Markforged’s Merge With One

Goodwin Procter LLP advised Markforged on the deal, while Cadwalader advised One.Markforged announced its definitive agreement to merge with One (NYSE: AONE), a special purpose acquisition company sponsored by A-star and founded and led by technology industry veteran Kevin Hartz. The combined company will have a post-transaction equity value of approximately $2.1 billion at closing with $425 million in net cash. Cash proceeds raised will consist of one’s $215 million of cash in trust (assuming no redemptions) and an additional $210 million fully committed common stock PIPE, including investments from Baron Capital Group, funds and accounts managed by BlackRock, Miller Value Partners, Wasatch Global Investors and Wellington Management, with additional commitments from M12 — Microsoft’s Venture Fund and Porsche Automobil Holding SE, existing Markforged shareholders. Upon completion of the transaction, the combined company will retain the Markforged name and will be listed on the New York Stock Exchange under the ticker symbol “MKFG.”

Markforged transforms manufacturing with 3D metal and continuous carbon fiber printers capable of producing parts tough enough for the factory floor. Engineers, designers, and manufacturing professionals all over the world rely on Markforged metal and composite printers for tooling, fixtures, functional prototyping, and high-value end-use production. Founded in 2013 and based in Watertown, MA, the company has about 300 employees globally, with $137 million in both strategic and venture capital. Markforged was recently recognized by Forbes in the Next Billion-Dollar Startups list, and listed as the #2 fastest-growing hardware company in the US in the 2019 Deloitte Fast 500.

One is a special purpose acquisition company sponsored by A-star, formed for the purpose of effecting a business combination with one or more businesses in the innovation economy. one completed its initial public offering in August 2020 raising $200 million in cash proceeds.

The Goodwin team was led by Ken Gordon (Picture), Michael Minahan and Mike Patrone, and included Aaron Berman, Jason Goldfarb, Sean Toner, Michael Wang, Bethany Withers, Jacqueline Klosek, Steven Argentieri, Lauren Schwarzenholzer, Federica De Santis, Janet Andolina, Kyle Pine, Garrett Gaughan, Jacob Osborn, Ce Li, Nathan Brodeur, Jennifer Fay, Jennifer Luz, Caroline Galiatsos, Ortal Ben Aharon, Sarah Bock, Jeremy Slotnick, Brittany McCants, Scott Zilora and Pamela Finan.

Cadwalader advised One with Corporate partners Stephen Fraidin and Andrew Alin and associate Niral Shah and also includes Corporate associates Peter Bariso, Lindsey Kister and law clerk Andrew Rivera; Tax partners Linda Swartz and Jason Schwartz and associate Matthew Seitz; Employee Benefits and Compensation partner David Teigmanand counsel Nicholas LaSpina; Intellectual Property partner John Moehringer, special counsel Howard Wizenfeld and associate Jaclyn Hellreich; Antitrust partner Joel Mitnickand counsel Ngoc Hulbig; Litigation special counsel James Treanor and associates Robert Duncan and Keith Gerver; Real Estate special counsel Nick Brandfon and associate Michael Schromm; and Environmental counsel Bill White.

Involved fees earner: Andrew Alin – Cadwalader Wickersham & Taft; Peter Bariso – Cadwalader Wickersham & Taft; Nicholas Brandfon – Cadwalader Wickersham & Taft; Robert Duncan – Cadwalader Wickersham & Taft; Stephen Fraidin – Cadwalader Wickersham & Taft; Keith Gerver – Cadwalader Wickersham & Taft; Jaclyn Hellreich – Cadwalader Wickersham & Taft; Ngoc Hulbig – Cadwalader Wickersham & Taft; Lindsey Kister – Cadwalader Wickersham & Taft; Nicholas Laspina – Cadwalader Wickersham & Taft; Joel Mitnick – Cadwalader Wickersham & Taft; John Moehringer – Cadwalader Wickersham & Taft; Michael Schromm – Cadwalader Wickersham & Taft; Jason Schwartz – Cadwalader Wickersham & Taft; Matthew Seitz – Cadwalader Wickersham & Taft; Niral Shah – Cadwalader Wickersham & Taft; Linda Swartz – Cadwalader Wickersham & Taft; David Teigman – Cadwalader Wickersham & Taft; James Treanor – Cadwalader Wickersham & Taft; Bill White – Cadwalader Wickersham & Taft; Howard Wizenfeld – Cadwalader Wickersham & Taft; Janet Andolina – Goodwin Procter; Steven Argentieri – Goodwin Procter; Ortal Ben Aharon – Goodwin Procter; Aaron Berman – Goodwin Procter; Sarah Bock – Goodwin Procter; Nathan Brodeur – Goodwin Procter; Jennifer Burns Luz – Goodwin Procter; Federica De Santis – Goodwin Procter; Jennifer Fay – Goodwin Procter; Caroline Galiatsos – Goodwin Procter; Garrett Gaughan – Goodwin Procter; Jason Goldfarb – Goodwin Procter; Kenneth Gordon – Goodwin Procter; Jacqueline Klosek – Goodwin Procter; Kyle Pine – Goodwin Procter; Ce Li – Goodwin Procter; Brittany McCants – Goodwin Procter; Michael Minahan – Goodwin Procter; Jacob Osborn – Goodwin Procter; Michael Patrone – Goodwin Procter; Lauren Schwarzenholzer – Goodwin Procter; Jeremy Slotnick – Goodwin Procter; Bethany Withers – Goodwin Procter;

Law Firms: Cadwalader Wickersham & Taft; Goodwin Procter;

Clients: Markforged; one;

Goodwin Procter LLP advised Markforged on the deal.

Markforged announced its definitive agreement to merge with one(NYSE: AONE), a special purpose acquisition company sponsored by A-star and founded and led by technology industry veteran Kevin Hartz. The combined company will have a post-transaction equity value of approximately $2.1 billion at closing with $425 million in net cash. Cash proceeds raised will consist of one’s $215 million of cash in trust (assuming no redemptions) and an additional $210 million fully committed common stock PIPE, including investments from Baron Capital Group, funds and accounts managed by BlackRock, Miller Value Partners, Wasatch Global Investors and Wellington Management, with additional commitments from M12 — Microsoft’s Venture Fund and Porsche Automobil Holding SE, existing Markforged shareholders. Upon completion of the transaction, the combined company will retain the Markforged name and will be listed on the New York Stock Exchange under the ticker symbol “MKFG.”

Markforged transforms manufacturing with 3D metal and continuous carbon fiber printers capable of producing parts tough enough for the factory floor. Engineers, designers, and manufacturing professionals all over the world rely on Markforged metal and composite printers for tooling, fixtures, functional prototyping, and high-value end-use production. Founded in 2013 and based in Watertown, MA, the company has about 300 employees globally, with $137 million in both strategic and venture capital. Markforged was recently recognized by Forbes in the Next Billion-Dollar Startups list, and listed as the #2 fastest-growing hardware company in the US in the 2019 Deloitte Fast 500.

one is a special purpose acquisition company sponsored by A-star, formed for the purpose of effecting a business combination with one or more businesses in the innovation economy. one completed its initial public offering in August 2020 raising $200 million in cash proceeds.

The Goodwin team was led by Ken Gordon (Picture), Michael Minahan and Mike Patrone, and included Aaron Berman, Jason Goldfarb, Sean Toner, Michael Wang, Bethany Withers, Jacqueline Klosek, Steven Argentieri, Lauren Schwarzenholzer, Federica De Santis, Janet Andolina, Kyle Pine, Garrett Gaughan, Jacob Osborn, Ce Li, Nathan Brodeur, Jennifer Fay, Jennifer Luz, Caroline Galiatsos, Ortal Ben Aharon, Sarah Bock, Jeremy Slotnick, Brittany McCants, Scott Zilora and Pamela Finan.

Involved fees earner: Janet Andolina – Goodwin Procter; Steven Argentieri – Goodwin Procter; Ortal Ben Aharon – Goodwin Procter; Aaron Berman – Goodwin Procter; Sarah Bock – Goodwin Procter; Nathan Brodeur – Goodwin Procter; Jennifer Burns Luz – Goodwin Procter; Federica De Santis – Goodwin Procter; Jennifer Fay – Goodwin Procter; Caroline Galiatsos – Goodwin Procter; Garrett Gaughan – Goodwin Procter; Jason Goldfarb – Goodwin Procter; Kenneth Gordon – Goodwin Procter; Jacqueline Klosek – Goodwin Procter; Kyle Pine – Goodwin Procter; Ce Li – Goodwin Procter; Brittany McCants – Goodwin Procter; Michael Minahan – Goodwin Procter; Jacob Osborn – Goodwin Procter; Michael Patrone – Goodwin Procter; Lauren Schwarzenholzer – Goodwin Procter; Jeremy Slotnick – Goodwin Procter; Bethany Withers – Goodwin Procter;

Law Firms: Goodwin Procter;

Clients: Markforged;

Author: Martina Bellini