Yahoo Finance 3D Printing Firm Essentium in Talks to Go Public Through Atlantic Coastal SPAC
(Bloomberg) -- Essentium Inc., a provider of industrial 3D printing solutions, is in talks to go public through a merger with blank-check firm Atlantic Coastal Acquisition Corp., according to people with knowledge of the matter.
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A transaction is set to value the combined company at more than $900 million, said the people, requesting anonymity because the talks aren’t public. Atlantic Coastal is poised to raise additional funding via a private investment in public equity, or PIPE, priced at $10 per share, one of the people said. Terms could change and a deal isn’t yet finalized -- though if an agreement is reached, it could be announced in coming weeks, the people said.
A representative for New York-based Atlantic Coastal declined to comment. Representatives for Essentium, based in Pflugerville, Texas, didn’t immediately respond to requests for comment.
Essentium is backed by investors including BASF Group’s BASF Venture Capital and middle-market capital provider Genesis Park. Led by Chief Executive Officer Blake Teipel, the company touts its ability to disrupt traditional manufacturing processes through its so-called additive manufacturing efforts. Essentium this month named Jonathan Baliff, the former president and CFO of Genesis Park Acquisition Corp., a SPAC that merged with Redwire Corp., as interim CFO.
Atlantic Coastal, led by CEO Shahraab Ahmad and president Burt Jordan, raised $345 million in a March initial public offering.
Other companies specializing in 3D-printing including Desktop Metal Inc., Velo3D Inc. and Markforged Holding Corp. have made public market debuts by merging with SPACs.
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