Desktop Metal to Become Publicly Listed Company
Desktop Metal hopes that by becoming a publicly listed company, it can accelerate its growth trajectory and capitalize on support for reshoring manufacturing and supply chain flexibility.
Desktop Metal Inc. announced it will become a publicly listed company in order to accelerate its growth trajectory within the additive manufacturing market and capitalize on the strong secular tailwinds supporting the reshoring of manufacturing and supply chain flexibility. The company has signed a definitive business combination agreement with Trine Acquisition Corp., a special purpose acquisition company, and HPS Investment Partners, a global credit investment firm. Upon closing of the transaction, the combined operating company will be named Desktop Metal Inc. and will continue to be listed on the New York Stock Exchange and trade under the ticker symbol “DM.”
Desktop Metal’s cash on hand after giving effect to the transaction will enable the company to accelerate growth and product development efforts. The company will also use the proceeds to support constructive consolidation in the additive manufacturing industry. Desktop Metal has distribution in more than 60 countries around the world and adoption from companies spanning array of industries, including automotive, consumer products, industrial automation, medical devices, and aerospace and defense.
“We are at a major inflection point in the adoption of additive manufacturing,” says 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.”
Leo Hindery Jr., chairman and CEO of TRNE adds, “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."
The widespread outsourcing of large machine castings led a collaborative team at Oak Ridge National Laboratory to tackle the machine tool supply chain. The first step? 3D print the largest cast component.
A video from Pratt & Whitney illustrates the steps needed to additively manufacture an aerospace component.
A dedicated AM facility is helping the company discover the technology’s potential for design as well as production.