By Colin Kellaher

 

Desktop Metal Inc., a 3D-printing "unicorn" backed by Ford Motor Co. and Google parent Alphabet Inc., on Wednesday unveiled plans to go public through a merger with Trine Acquisition Corp., a blank-check company led by veteran cable-industry executive Leo Hindery Jr.

Desktop Metal, which offers metal 3D-printing technology, said it will combine with Trine at an estimated $2.5 billion pro forma equity value.

Desktop Metal last year raised $160 million in a round that brought its total funding to more than $430 million and its valuation to $1.5 billion. A 2017 funding round made the Burlington, Mass., company a unicorn, or a privately held startup valued at $1 billion or more.

Desktop Metal said its existing shareholders will own about 74% of the combined company, which will remain listed on the New York Stock Exchange under the symbol DM upon closing of the deal, slated for the fourth quarter.

The startup said all of its significant investors, including Ford, Alphabet's GV, Lux Capital, NEA, Kleiner Perkins and Koch Disruptive Technologies, will retain their equity holdings.

Trine, a special-purpose acquisition company led by Mr. Hindery and investment firm HPS Investment Partners that went public in March 2019, said it will contribute its $300 million of cash held in trust along with $275 million from a fully committed private placement. Mr. Hindery, who is currently chairman and chief executive of Trine, will join the Desktop Metal board.

Shares of Trine, which closed Tuesday at $10.14, rose more than 7% in premarket trading Wednesday.

 

Write to Colin Kellaher at colin.kellaher@wsj.com

 

(END) Dow Jones Newswires

August 26, 2020 08:41 ET (12:41 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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