Freemelt
Metal 3D printing firm Freemelt has had its application to be listed on the Nasdaq stock exchange approved.
Freemelt will begin trading its shares on Nasdaq under the short name ‘FREEM’ starting on July 7, 2021. It follows a pre-IPO issue which provided the company with around €8.4 million at a subscription price of around €0.99 a share (SEK 10).
Founded in 2017, Freemelt has come to market with its Freemelt ONE metal 3D printing platform, which harnesses Electron Beam Melting technology. The platform was introduced primarily to support research and development efforts around materials, with the company promising that it could help engineers to design materials ‘not yet known to mankind’ that enable lighter, stronger and more efficient products. Freemelt now wants to build on this offering by developing a production system based on the same EBM technology before launching it in ‘selected business areas.’ It feels the best way to go about this is a listing on Nasdaq to ‘create the conditions for growth and accelerated value creation for shareholders.’
“The recently completed investment round now gives us the opportunity to develop a powerful and cost-effective 3D printing system for the manufacturing industry to broaden our offering in line with our long-term strategy,” commented Freemelt CEO Ulric Ljungblad. “The listing of Freemelt on Nasdaq First North Growth Market is an important step in the development of the company, which will increase awareness of Freemelt and our products.”
Freemelt’s share capital amounts to around €180,359 (SEK 1,830,000) divided into a total of 36,600,000 shares. As of today, Freemelt has approximately 5,000 shareholders, with the Board of Directors and Senior Executives among them. Both the Board of Directors and Senior Execs, as well as other major shareholders, have undertaken not to sell any shares for a period of 12 months through a commitment to lock up. The number of shares that are under lock-up corresponds to approximately 68% of all outstanding shares in the company.
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