Markforged, inventor of the integrated manufacturing platform for metal and carbon fiber additives The Digital Forge, has signed an agreement to merge with the special purpose vehicle company. Sponsored by A-star, one was formed and is led by a tech industry veteran Kevin Hartz.
The combined company will retain the Markforged name and will be listed on the New York Stock Exchange under the ticker symbol “MKFG”.
Analysts predict the combined company will have an equity value of $ 2.1 billion after the transaction. The deal will bring Markforged gross proceeds of $ 425 million. Current Markforged shareholders are expected to own approximately 78% of the issued and outstanding common stock immediately upon closing. The transaction, which was approved unanimously by Markforged’s boards of directors and one, is expected to close in mid-2021.
Markforged President and CEO Shai Terem said, “Our mission and vision is to reinvent manufacturing by bringing the power and agility of connected software to the world of industrial manufacturing. [The Markforged-one agreement] is a critical milestone on the way to realizing this vision. “
Terem will continue to serve as the company’s president and CEO, and Hartz will join the company’s board of directors.
Markforged was founded in 2013 and employs more than 250 people worldwide.