3D Systems Closes $50M Common Stock Offering Priced at $3.05
DDD has more than doubled off its 52-week low of $1.32 on elevated volume (2.1× avg).
Summary
3D Systems has priced and closed a $50 million common stock offering at $3.05 per share, selling 16,393,443 shares. This follows the company's 424B5 filings on June 3rd, which launched a $40 million offering, and June 4th, which finalized a $50 million offering. The capital raise is significantly dilutive, representing over 11% of the company's current market capitalization. Furthermore, the current stock price of $2.90 is below the offering price of $3.05, indicating that investors who participated in the offering are currently underwater, which can create selling pressure.
At the time of this announcement, DDD was trading at $2.90 on NYSE in the Manufacturing sector, with a market capitalization of approximately $427.6M. The 52-week trading range was $1.32 to $4.12. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Wiseek News.