Home Manufacturer fund 3D printing maker Essentium goes public as part of SPAC merger

3D printing maker Essentium goes public as part of SPAC merger

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Texas-based Essentium, an industrial printing company, partners via SPAC with Atlantic Coastal Acquisition in a $97.4m (£723 m).

The deal is expected to be finalized by the end of the first quarter of 2022 and the new combined special-purpose acquisition company will be listed under the Nasdaq ADTV ticker. New York-based Atlantic Coastal is listed on the Nasdaq as ACAHC, according to the company.

The PSPC is expected to give the combined companies a value of $ 346 million. The companies told investors in a presentation this week that the proceeds would primarily be used to fund growth.

“We believe that as a result of this transaction, Essentium will be extremely well positioned for rapid growth as it further expands its ecosystem offerings, capitalizes on its focused sales pipeline and executes its merger strategy and acquisition … ”Tony Eisenberg, The Atlantic Coastal CSO said in a statement.

“An incredible amount of trade secret know-how”

“We have a materials manufacturing plant. We produce polymers and composite recipes in-house, over 50 different grades of materials. We have a strong patent portfolio and since we produce materials in-house at our Austin, Texas plant, we actually have an incredible amount of trade secret know-how that protects us from know-how and the ability for us to produce our material qualities. . “

Essentium CEO Blake Teipel said supply backlogs and labor shortages are not a problem for these companies in the future.

Transforming the future of supply chains

“Essentium is transforming the future supply chain landscape by providing truly distributed and sustainable manufacturing and operations solutions in all contexts, including the ability to operate successfully in congested logistics environments,” Teipel said in a communicated.

“The announcement represents a major milestone in our efforts to provide long-term, sustainable solutions for a new manufacturing paradigm that can meet these global challenges head-on. Essentium’s solution deploys regional and distributed production capacities to enable supply chain transparency and flexible inventory management at a highly competitive total cost of ownership, while reducing waste and supporting a limited carbon footprint through on-site printing.

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