Desktop Metal Completes Its Business
Combination with Trine Acquisition Corp. as Trading Begins Today on
the NYSE under the Ticker Symbol “DM”
- Desktop Metal and Trine Acquisition Corp. (NYSE: TRNE), a
special purpose acquisition company, today announced they have
completed their business combination; the combined company begins
trading on the NYSE under the ticker symbol “DM” on December 10,
2020
- Desktop Metal is now the only publicly traded pure-play
Additive Manufacturing 2.0 company, offering the fastest metal 3D
printing technology in the market, up to 100 times the speed of
legacy technologies(1)
- The additive manufacturing industry is estimated to grow from
$12 billion to $146 billion this decade as it shifts from
prototyping to mass production(2)
- Leo Hindery, Jr., legendary technology investor and operator,
joins Desktop Metal’s board
Desktop Metal, Inc. (“Desktop Metal” or the “Company”) a leader
in mass production and turnkey additive manufacturing solutions,
and Trine Acquisition Corp. (NYSE: TRNE), (“Trine”) a special
purpose acquisition company led by Leo Hindery, Jr. and HPS
Investment Partners, a global credit investment firm with over $60
billion in assets under management, today announced the completion
of their previously announced business combination. The resulting
company is named Desktop Metal, Inc. and its common stock and
warrants are expected to commence trading on the New York Stock
Exchange under the new ticker symbol “DM” and “DM.WT” on December
10, 2020.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20201210005148/en/
The Desktop Metal Shop System™, the
world’s first metal binder jetting system designed for machine
shops, is being manufactured in volume and shipped to customers
around the world. (Photo: Business Wire)
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.
“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 capital raised through our transition to a
publicly traded company 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 with a vision to pioneer technology that changes
the way parts are produced through AM, Desktop Metal has quickly
grown to become a global enterprise offering a diverse suite of AM
solutions. Led by an experienced team with deep operational and
scientific pedigree, Desktop Metal has distribution in more than 60
countries around the world 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 anchored by its flagship
Production SystemTM 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 up to 100 times those of legacy
technologies(1), delivering thousands of parts per day at costs
competitive with conventional manufacturing. The recently revealed
Production System P-1 leverages the same patent-pending Single Pass
JettingTM technology as the P-50 and begins initial shipments to
customers in Q4 2020. Desktop Metal’s AM 2.0 portfolio also
includes Shop SystemTM, a mid-volume, flexible manufacturing
solution designed for machine shops which began volume
manufacturing and global shipments in Q4 2020; Studio SystemTM, an
office-friendly metal 3D printing system for low-volume production
which has been shipping in volume globally since 2018; and FiberTM,
a continuous fiber composite printer, scheduled to begin volume
commercial shipments in Q4 2020.
The AM 2.0 Revolution and Its Impact to Industry 4.0
The AM industry grew at a 20 percent annual compound rate
between 2006 and 2016 before accelerating to 25 percent compound
annual growth over the last three years, a rate that is expected to
continue over the next decade as the market grows from $12 billion
in 2019 to an estimated $146 billion in 2030(2).
“We believe the AM industry is at a major inflection point and
that Desktop Metal is at the forefront of this transformation,”
said Fulop. “This market inflection is being driven by the
emergence of AM 2.0 a wave of next-generation AM technologies that
unlocks throughput, repeatability, and competitive part costs with
a focus on making AM an easy to use, economic solution for mass
production. These solutions feature key innovations across
printers, materials, and software to pull AM into direct
competition with conventional processes used to manufacture $12
trillion in goods annually(3).”
“Desktop Metal is poised to revolutionize the manufacturing
industry by applying transformative AM 2.0 technologies to the
products and industries that will drive the economy in the 21st
century,” said Leo Hindery, Jr., Desktop Metal board member and
Chairman and CEO of Trine Acquisition Corp. “The company has a
distinct first-mover advantage over competitors and the injection
of capital from this transaction, a large portion of which will be
dedicated to continuous product innovation, will protect and extend
this first-mover advantage.”
About the Transaction
Credit Suisse Securities LLC and Stifel Financial Corp. are
serving as capital markets advisors to Desktop Metal, and Credit
Suisse as sole private placement agent to Trine. BTIG, LLC is
serving as financial and capital markets advisor to Trine. Latham
& Watkins LLP is serving as legal advisor to Desktop Metal, and
Paul, Weiss, Rifkind, Wharton & Garrison LLP is serving as
legal advisor to Trine. ICR is serving as investor relations and
communications advisor to Desktop Metal.
About Desktop Metal
Desktop Metal, Inc., based in Burlington, Massachusetts, is
accelerating the transformation of manufacturing with an expansive
portfolio of 3D printing solutions, from rapid prototyping to mass
production. Founded in 2015 by leaders in advanced manufacturing,
metallurgy, and robotics, the company is addressing the unmet
challenges of speed, cost, and quality to make additive
manufacturing an essential tool for engineers and manufacturers
around the world. Desktop Metal was selected as one of the world’s
30 most promising Technology Pioneers by the World Economic Forum
and named to MIT Technology Review’s list of 50 Smartest
Companies.
For more information, visit www.desktopmetal.com.
Forward Looking Statements
This document contains certain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statement generally relate to the Company’s future financial or
operating performance, such as statements regarding the expected
benefits of the business combination and the transaction related
thereto (the “Transactions”), the services offered by Desktop Metal
and the markets in which it operates, and Desktop Metal’s projected
future results. These forward-looking statements generally are
identified by the words “believe,” “project,” “expect,”
“anticipate,” “estimate,” “intend,” “strategy,” “future,”
“opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,”
“will continue,” “will likely result,” and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to
risks, uncertainties. Many factors could cause actual future events
to differ materially from the forward-looking statements in this
document, including but not limited to: (i) the ability to maintain
the listing of the Company’s securities on the New York Stock
Exchange, (ii) the risk that the Transactions disrupt current plans
and operations of the Company as a result of the announcement and
consummation of the Transactions; (iii) the ability to recognize
the anticipated benefits of the Transactions, which may be affected
by, among other things, competition, the ability of the Company to
grow and manage growth profitably, maintain relationships with
customers and suppliers and retain its management and key
employees; (iv) costs related to the Transactions; (v) the
possibility that the Company may be adversely affected by other
economic, business, and/or competitive factors, including downturns
in the highly competitive additive manufacturing industry; (vi) the
ability to implement business plans, forecasts, and other
expectations after the completion of the proposed transaction, and
identify and realize additional opportunities; and (vii) other
risks and uncertainties set forth in the section entitled “Risk
Factors” and “Forward-Looking Statements; Market, Ranking and Other
Industry Data” in the registration statement on Form S-4 initially
filed by Trine with the SEC on September 15, 2020, as amended, and
the Trine’s and the Company’s other filings with the U.S.
Securities and Exchange Commission. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and the Company
assumes no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. The Company does not give any
assurance that it will achieve its expectations.
(1) Based on published speeds of binder jetting and laser powder
bed fusion systems comparable to the Production System™ available
as of August 25, 2020 and using comparable materials and processing
parameters. (2) Wohlers Report 2020 (2020 - 2029 forecast); 2030
figure based on management calculations. (3) 3D Printing:
Disrupting the $12 Trillion Manufacturing Sector, A.T. Kearney,
Inc. (2017).
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201210005148/en/
For Desktop Metal Investor / Media
Relations Lynda McKinney press@desktopmetal.com
Investor Relations Mike Callahan /
Tom Cook DesktopMetalIR@icrinc.com
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