made up of Trine’s $300 million of cash held in trust and $275 million in fully committed common stock PIPE at $10 per share, including investments from Miller Value Partners, XN, Baron Capital Group, Chamath Palihapitiya, JB Straubel, and HPS Investment Partners.
Hindery said: “After evaluating more than 100 companies, we identified Desktop Metal as the most unique and compelling opportunity, a company that we believe is primed to be the leader in a rapidly growing industry thanks to their substantial technology moat, deep customer relationships across diverse end-markets, and impressive, recurring unit economics. Ric has put together an exceptional team and board of directors with whom we are excited to partner to create the only publicly traded pure-play Additive Manufacturing 2.0 company.”