NEW YORK (TheStreet) -- Voxeljet AG (VJET) dove to a one-year low of $15.25 as of 10:17 a.m. on Friday after the industrial 3D printing systems manufacturer priced an offering of American Depositary Shares.
The company priced 3 million shares at $15 per ADS. The offering should close on April 16 and includes a 30-day option for underwriters to purchase up to an additional 450,000 shares.
Voxeljet expects net proceeds of $41.4 million from the offering, which it plans to use for research and development, sales and marketing, the expansion of its on-demand parts service center and the construction of new ones.
The stock was down 16.06% to $15.57 at 10:17 a.m. More than 2.5 million shares had changed hands, well above the average volume of 489,940.