3D Systems shares fall after upsized $50 million stock offering

Investing.com -- 3D Systems Corp shares dropped more than 14% in premarket trading Thursday to below $3.10 following the pricing of a $50 million follow-on stock offering.

The Rock Hill, South Carolina-based 3D printer manufacturer sold approximately 16.4 million shares at $3.05 each late Wednesday. The offering was increased from an initially planned $40 million and priced at a 15.5% discount to the stock's previous closing price.

The company plans to use the net proceeds from the offering to fund operations and growth initiatives, including capital expenditures, working capital, and other general corporate purposes, according to the prospectus.

Needham and Craig-Hallum served as joint bookrunners for the offering.

3D Systems has approximately 146.9 million shares outstanding.

Through Wednesday's close, the stock had gained 92% during the current quarter.

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