Markforged to Merge, Providing Capital for Growth and Product InnovationFebruary 25, 2021
Markforged announced it has entered into a definitive agreement to merge with one, a special-purpose acquisition company sponsored by A-star and founded and led by technology-industry veteran Kevin Hartz. Upon completion of the transaction, expected this summer, the combined company will retain the Markforged name and be listed on the New York Stock Exchange under the ticker symbol MKFG.The combined company reportedly will have an estimated post-transaction equity value of approximately $2.1 billion at closing, with the transaction providing $425 million in gross proceeds.
Markforged, founded in 2013, provides an intuitive additive manufacturing platform, using artificial intelligence, that combines 3D printers with industrial-grade materials and cloud-based machine-learning software, as described by company officials.
“This transaction will enable us to build on our incredible momentum and provide capital and flexibility to grow our brand, accelerate product innovation and drive expanded adoption among customers across key verticals,” says Shai Terem, Markforged president and CEO. “We’re focused on making manufacturing even better by capitalizing on the huge opportunity ahead, and we are making this important leap through our new long-term partnership with Kevin Hartz and the entire team at one.”
Following the transaction’s completion, Terem will continue to lead Markforged as president and CEO, with Hartz joining the company’s board.