Voxeljet AG has confirmed that its proposed sale to investment firm Anzu Partners LLC will not be moving forward.
The deal, which was announced in December last year and thought to be worth around 20 million EUR, did not receive the required majority of votes to be implemented. The closing of the transaction was expected to happen in March or April, and the additive manufacturing (AM) company is now undergoing a restructuring plan in accordance with the German Company Stabilization and Restructuring Act (“StaRUG”) with financial contributions from its main creditor, affiliated with Anzu, to restore its financial capability. Subsequently, its management and supervisory boards have filed a restructuring measure in accordance with StaRUG with the Local Court of Munich.
The plan is said to include adjustments to the promissory note loans granted by the main creditor, including a debt waiver totaling EUR 3,500,000, starting with EUR 500,000 in 2025 followed by EUR 1,500,000 in 2026 and 2027. In addition, the annual interest rate will be reduced to 3% p.a. from July 2026 onwards. No interest payments are due between August 2025 and June 2026. The term of the loans will be extended until at least 2030.
The company has also said that the restructure will provide a simplified reduction of the share capital of Voxeljet AG to zero, which will result in the exclusion of current shareholders of Voxeljet AG without compensation. This will be followed by a capital increase excluding shareholders’ subscription rights. The new shares will be subscribed by the main creditor as investor, who will contribute new equity capital of EUR 2,500,000 as part of the capital increase.
In a press release, Voxeljet claimed it is unlikely that that the capital measures outlined in the restructuring plan will obtain the necessary approval of the general meeting (at least 75% of the share capital present), and therefore expects the plan will be implemented in accordance with StaRUG. The company added that preparation, auditing, and publication of the annual and consolidated financial statements will only be possible once the implementation of the restructuring plan has been secured and will therefore delay the publication of its annual and consolidated financial statements for 2024 until the second half of August 2025 at the earliest.
In March 2024, Voxeljet voluntarily delisted from the Nasdaq stock exchange in an effort to reduce expenses. The move came just six months after its management and supervisory board initiated a formal review process to evaluate strategic alternatives including investments, mergers and acquisitions, and joint ventures, strategic partnerships, or other transactions. Speaking to TCT's Deep Dives newsletter shortly after delisting, Rudolf Franz, CEO at Voxeljet AG said the company had conducted a financial performance evaluation and cost-benefit analysis before coming to the decision. During that process, the company is said to have found its 'increased revenue and EBITDA performance' was not reflected in its stock price. Franz said, “The cost-benefit analysis revealed that the potential drawbacks of being a public company outweigh the advantages.
