Manufacturing. Accelerated.
•
Detailed transaction overview
Key transaction terms
$526M cash proceeds inclusive of PIPE proceeds and
transaction expenses (1)
$275M of PIPE commitments before transaction
announcement
Illustrative pro forma valuation ($M)
Desktop Metal share price
Pro forma shares outstanding
Pro forma equity value
(-) Assumed pro forma net cash(3)
Pro forma enterprise value
Transaction multiple
EV / 2025E Revenue
Pro forma ownership @ $10.00 per share(2)
SPAC shares
12%
Founder shares
2%
PIPE equity
11%
D Desktop Metal
Seller rollover
74%
$10.00
246.1
$2,461
(625)
$1,836
Metric
$942
1.9x
Illustrative sources and uses ($M, except per share data)
Sources
$
%
Shares
Existing DM shareholders.
$1,830
74%
183.0
SPAC cash in trust (1)
Additional PIPE equity
300
12%
30.0
275
11%
27.5
Founder shares (4)
56
2%
5.6
Total sources
$2,461
100%
246.1
Uses
Existing DM shareholders.
Cash to balance sheet
Founder shares
$
%
$1,830
74%
526
21%
56
2%
Estimated fees and expenses
Total uses
49
2%
$2,461
100%
Percentages may not total 100 due to rounding.
1.
Assumes no redemptions by Trine Acquisition Corp's existing shareholders.
D Desktop Metal
2.
3.
4.
Pro forma net cash calculated as Desktop Metal's net cash balance of $99M as of June 30, 2020 and transaction proceeds of $526M.
Assumes 5.6M founder shares at $10.00. Incremental 1.9M additional founder shares subject to $12.50 earnout. Excludes 8.5M founder warrants, which have a strike price of $11.50 per share.
33View entire presentation