Shares of Nano Dimension (NASDAQ:NNDM) stock are taking a beating on Friday morning. And as one of the top 3D printing stocks, Wall Street is taking notice.
This massive drop comes after the firm announced a $100 million direct offering, where it will sell 25 million American Depositary Shares (ADS) for $4 per share. Overall, the goal of this move is to raise $100 million. With that, Nano Dimension “intends to use the net proceeds for working capital and for other general corporate purposes, and pursuing strategic opportunities, including possible business combination transactions.”
Moreover, the company stated that the deal will likely close on Nov. 23.
Nano Dimension describes itself as a leading electronics provider and is very innovative. That said, the firm focuses on creating and manufacturing intelligent machines for a handful of different purposes. However, what makes it stand out is that these are 3D-printed electronics ready for use. And the company has actually thrived a bit in 2020, with NNDM stock up more than 66% year to date.
However, NNDM stock was down more than 28% as of Friday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick Clarkson is a web editor at InvestorPlace.