The company says it is now the only publicly traded pure-play Additive Manufacturing (AM) 2.0 company, offering the fastest metal 3D printing technology in the market, up to 100 times the speed of legacy technologies.
"Today is an exciting moment and major milestone for our company and for the additive manufacturing (AM) industry at large," said Ric Fulop, Co-founder and Chief Executive Officer of Desktop Metal. “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."
The transaction was unanimously approved by the board of directors of Trine and was also approved at a special meeting of Trine’s stockholders on December 8, 2020. As a result of this transaction, Desktop Metal has received approximately $580 million of gross proceeds from Trine’s trust account and concurrent equity private placements.
"The capital raised through our transition to a publicly traded company," says Fulop, "will accelerate our global go-to-market efforts, enhance our relentless efforts in R&D, and allow us to capitalize on the tremendous growth opportunities we see over the next decade as we integrate industry-leading technology and intellectual property with strong secular growth trends around AM. We are excited to bring Desktop Metal to the public markets as the only pure play Additive Manufacturing 2.0 (AM 2.0) company and offer everyone the opportunity to invest in a company aiming to transform the manufacturing industry."
Founded in 2015, the company offers a diverse suite of AM solutions and has distribution in more than 60 countries and adoption from leading companies spanning a broad array of industries, including automotive, consumer products, industrial automation, medical devices, aerospace, and defense. The company’s product portfolio is led by its flagship Production System P-50, which is scheduled to begin volume commercial shipments in the second half of 2021. The P-50 is designed to achieve print speeds