Trine Acquisition (NYSE:TRNE) officially changes its name today to Desktop Metal, following merger approval. New company will start a trading day under a new ticker, stock will now be labeled as DM.
Desktop Metal shares are up more than 100% year to date but started losing steam once the merger was approved but bounced back more than 5% on Wednesday.
Desktop Metal is based in Burlington, MASS. and they are developing tooling-free 3D printing technology. Pre-IPO company raised $438 million from VCs and automotive companies such as BMW and Ford Motor Company.
It is expected that 3D printing industry is well positioned to deliver a high rate growth over the next decade.
Desktop Metal was co-founded in 2015 by Ric Fulop and five founders to make 3D printing accessible to engineers, designers, and manufacturers. Four out of 5 founders are MIT Professors, 25+ employees with PhDs and DM holds 120+ patents which are either filed or pending approval.