AUSTIN, Texas, Dec. 9, 2021 /PRNewswire/ -- Essentium, Inc.
("Essentium"), a leading innovator of industrial additive
manufacturing ("AM") solutions that recently announced a planned
business combination with Atlantic Coastal Acquisition Corporation
(NASDAQ: ACAH) ("Atlantic Coastal"), today announced it is
developing a new metal additive manufacturing platform that will be
integrated with the Essentium High Speed Extrusion (HSE)
technology. The system will help manufacturers change how they
produce high-quality metal parts with new metal materials to unlock
increased speed, economic, and innovation advantages.
This effort is being led by the EssentiumX team, the
future-focused special project development team at Essentium.
Designed to disrupt current metal AM approaches, the advanced
platform is being developed to push the boundaries of what is
possible. The technology, which is supported by five patents to
date with three additional patents pending, is expected to provide
energy-efficient deposition, decrease porosity, and minimize
warpage during a build. It will produce parts comparable to
castings and forgings with minimal post-processing required.
Elisa Teipel, Ph.D., Chief
Development Officer of Essentium, said, "By leveraging our
materials-first heritage, we are creating a unique manufacturing
method. Our metal AM platform will deliver improved throughput for
high part quality, and it will have the potential for broad-scale
use in major industrial markets, including automotive, aerospace
and defense. We expect our metal AM platform to empower
manufacturers to innovate faster and stay ahead despite
unprecedented challenges in today's markets."
About Essentium
Essentium provides industrial 3D
printing solutions that are disrupting traditional manufacturing
processes by bringing product strength and production speed
together, at scale, with a no-compromise engineering material set.
Essentium manufactures and delivers innovative industrial 3D
printers, materials, software, and services, enabling the world's
top manufacturers to bridge the gap between 3D printing and
machining and embrace the future of advanced manufacturing.
Essentium is AS9100D certified and ITAR registered. For more
information, visit www.essentium.com.
About Atlantic Coastal
Atlantic Coastal is a special
purpose acquisition company that has agreed to a planned business
combination with Essentium. For more information, please visit
www.atlanticcoastalacquisition.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains certain
forward-looking statements within the meaning of the federal
securities laws with respect to the proposed business combination
(the "Proposed Business Combination") between Essentium and
Atlantic Coastal, including statements regarding the benefits of
the Proposed Business Combination, the anticipated timing of the
Proposed Business Combination, the services offered by Essentium
and the markets in which it operates, and Essentium's projected
future results. These forward-looking statements generally are
identified by the words "believe," "project," "expect,"
"anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties that could cause the actual results to differ
materially from the expected results. Many factors could cause
actual future events to differ materially from the forward-looking
statements in this document, including but not limited to: (i) the
risk that the Proposed Business Combination may not be completed in
a timely manner or at all, which may adversely affect the price of
Atlantic Coastal's securities, (ii) the risk that the Proposed
Business Combination may not be completed by Atlantic Coastal's
business combination deadline and the potential failure to obtain
an extension of the business combination deadline if sought by
Atlantic Coastal, (iii) the failure to satisfy the conditions to
the consummation of the Proposed Business Combination, including
the receipt of the requisite approvals of Atlantic Coastal's
shareholders and Essentium's stockholders, respectively, the
satisfaction of the minimum trust account amount following
redemptions by Atlantic Coastal's public shareholders and the
receipt of certain governmental and regulatory approvals, (iv) the
lack of a third party valuation in determining whether or not to
pursue the Proposed Business Combination, (v) the occurrence of any
event, change or other circumstance that could give rise to the
termination of the agreement and plan of merger, (vi) the effect of
the announcement or pendency of the Proposed Business Combination
on Essentium's business relationships, performance, and business
generally, (vii) risks that the Proposed Business Combination
disrupts current plans of Essentium and potential difficulties in
Essentium employee retention as a result of the Proposed Business
Combination, (viii) the outcome of any legal proceedings that may
be instituted against Essentium or against Atlantic Coastal related
to the agreement and plan of merger or the Proposed Business
Combination, (ix) the ability to maintain the listing of Atlantic
Coastal's securities on The Nasdaq Stock Market LLC, (x) the price
of Atlantic Coastal's securities may be volatile due to a variety
of factors, including changes in the competitive and highly
regulated industries in which Essentium plans to operate,
variations in performance across competitors, changes in laws and
regulations affecting Essentium's business and changes in the
combined capital structure, (xi) the ability to implement business
plans, forecasts, and other expectations after the completion of
the Proposed Business Combination, and identify and realize
additional opportunities, (xii) the impact of the global COVID-19
pandemic, (xiii) the enforceability of Essentium's intellectual
property, including its patents, and the potential infringement on
the intellectual property rights of others, cyber security risks or
potential breaches of data security, (xiv) the ability of Essentium
to protect the intellectual property and confidential information
of its customers, (xv) the risk of downturns in the highly
competitive additive manufacturing industry, and (xvi) other risks
and uncertainties described in Atlantic Coastal's registration
statement on Form S-1 (File No. 333-253003), which was originally
filed with the U.S. Securities and Exchange Commission (the "SEC")
on February 11, 2021 (the "Form
S-1"), and its subsequent Quarterly Reports on Form 10-Q. The
foregoing list of factors is not exhaustive. These forward-looking
statements are provided for illustrative purposes only and are not
intended to serve as, and must not be relied on by an investors as,
a guarantee, an assurance, a prediction or a definitive statement
of fact or probability. You should carefully consider the foregoing
factors and the other risks and uncertainties described in the
"Risk Factors" section of the Form S-1, Quarterly Reports on Form
10-Q, the Registration Statement (as defined below), the proxy
statement/prospectus contained therein, and the other documents
filed by Atlantic Coastal from time to time with the SEC. These
filings identify and address other important risks and
uncertainties that could cause actual events and results to differ
materially from those contained in the forward-looking statements.
These risks and uncertainties may be amplified by the COVID-19
pandemic, which has caused significant economic uncertainty.
Forward-looking statements speak only as of the date they are made.
Readers are cautioned not to put undue reliance on forward-looking
statements, and Essentium and Atlantic Coastal assume no obligation
and do not intend to update or revise these forward-looking
statements, whether as a result of new information, future events,
or otherwise, except as required by securities and other applicable
laws. Neither Essentium nor Atlantic Coastal gives any assurance
that either Essentium or Atlantic Coastal, respectively, will
achieve its expectations.
Additional Information and Where to Find It
In
connection with the Proposed Business Combination, Atlantic Coastal
will file a registration statement on Form S-4 (the "Registration
Statement") with the SEC, which will include a preliminary proxy
statement to be distributed to holders of Atlantic Coastal's
ordinary shares in connection with Atlantic Coastal's solicitation
of proxies for the vote by Atlantic Coastal's shareholders with
respect to the Proposed Business Combination and other matters as
described in the Registration Statement, as well as the prospectus
relating to the offer of securities to be issued to Essentium
stockholders in connection with the Proposed Business Combination.
After the Registration Statement has been filed and declared
effective, Atlantic Coastal will mail a definitive proxy statement,
when available, to its shareholders. The Registration Statement
will include information regarding the persons who may, under SEC
rules, be deemed participants in the solicitation of proxies to
Atlantic Coastal's shareholders in connection with the Proposed
Business Combination. Atlantic Coastal will also file other
documents regarding the Proposed Business Combination with the SEC.
Before making any voting decision, investors and security holders
of Atlantic Coastal and Essentium are urged to read the
Registration Statement, the proxy statement/prospectus contained
therein, and all other relevant documents filed or that will be
filed with the SEC in connection with the Proposed Business
Combination as they become available because they will contain
important information about the Proposed Business Combination.
Investors and security holders will be able to obtain free
copies of the proxy statement/prospectus and all other relevant
documents filed or that will be filed with the SEC by Atlantic
Coastal through the website maintained by the SEC at www.sec.gov.
In addition, the documents filed by Atlantic Coastal may be
obtained free of charge from Atlantic Coastal's website at
www.atlanticcoastalacquisition.com or by written request to
Atlantic Coastal at Atlantic Coastal Acquisition Corp., 6 St Johns
Lane, Floor 5, New York, NY
10013.
Participants in the Solicitation
Atlantic Coastal and
Essentium and their respective directors and officers may be deemed
to be participants in the solicitation of proxies from Atlantic
Coastal's shareholders in connection with the Proposed Business
Combination. Information about Atlantic Coastal's directors and
executive officers and their ownership of Atlantic Coastal's
securities is set forth in Atlantic Coastal's filings with the SEC.
To the extent that holdings of Atlantic Coastal's securities have
changed since the amounts printed in the Form S-1, such changes
have been or will be reflected on Statements of Change in Ownership
on Form 4 filed with the SEC. Additional information regarding the
interests of those persons and other persons who may be deemed
participants in the Proposed Business Combination may be obtained
by reading the proxy statement/prospectus regarding the Proposed
Business Combination when it becomes available. You may obtain free
copies of these documents as described in the preceding
paragraph.
Non-Solicitation
This press release shall not
constitute a proxy statement or solicitation of a proxy, consent or
authorization with respect to any securities or in respect of the
Proposed Business Combination. This press release shall also not
constitute an offer to sell or a solicitation of an offer to buy
any securities of Atlantic Coastal, Essentium or the combined
company, nor shall there be any sale of securities in any state or
jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of Section 10 of the Securities Act of 1933, as
amended.
Contacts
Essentium Investor
Relations
IR@Essentium.com
Essentium Media Relations
PR@Essentium.com
Media Materials: https://essentium.com/press-room/
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SOURCE Essentium, Inc.