3D Systems announces expected timing of PO
Industry giant 3D Systems (NYSE: DDD) has announced the expected timing of the pricing of its public offering (PO) of common stock.
The company anticipated pricing its offering to sell these shares after close of play on the New York Stock Exchange (NYSE) today (May 9th).
On Tuesday, the organisation proposed an underwritten PO of approximately $250 million (£160.5 million, €190.1 million). In addition to the $250 million from 3D Systems, some stockholders - including certain officers, directors and their affiliates - are offering an aggregate of around 1.3 million shares in the offering.
3D Systems slumped in trading yesterday but recovered with a 2.5 per cent rally to $43.70 at the end of trading, continuing the upward curve of its share price.
The company says it will use the net proceeds from this PO to fund further acquisitions of other entities or their assets and for working capital and "general corporate purposes".
Mergers and acquisitions are the lynchpin in 3D Systems' growth strategy, with the company announcing a deal with the Rapid Product Development Group last week, shortly after it released its impressive first-quarter financial results for 2013.
Needham & Company, LLC, is acting as the Sole Book-Running Manager of the offering, while Co-Lead Managers will be Canaccord Genuity Inc and Piper Jaffray & Co.
To view 3D Systems' press release with the details of this PO click here.
