Binder jetting specialist Voxeljet is making further cost-cutting efforts. The company has announced that it will delist its American Depositary Shares (ADS) from the NASDAQ and cancel its registration with the US Securities and Exchange Commission (SEC). This step is to take effect from April 1, 2024.
According to CEO Rudolf Franz, the withdrawal is being made “in order to reduce the costs associated with operating as a listed company and thus strengthen the financial position.” By relinquishing its stock exchange listing and SEC reporting obligations, Voxeljet will no longer be subject to expensive requirements and formalities.
At the same time, an existing convertible bond with the investor Anzu Partners’ was increased by 3.2 million US dollars and extended until January 2028. Anzu is also granting a new bond for USD 5.5 million, which will be paid out in two tranches of USD 2.75 million each. The funds are intended to finance the delisting and deregistration as well as ensure operations.
Last year, Voxeljet initiated a strategy process to review options, as costs were too high and the business had recently been loss-making. Delisting from the Nasdaq has now been identified as the most advantageous solution.
Voxeljet will lose stock market visibility and access to the capital market as a result of the delisting. However, the company will save considerable compliance costs and can concentrate on its business operations. The funds now saved should help the company to return to profitability in the medium term.
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