Why Nano Dimension Stock Popped Today

Shares of Nano Dimension (NASDAQ: NNDM) have popped today, up by 15% as of 12:05 p.m. EST, since the company closed a previously announced stock offering. The company sold nearly 12 million American depository shares (ADSs) at a price of $5 per ADS.

The offering priced a few days ago and has now formally raised approximately $60 million in gross proceeds to beef up the balance sheet. Nano Dimension, which specializes in 3D printing technology for electronics components, plans to use the proceeds for working capital and other general corporate purposes, which may potentially include acquisitions.

The news comes a couple of weeks after Nano Dimension priced an offering of 25 million ADSs at $4 per share, raising $100 million in gross proceeds. The stock plunged on that announcement, and the latest offering priced higher, which is more favorable to the company since it can raise more capital. Nano Dimension had also raised $50 million in October at $3 per ADS.

Source Fool.com