Binder jet 3D printer manufacturer voxeljet has announced that it will withdraw from the NASDAQ Stock Exchange and terminate its registration with the U.S. Securities and Exchange Commission (SEC).
The move, anticipated to be effective from April 1st, will see the company voluntarily delist its American Depositary Shares (ADS) from the NASDAQ and end its financial reporting obligations with the SEC. Voxeljet hopes that these actions will reduce expenses and strengthen its financial position.
“We are taking these steps in order to reduce expenses associated with being a public company and thereby to further strengthen our financial position,” stated Voxeljet CEO Rudolf Franz on LinkedIn.
The company has also agreed to amend and restate an existing loan note issued to Anzu Partners‘ industrial technology investment fund.
The amended loan note amounts to $3,209,483.12 and is due by January 3, 2028. A new loan note of $5,500,000 has also been agreed and will be made available in two tranches of $2,750,000 each.
Franz stated that the net loan proceedings will be used to facilitate the delisting and deregistration of the company’s ADSs, and to fund its ongoing operational activities. “Many thanks to the Anzu Partners team for supporting the next step in our company’s development,” added Franz.
Voxeljet to withdraw from the NASDAQ and SEC
Question marks were raised around voxlejet’s finances last year when the company announced that it had initiated a formal review process to evaluate “strategic alternatives.” It was outlined that these alternatives could include a full range of strategic, business, and financial options.
While the company’s financial results for both Q4 and FY 2023 are yet to be disclosed, Q3 2023 saw operating loss increase by 12% YoY to -€2.8 million. At the time, voxeljet noted high administrative expenses as contributing to this increase in loss.
Voxeljet has now concluded that the benefits offered by a NASDAQ listing do not justify the costs and time demands of complying with SEC requirements. The company will file a Form 25 with the SEC around March 22, 2024, which will affect the voluntary withdrawal of the listing of its ADSs from the NASDAQ.
Voxeljet then intends to file a Form 15 with the commission to deregister the company’s ADSs under the Securities Exchange Act of 1934.
After completing this, voxeljet will no longer have reporting obligations with the SEC, which include the filing of 20-F and 6-K forms.
The proceeds from voxeljet’s amended and restated loan agreements with Anzu Partners will be leveraged to fund this withdrawal from the NASDAQ and SEC.
The company’s new $5.5 million loan note has a maturity date of June 30, 2026. However, loan repayments may be brought forward if a “fundamental change” occurs, the specifics of which have been defined as part of the loan agreement.
Both the new and revised loan notes share similar terms and are secured with customary collateral.
3D printing companies initiate cost-saving efforts
Voxeljet is the latest additive manufacturing firm to announce cost-saving efforts to boost its finances. Earlier this year, Massachusetts-based industrial 3D printer manufacturer Desktop Metal (DM) announced a $50 million cost-reduction plan which saw the firm reduce its headcount by 20%.
This move seeks to better align DM’s cost structure to current market dynamics and forms part of a broader strategic business review and other cost-cutting actions. These include consolidation of facilities and product rationalization, to accelerate the company’s path to profitability.
This reflects other efforts by DM to streamline operations, which include the sale of its Aerosint SA subsidiary to high-precision components and systems manufacturer Schaeffler Group.
Elsewhere, French 3D printer manufacturer and service provider Prodways Group (PWG) discontinued the sales of its jewelry 3D printers in an effort to reduce losses and improve its financial results. This decision came after the wax and resin 3D printers, sold under the Solidscape brand, experienced weak sales and poor turnover in 2023.
The company now plans to relocate these resources towards its high-volume, industrial 3D printers which are believed to possess higher added value. PWG hopes that the move, which reflects its “growth and profitability strategy,” will improve its financial results and strengthen its position within the global 3D printing market.
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Featured image shows a sign at voxeljet HQ. Photo via voxeljet.
