The Rehovot-based company’s share price fell 5.6% in heavy trading on Friday to $92.32, giving a market cap of $3.6 billion.
Stratasys CEO David Reis
3D printer maker Stratasys Inc. (Nasdaq: SSYS) raised a gross $418.5 million in a secondary offering of 4.5 million shares at $93 per share on Friday, and estimates that the net proceeds will total $402.2 million, assuming that all the underwriters exercise the 675, 000 over-allotment shares in full. The Rehovot-based company’s share price fell 5.6% in heavy trading on Friday to $92.32, giving a market cap of $3.6 billion.
The share price was $105 when the company announced the offering last Monday, after falling from its peak of $110.26 in early September.
Stratasys had $148.1 million in cash at the end of June; the secondary offering boosts its cash reserves to over $500 million. The company will use the proceeds for business purposes, including acquisitions, capital expenses, and working capital. Earlier this year, it acquired Makerbot, a manufacturer of 3D desktop printers, for $403 million in shares. The price could increase by up to $200 million, subject to meeting milestones. Stratasys says in the prospectus that some of the proceeds could be used to make these milestone payments, if they are made in cash, rather than shares.
Published by www.globes-online.com