3D Printing Financials: voxeljet’s Financial Reshuffle

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In a series of significant announcements made on March 13, 2024, voxeljet (Nasdaq: VJET) has revealed a plan to reshape its financial structure and strategic direction. As part of these measures, the company has renegotiated its debt and secured additional funding from key investor Anzu Ventures, disclosed plans to delist its stock from the Nasdaq, and filed an important ownership document with the U.S. Securities and Exchange Commission (SEC).

Since November 2021, voxeljet stock has witnessed a stark decline, tumbling from a value of over $9 to 50 cents as of March 13, 2024. This represents a depreciation of roughly 94.4%. The situation appeared even more gloomy right after the delisting news broke, with the stock hitting an all-time low of 36 cents. This stock volatility highlights voxeljet’s challenges in maintaining investor confidence amid shifting market conditions and internal strategic adjustments. ​​

Delisting and Deregistration

In response to these financial ups and downs, voxeljet has decided to delist its shares from the Nasdaq exchange and deregister from the SEC. This move is geared towards cutting operational costs and proves the company is reassessing its market position. Moving away from Nasdaq listing obligations is expected to help reduce regulatory and financial commitments and redirect the company’s focus to strengthening its economic position in the long run.

This delisting process starts with a formal withdrawal (Form 25) to be filed with the SEC, signaling the beginning of the end of voxeljet’s Nasdaq chapter. The deregistration of its shares means voxeljet will not have any reporting obligations under U.S. securities laws. Although voxeljet shares will no longer be part of the Nasdaq exchange, it’s important to note that the company, which is rooted in Germany, continues to have its stock listed on the Frankfurt Stock Exchange (FRA) under the ticker symbol VX8B. Therefore, this strategic adjustment impacts only its U.S. listing, leaving its stock in the FRA unaffected.

Take a stroll inside your Voxeljet 3D printer.

Strengthened Partnership

Among its strategic moves, voxeljet has reviewed its financial arrangements with Anzu Ventures. This resulted in a more secure loan deal and a fresh influx of capital for voxeljet. Initially, Anzu Ventures lent voxeljet $3.2 million in a “senior unsecured promissory note” back in January 2023. Fast forward to March 12, 2024, and this agreement has been upgraded to a “senior secured promissory note,” which essentially means that now there’s collateral backing the loan, offering Anzu more security.

Furthermore, voxeljet has secured an additional loan of $5.5 million from Anzu Ventures, to be paid in two equal installments of $2.75 million each. This new agreement also includes better security measures and a detailed repayment plan, including interest rates and specific conditions tied to the company’s performance and potential strategic changes. The first tranche will be made available once Anzu Ventures receives the executed collateral documentation, and the second is scheduled for July 15, 2024, or potentially earlier.

Financial Ties

Adding another layer to this financial overhaul, voxeljet and Anzu Ventures have filed an amended Schedule 13D form with the SEC. This document details the changes in Anzu’s investment in voxeljet, including the revised and new loan agreements. The amendment highlights the strategic financing partnership between voxeljet and Anzu Ventures, showing Anzu’s ongoing investment in voxeljet through both secured loans and capital.

The voxeljet US facility in Canton, MI. Image courtesy of voxeljet.

Last time we heard from voxeljet, management was cautiously optimistic about its financial health and future. In November 2023, voxeljet reported an increase in revenue for the first nine months of the year and maintained a positive outlook for the fourth quarter. In fact, Chief Financial Officer (CFO) Rudolf Franz said he was confident in meeting the upper end of the full-year revenue guidance. Despite facing hurdles in some areas and recording net losses, voxeljet’s management remained committed to reaching a break-even point by 2025. This backdrop has now changed a bit with voxeljet’s recent announcements.

Although voxeljet is describing its moves as part of a “strategic realignment,” the announcement from such a key player in the 3D printing sector about its intention to withdraw from the Nasdaq inevitably raises questions among investors about the future of the company, its financial stability, and, of course, its shares. It’s possible that, concerned with the stock value of voxeljet, many shareholders chose to divest their shares—a move that could potentially explain the drop in the stock price, as seen with voxeljet’s fall to 36 cents. The market’s sensitivity to corporate decisions is part of the dynamics that public companies face, and we can assume there will be even more significant corporate transitions in the following weeks as voxeljet continues with this realignment.

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