Markforged, creator of an integrated metal and carbon fiber additive manufacturing platform, The Digital Forge, February 24 entered into a definitive agreement to merge with one, a special purpose acquisition company sponsored by A-star, as it was informed by Markforged.
Upon completion of the transaction, the combined company will retain the Markforged name and will be listed on the New York Stock Exchange.
The combined company will have an estimated post-transaction equity value of approximately $2.1 billion at closing. The transaction will provide $425 million in gross proceeds to the Company, including a $210 million PIPE at $10.00 per share from investors including Baron Capital Group, funds and accounts managed by BlackRock, Miller Value Partners, Wasatch Global Investors and Wellington Management, as well as commitments from M12 – Microsoft’s Venture Fund and Porsche Automobil Holding SE, existing Markforged shareholders.
Current Markforged shareholders are expected to hold approximately 78% of the issued and outstanding shares of common stock immediately following the closing.
The transaction, which has been unanimously approved by the boards of directors of both Markforged and one, is expected to close in the summer of 2021, subject to the approval of both one and Markforged stockholders and regulatory approvals, as well as and other customary closing conditions.
Citigroup Global Markets Inc., William Blair and Goodwin Procter LLP are serving as advisors to Markforged. Goldman Sachs & Co. LLC is serving as exclusive financial advisor to one and Cadwalader, Wickersham & Taft LLP is serving as legal counsel.
Markforged transforms manufacturing with 3D metal and continuous carbon fiber printers capable of producing parts tough enough for the factory floor. Founded in 2013 and based in Watertown, MA, Markforged has $137 million in both strategic and venture capital.
one is a special purpose acquisition company formed for the purpose of effecting a business combination with one or more businesses in the innovation economy and sponsored by A-star and founded by technology industry veteran Kevin Hartz. one completed its initial public offering in August 2020 raising $215 million in cash proceeds.
