Shares Of ExOne Spike, CEO To Undertake $13 Million Investment

Shares of ExOne Co XONE, a provider of 3D printing machines and other products, surged higher by more than 8 percent early Tuesday morning. ExOne confirmed on Monday that it has entered into an agreement with Rockwell Forest Products to raise approximately $13 million in gross proceeds in a direct offering of common stock. Rockwell Forest Products is an entity controlled by ExOne's Chief Executive Officer, S. Kent Rockwell. ExOne has agreed to sell nearly 1.424 million shares of its common stock to Rockwell Forest Products for $9.13 per share, representing a premium of $0.50 per share based on the closing price of the stock on January 8 - the last trading day prior to the offer. Following the transaction, Rockwell will beneficially own 4.6 million shares of ExOne's common stock, representing around 28.8 percent of all shares outstanding. S. Kent Rockwell commented, "We believe customers, globally, are adopting our 3D printing technology and transforming their manufacturing processes at an accelerating rate, which is requiring ExOne to have the availability of additional working capital. I expect that these funds will provide the Company proper liquidity to meet our 2016 objectives of growth and profitable performance."