Alpha Partners Technology Merger Corp. (APTM) Signs LOI with Glowforge
by Nicholas Alan Clayton on 2023-07-19 at 7:44am

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.

Recent Posts
by Kristi Marvin on 2024-04-20 at 11:45am

Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...

by Nicholas Alan Clayton on 2024-04-19 at 3:00pm

Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...

by Nicholas Alan Clayton on 2024-04-19 at 7:53am

At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...

by Nicholas Alan Clayton on 2024-04-18 at 11:50am

AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...

by Nicholas Alan Clayton on 2024-04-18 at 7:57am

At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...


Copyright © 2023 SPACInsider, Inc. All Rights Reserved