Shapeways is to list on the New York Stock Exchange (NYSE) at an initial enterprise value of approximately $410 million after agreeing to merge with SPAC company Galileo Acquisition Corp.
Upon closing of the merger, the combined company will be named Shapeways Holdings Inc and will be represented on the NYSE under the SHPW ticker symbol. The transaction will provide $195 million of net proceeds to Shapeways, including a $75 million fully committed, common stock PIPE at $10.00 per share anchored by Miller Value, XN, and Desktop Metal. The PIPE will also include investments from Lux Capital, Union Square Ventures, INKEF Capital and Andreesen Horowitz.
With its repertoire of 11 additive manufacturing technologies and ability to process more than 90 materials and finishes, Shapeways has delivered over 21 million parts to one million customers to become one of the industry’s leading 3D printing service providers. Through its new investment in the firm, Desktop Metal is to support Shapeways in expanding its metal additive manufacturing capability. Shapeways recently enhanced its offering by licensing a commercialised SaaS version of its proprietary software to key partners, and believes its play in markets such as aerospace, automotive, medical and consumer goods is well-positioned to scale.
Both Shapeways’ and Galileo’s Board of Directors gave unanimously approved the transaction, but the deal is still subject to approvals from Galileo shareholders and other customary closing conditions, including the receipt of certain regulatory approvals. The transaction is expected to close in the summer of 2021. Having signed a definitive agreement, Galileo will have until October 22, 2021 to consummate the Business Combination.
“Our vision to enable anyone to rapidly transform digital designs to physical products is reaching a significant milestone today as we transition Shapeways into a public company,” commented Greg Kress, Chief Executive Officer of Shapeways. “We have been successfully executing on our vision, and this capital will allow us to empower digital manufacturing at scale, accelerating Shapeways’ additive manufacturing capabilities while expanding the Company’s material and technology offerings to more markets and industries.”
Luca Giacometti, Chairman and CEO of Galileo added: “Shapeways fits our mandate given its North American and European nexus, market leadership position, and growth profile. Our team, having decades of experience advising, investing and operating businesses across U.S. and European markets, was immediately attracted to Shapeways’ platform which is supported by its proprietary software capabilities and ability to provide solutions to any company.”
Alberto Recchi, Galileo’s co-Founder and CFO, and Alberto Pontonio, co-Founder of Galileo, said: “We are extremely excited to partner with Greg and Shapeways to help the Company achieve its goals and capture the massive Additive Manufacturing 2.0 opportunity. Thanks to its tremendous team, flexible on-demand manufacturing capabilities, and proprietary purpose-built software, we believe Shapeways has incredible potential for future growth, which will only be accelerated by the extensive financial resources provided by this transaction.”
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