Alpha Partners Technology Merger Corp. (NASDAQ:APTM) announced in an 8-K this morning that it has signed a non-binding letter of intent (LOI) to combine with 3D printing firm Glowforge.
The SPAC has thus far released no other details on the proposed merger beyond that Glowforge’s existing shareholders would be expected to roll 100% of their equity into the combined entity. But, the deal does give investors something to chew on as Alpha Partners seeks to extend its deadline one year from July 30 to the same date in 2024.
Founded in 2015, Glowforge produces 3D laser printers capable of engraving digital designs on a wide variety of materials. These are priced at $4,995 to $6,995, targeting a clientele of high-end hobbyists and small businesses, but likely not high volume manufacturers.
It has raised $135 million in private funding to date and achieved a valuation of $463 million at the close of its Series E round that raised $20 million in May 2023, according to Pitchbook.
But, while Glowforge’s potential may help Alpha Partners keep more shares in the fold through an extension, 3D printing has not been a high performing sector for de-SPACs overall.
The last three targets that closed SPAC deals dating back to December 2021 include Nuburu (NYSE:BURU), which last closed at $0.63, Fathom (NYSE:FATH), which last closed at $0.39 and Fast Radius, which declared bankruptcy eight months after closing its combination in November 2022.
Other firms have kept their share prices more aloft like Shapeways (NYSE:SHPW) at $4.98, but only after reverse stock splits that have shrunk its market cap to $28 million, down from the $605 million pro forma equity value envisioned at its announcement with Galileo.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....