Nano Dimension Defense Product.
Nano Dimension’s stock slumped as much as 10% on Tuesday as the company announced pricing for its 10th equity offering in under a year amid a meteoric rise in share prices.
Nano Dimension entered into definitive agreements with investors for the sale of 39.1 million American Depositary Shares at a price of $12.80 per share on Monday. The gross proceeds of the offering will be approximately $500 million, according to a press release.
Nano Dimension is an additive manufacturing-also known as 3D printing-electronics manufacturer with a client list that includes the US Department of Defense and numerous research groups such as the Center for Biomolecular Nanotechnologies.
The company has benefitted from a rise in 3D printing names of late, with shares soaring 673% in the last six months.
Management at Nano Dimension has used the increase in share prices to raise cash with consistent public offerings, and Monday’s offering will be the 11th since last February for the Israeli 3D printing company.
Nano Dimension’s offerings that have closed since that time include:
- A $3.5 million public offering on February 7, 2020
- A $13.3 million public offering on April 28, 2020.
- A $35.9 direct offering on May 22, 2020.
- A $16.9 million direct offering on October 5, 2020.
- A $50 million direct offering on October 28, 2020.
- A $100 million direct offering on November 23, 2020.
- A $60 million direct offering on December 2, 2020.
- A $180 million direct offering on December 9, 2020.
- A $250 million direct offering on December 30, 2020.
- A $332 million direct offering on January 19, 2020.
The company will have raised $1.54 billion from its public and direct offerings since last February after the latest $500 million deal closes.
Nano Dimension reported revenues of just $438,000 for the third quarter of 2020, including a net loss of $20.7 million and a negative adjusted EBITDA of $3.4 million.
Yoav Stern, Chief Executive Officer and President of Nano Dimension, said in the company’s most recent earnings report that the figure isn’t a good basis for judgment.
“As per above, we are not judging, at this point, our success by quarterly revenues. That will come later,” Stern said.
“Nano Dimension operates along an expected fail-safe investment model, where upside may resemble Biotech investments, but, contrary to those, downside in case of failure at any stage is somewhat hedged and hence protected,” the CEO added.
Still, Nano Dimension now trades at 100 times its trailing twelve-month sales ratio and roughly 13x book value.
The company traded down 8.97%, at $14.20, as of 11:31AM ET on Tuesday.