Proto Labs Announces The Full Exercise Of The Underwriters' Option To Purchase Additional Shares And Completion Of Its Follow-On Public Offering

Proto Labs, Inc. (NYSE: PRLB) announced today the completion of a follow-on offering of 4,140,000 shares of its common stock, of which 4,040,000 shares were sold by certain selling shareholders and 100,000 shares were sold by Proto Labs, at a price to the public of $31.00 per share. The 4,040,000 shares sold by the selling shareholders include 540,000 shares sold pursuant to the full exercise by the underwriters of their option to purchase additional shares from certain selling shareholders. Proto Labs did not receive any of the proceeds from the sale of the shares sold by the selling shareholders.

The principal purposes of this offering were to facilitate an orderly distribution of shares for the selling shareholders and to increase Proto Labs’ public float. Proto Labs intends to use the proceeds that it received from the offering to pay the expenses that it incurred in connection with the offering and for working capital and general corporate purposes. As part of the offering, Proto Labs, all selling shareholders, as well as all of Proto Labs’ executive officers and directors, have entered into lock-up agreements for a period of 90 days following the offering.

Morgan Stanley & Co. LLC and Piper Jaffray & Co. acted as joint book-running managers for the offering. William Blair & Company, L.L.C., Needham & Company, LLC, Craig-Hallum Capital Group LLC and Dougherty & Company LLC acted as co-managers for the offering.

A registration statement relating to these securities was declared effective by the Securities and Exchange Commission (SEC) on November 15, 2012. A final prospectus related to this offering has been filed with the SEC and is available on the SEC’s website located at www.sec.gov. Copies of the final prospectus may be obtained from the offices of Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by email at [e-mail]; or Piper Jaffray & Co., Attention: Prospectus Department, at 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, or by email at [e-mail].

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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