Burlington 3D printer company goes bankrupt after being acquired
Desktop Metal has 780 employees, according to the filing.
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The company also said it planned to sell its German, Italian, and Japanese subsidiaries to investment firm Anzu Partners for $10 million. The money would provide funds for bankruptcy lawyers and for an auction of the remains of the company. If the bankruptcy court does not approve the sale to Anzu, Desktop Metal will 'commence liquidation,' the filing said.
The bizarre decision by Nano to cut off funding for its own unit is just the latest challenge for Desktop Metal, which was founded in 2015 with a focus on printing metal parts using technology developed at MIT. The company has been on a financial roller coaster since it
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The 2020 deal allowed Desktop Metal to use its stock to acquire numerous smaller rivals and expand its 3D printing line into new materials such as plastic and ceramics. But continued losses and rising interest rates spooked investors, and the company's stock price plummeted more than 90 percent by mid-2023.
Two years ago, Desktop Metal agreed to
Then, last July, Israeli 3D printing company Nano Dimension
Aaron Pressman can be reached at
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