3D Systems opens $42.5M at-the-market stock program with Cantor Fitzgerald
What's the deal? 3D SystemsDealroom has a profile for this one. Try Dealroom → has signed an agreement with Cantor Fitzgerald & Co.Dealroom has a profile for this one. Try Dealroom → to sell up to $42.5 million in common stock through an at-the-market (ATM) program, the company disclosed in a November 5 filing with the Securities and Exchange Commission. Cantor Fitzgerald will act as sales agent or principal, earning a commission of up to 3.0% of gross sales per share.
What's the endgame? The ATM lets 3D Systems raise equity gradually rather than all at once. It is not obligated to sell any shares and can suspend the program at any time; either party may terminate with 10 business days' written notice.
Why now? The program follows mixed third-quarter results. Revenue rose 8.8% year over year to $99.3 million and adjusted EBITDA turned positive at $3.1 million, but the company still posted a $33.5 million net loss.
It held $120.5 million in cash and investments at September 30 and used $17.5 million in operating cash over the first nine months. That cushion suggests the ATM is a flexible financing tool rather than a sign of immediate distress.
What could go wrong? This is 3D Systems' second equity raise in recent months. In June it priced a roughly $50 million offering, adding about 16.4 million shares. Repeated raises point to dilution risk for existing shareholders as the company works toward sustainable profitability.
The signal: For a company still posting losses while chasing growth, the ATM reflects a wider pattern among capital-hungry hardware makers — tapping public markets in steady increments to extend runway without committing to a single large, dilutive deal.
Read more: kalkinemedia.com
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