Hartland-based Fathom Digital Manufacturing’s New York Stock Exchange listing will officially be removed on June 3 after the company’s shareholders approved an offer to take the company private once again.
Last November, Fathom received a non-binding acquisition proposal from Chicago-based CORE Industrial Partners, the same private equity firm that owned Fathom before the company went public in 2021.
The proposal involved CORE potentially acquiring all outstanding shares of Fathom’s Class A and Class B common stock. CORE already owned 62.8% of Fathom’s shares.
Then, in February, a special committee formed by Fathom to consider CORE’s proposal recommended approval of the firm’s proposal. CORE agreed to purchase Fathom’s class A and class B common stock for a higher than anticipated price of $4.75 cash per share.
On May 17, a special meeting of stockholders was held to vote on the proposed acquisition of Fathom’s outstanding shares. The proposal was approved by a majority of the company’s stockholders.
The merger between Fathom and CORE officially went into effect today.
Since the end of 2022, Fathom has been continually dealing with a slowdown in customer spending and economic uncertainty.
Last week, the company reported first quarter revenue of $29.1 million, down from $35 million in the first quarter of 2023.
