3D Systems falls after $92 mln convertible notes sale

3D Systems

18/06/2025 13:44

** 3D Systems' DDD.N shares down 10.7% premarket to $1.67 after capital raise to pay down some debt

** Rock Hill, South Carolina-based 3D printer maker says issued $92 mln 5.875% convertible notes due 2030 to a limited number of institutional buyers

** Initial conversion price set at $2.24, 20% above stock's last close of $1.87

** Co intends to use net proceeds, along with approx $78 mln of cash, to repurchase about $180 mln in principal amount of its outstanding 0% convertible notes due 2026

** It will also use about $15 mln to repurchase 8 mln of its shares from notes purchasers

** With ~136.4 mln shares outstanding, co has ~$255 mln market cap, per LSEG data

** DDD shares on Tues fell 3.6%, putting them down 43% YTD

** On May 13, DDD shares shed ~27% after co withdrew its 2025 outlook citing protracted weakness in customer spending amid tariff uncertainty

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))