Nano Dimension: Placing To Fund Commercialisation Phase
Edison | Sep 28, 2016 08:21AM ET
Nano Dimension Ltd (NASDAQ:NNDM) has announced that it is to raise US$12.0m (gross) through a placing of 1.85m new American Depositary Shares (ADSs) at US$6.50/ADS (a c 18% discount to Tuesday’s opening price).
In addition, it has granted the underwriters a 45-day over-allotment option to purchase up to 277,500 additional ADSs at the public offering price. Assuming the full exercise of the over-allotment option, the gross proceeds may reach $13.8m. We will update our estimates once the offer has completed on 30 September.
The funds from the placing will support Nano Dimension as it moves into the commercial phase of its development. The funds will be used to support volume ramp-up, including c US$1.5m investment in expanding the ink production capability, which needs to be in place ahead of volume sales.
The timing coincides with Nano Dimension reaching a key milestone in the potential commercialisation of its 3D print systems. In August it delivered the first DragonFly 2020 system for printing multilayer printed circuit boards to a leading defence company in Israel for evaluation purposes. Less than one month later it delivered the first DragonFly to the US.
This system will be used over the next year by FATHOM, Nano Dimension’s partner, to support demonstrations and product evaluations in the US, especially to potential customers in Silicon Valley and the greater West Coast area. The revenues from this transaction will begin to be recognised in Q416 and will continue in 2017.
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