XJet has started the procedure that will allow it to be listed on the American Nasdaq stock exchange. In its initial public offering (IPO), the company plans to offer 2 million shares at a price of between $4 and $6 each, which will allow the company to raise between $8 and $12 million. The company will trade under the ticker symbol XJET, with 19,705,240 shares outstanding.
XJet plans to use the funds raised from the IPO for scaling, sales and marketing development, as well as for production and research and development purposes, The Times of Israel reports. The company’s CEO, Yair Alcobi, told an Israeli newspaper that despite the current market conditions, he and the company’s management believe going public is the best platform to raise capital and scale the company.
XJet was founded in 2005 by Hanan Gothait, who resigned as CEO last year, handing over the reins to Alcobi. XJet’s current CEO is Gothait, who, like several other XJet executives, was previously a key figure in Objet, the company that invented PolyJet technology and which merged with Stratasys in 2011. At XJet, Gothait worked to develop and commercialize the company’s patented NanoParticle Jetting technology, which is capable of processing both metal and ceramic materials.
The company has so far raised nearly $100 million from mutual funds such as Lucion, Alumot and IBI Trust Management, which are among its current shareholders. Six years after the launch of NanoParticle Jetting technology, XJet delivered its first metal 3D printing systems to service company Azoth, while ceramic systems have been adopted by the healthcare and antenna manufacturing market.
Alcobi’s appointment as CEO of XJet came as part of the company’s growth plan, which resulted in an application for public listing after only 12 months of his management.
Source: www.timesofisrael.com