Shapeways and Velo3D go public in latest round of SPAC 3D printing mergers
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This week has been an important one for Special Purpose Acquisition Company (SPAC) mergers in the 3D printing industry, with two major deals nearing completion.
Additive manufacturing services provider Shapeways announced the completion of its merger with blank check company Galileo Acquisition, while OEM 3D printer Velo3D debuted on the New York Stock Exchange (NYSE) following its recent merger with JAWS Spitfire Acquisition Corporation.
Shapeways and acquisition of Galileo
Shapeways’ merger with Galileo Acquisition was unanimously approved by the board of directors and shareholders of the latter earlier this week on September 28, with the combined company now renamed Shapeways Holdings. The Company’s common shares and public warrants will begin trading on the NYSE under the symbols “SHPW” and “SHPW.WS”, respectively.
The deal will see Shapeways receive $ 103 million in gross proceeds, including a $ 75 million common stock PIPE. PIPE includes investments from Miller Value, XN and Desktop Metal, as well as existing investors from Shapeways Lux Capital, Union Square Ventures, INKEF Capital and Andreessen Horowitz.
Shapeways said the raised capital will be used to accelerate the launch of its next SaaS product, expand its manufacturing technology and materials offerings. and provide additional working capital for its operations. The company’s current management team will continue to lead the business.
Greg Kress, CEO of Shapeways, said: “We are proud of what our team has accomplished and excited to begin our journey as a public company. Since we announced this transaction earlier this year, we have experienced strong year-over-year revenue growth and strong margins as we continue to develop and expand our presence in key industries. Completion of this transaction will provide us with the platform to execute our growth strategy and generate shareholder value. ”
Velo3D and JAWS Spitfire Acquisition Corporation
September 29 saw the finalization of the SPAC merger of Velo3D with JAWS Spitfire Acquisition Corporation. The combined business will continue under the name Velo3D and began trading on the NYSE one day later, on September 30, under the symbol “VLD”.
As a result of the deal, the combined company received total net proceeds of approximately $ 274 million, including $ 345 million from JAWS Spitfire in trust and $ 155 million from a private placement of common shares to $ 10.00 per share. The net proceeds liabilities include $ 182 million in redemptions and $ 44 million in general transaction costs.
The funds will be used to expand Velo3D’s operations in Europe, as well as to support the launch of the new Sapphire XC 3D printer. The first set of systems is expected to be delivered at the end of the year to customers in aerospace, defense, energy, etc.
“Becoming a public company is a big step for Velo3D, but it’s just a way to help us in what our team aims to accomplish,” said Benny Buller, CEO and Founder of Velo3D. “Velo3D’s end-to-end additive manufacturing solution redefines what is possible for the production of critical metal parts. We will continue to push the boundaries of additive manufacturing technology so that our customers can innovate without compromise. I would like to thank the entire Velo3D team for making it all possible.
SPAC mergers in additive manufacturing
The past year has seen a huge increase in PSPC mergers in the 3D printing industry. One of the latest announcements came from digital manufacturing services provider Fast Radius, which announced plans to go public by merging with ECP Environmental Growth Opportunities. With an estimated value of $ 995 million, the new company is expected to be backed by $ 445 million in cash proceeds from the transaction, with Fast Radius shareholders posting 100% of their equity.
Elsewhere, on-demand manufacturing services provider Fathom Digital Manufacturing recently revealed plans to go public through a merger with blank check firm Altimar Acquisition Corp. II. Through the deal, Altimar, backed by HPS Investment Partners, will partner with Fathom to form a $ 1.5 billion company that is expected to be backed by $ 80 million in funding and listed on the NYSE under the name of “FDMG”.
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The image shown shows a range of components 3D printed using Shapeways’ online platform. Photo via Shapeways.