Markforged To Become Publicly Listed Through Merger With One

Business combination with special purpose acquisition company (SPAC) one to be completed by the end of summer 2021.


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Markforged additive manufacturing.

Photo Credit: Business Wire

Markforged (Watertown, Massachusetts), creator of an integrated metal and carbon fiber additive manufacturing (AM) platform, The Digital Forge, announced on Feb. 24 that it has entered into a definitive agreement to merge with one (NYSE: AONE), a special purpose acquisition company (SPAC) sponsored by A-star and founded and led by technology industry veteran Kevin Hartz. Upon completion of the transaction, the combined company will retain the Markforged name and will be listed on the New York Stock Exchange under the ticker symbol “MKFG.”

“Our mission and vision are to reinvent manufacturing by bringing the power and agility of connected software to the world of industrial manufacturing. This announcement is a pivotal milestone as we progress towards making that vision a reality,” says Shai Terem, president and CEO of Markforged. “We’ve been at the forefront of the AM industry, and this transaction will enable us to build on our momentum and provide capital and flexibility to grow our brand, accelerate product innovation and drive expanded adoption among customers across key verticals. 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, a group of seasoned founders and operators with unparalleled experience. Their expertise and guidance will be invaluable as we continue to reinvent manufacturing, so our customers can build anything they imagine tomorrow.”

Kevin Hartz, founder and CEO of one, adds: “Markforged has already reinvented the AM industry and is well positioned for robust growth benefiting from the velocity of digitization. When launching one, our priority was to partner with a company with exceptional founders, visionaries and operators taking a differentiated approach in large and growing markets—Markforged ticked all of those boxes and more. We’re thrilled to be working closely with the entire Markforged team, comprised of highly engaged founders, visionary leaders and world-class engineers, uniquely positioned to lead a revolution in modern manufacturing.”

The combined company will have an estimated post-transaction equity value of approximately $2.1 billion at closing. The transaction will provide $425 million in gross proceeds to Markforged, assuming no redemption by one shareholders, including a $210 million PIPE at $10.00 per share from investors including Baron Capital Group, funds and accounts managed by BlackRock, Miller Value Partners, Wasatch Global Investors and Wellington Management, as well as commitments from M12 – Microsoft’s Venture Fund and Porsche Automobil Holding SE, existing Markforged shareholders. Net transaction proceeds will support Markforged’s continued growth across key verticals and strengthen its competitive advantage with new products, proprietary materials and expanded customer use cases.

Current Markforged shareholders are expected to hold approximately 78% of the issued and outstanding shares of common stock immediately following the closing. The transaction, which has been unanimously approved by the boards of directors of both Markforged and one, is expected to close in the summer of 2021, subject to the approval of both one and Markforged stockholders and regulatory approvals, as well as and other customary closing conditions.

Following the completion of the transaction, Shai Terem will continue to lead Markforged as president and CEO. Kevin Hartz will join the company’s board.

Founded in 2013, Markforged’s AI-powered and intuitive additive manufacturing platform is said to deliver tangible value to customers by solving demanding applications across key verticals, including industrial automation, aerospace, military and defense, space exploration, healthcare and medical and automotive. The platform seamlessly combines precise and reliable 3D printers with industrial-grade materials and cloud-based machine learning software, providing modern manufacturers with the resources to create more resilient and agile supply chains while saving time and money.