Inside XJet's Additive Manufacturing Center.
XJet has commenced proceedings that will see it listed on the Nasdaq stock exchange.
Through an initial public offering (IPO), the company is set to offer 2 million shares at a price between $4 and $6 each, allowing the company to raise between $8 million to $12 million. The company will trade under the symbol XJET, with 19,705,240 shares outstanding.
XJet expects to use the net proceeds of the IPO for ‘scaling up, sales and marketing, and for R&D manufacturing purposes,’ per The Times of Israel. CEO Yair Alcobi told the Israeli publication that, ‘despite market conditions,’ he and the company’s hierarchy believe going public is ‘the best platform for us to access capital and to scale up the company as our products are ready.’
XJet was founded in 2005 by Hanan Gothait, who last year stepped back from his CEO role to welcome Alcobi. Now President of XJet, Gothait, like several other XJet colleagues, was formerly a key figure at Objet, which would later merge with Stratasys. Via XJet, Gothait worked to develop and commercialise the company’s patented NanoParticle Jetting technology, which is capable of processing both metal and ceramic materials. To support this endeavour, the company raised around $100m, with Lucion, Alumot, and IBI Trust Management among the key shareholders. Some six years after the NanoParticle Jetting’s launch, XJet delivered its first metal 3D printing system to service bureau Azoth, while its ceramics systems have been adopted by the healthcare and antenna markets.
Alcobi’s appointment to the role as XJet CEO came as part of an ambitious plan for growth, which has seen the company file for a public listing after just 12 months of his stewardship.
