Voxeljet AG (ADR)(NYSE:VJET) tumbled to a record low after the company said it’s pricing its public offering of three million American Depositary Shares (ADSs) at $15.00 each – a 19% discount to Thursday’s closing price of $18.55.
Shares are now down 16% at $15.58, just above the new all-time low of $15.25.
The provider of high-speed, large-format 3D printers and on-demand parts services said it has granted underwriters a 30-day option to purchase an additional 450,000 ADSs at the public offering price, less the underwriting discount, to cover over-allotments.
The net proceeds to the company are estimated to be $41.4 million.
VJET intends to use the funds for research and development and sales and marketing initiatives, as well as potential further expansion of its on-demand parts service center, the establishment of new on-demand parts service centers in North America and Asia and for general corporate purposes.
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