SPAC Atlantic Coastal gains after confirming deal to take Essentium public

SPAC Atlantic Coastal Acquisition (NASDAQ:ACAH) rose 1.1% in premarket trading after agreeing to take 3D printing solutions company Essentium public in a deal that will value the combined company at $974M.
The transaction includes $345M cash held in trust by Atlantic Coastal as well as a PIPE of over $40M anchored by BASF (OTCQX:BASFY), Atalaya Capital Management LP and Apeiron Investment Group, the private investment firm of investor Christian Angermayer, according to a statement.
The deal is expected to close around the end of the first quarter of 2022 and the combined company expects to trade on the Nasdaq under the symbol “ADTV.”
Essentium's customers include the U.S. Dept. of Defense, Lockheed Martin and Ford Motor C., among other aerospace and defense, government, and blue-chip industrial customers.
Essentium joins other 3D printing companies that have agreed to go public through SPACs including Desktop Metal (NYSE:DM) Velo3D (NYSE:VLD), Shapeways (NYSE:SHPW) and Fathom Digital, which SPAC Altimer Acquisition II (NYSE:ATMR) agreed to take public in July.
Bloomberg reported news of a potential Essentium deal last week.
Recall March, Atlantic Coastal Acquisition prices $300M SPAC IPO, units begin trading.