Organovo Holdings Inc. (NYSEMKT: ONVO) is one of the more unusual 3D printing companies around. Instead of using plastic or metal as its printer medium the company has developed a way to use living cells as the medium for bioprinting new tissue. On Wednesday night, just before everyone’s thoughts turned to turkey and shopping, Organovo filed an 8-K with the U.S. Securities and Exchange Commission (SEC) to sell up to 4 million shares of common stock through JMP Securities LLC, the company’s sales agent.
The company will sell the stock “from time to time” at market prices to cover tax withholding payments on 276,000 shares of common stock issued to employees under Organovo’s restricted stock unit awards. At Wednesday’s closing price of $9.18, the new shares are worth a little more than $2.5 million. Another 367,000 shares of common stock have been issued through restricted stock awards and may be surrendered by the end of 2016. The new shares may also be issued for general corporate purposes.
Less than two weeks ago, stock in all the publicly traded 3D printer companies got pummeled on essentially no news. Since November 18th shares of Voxeljet AG (NYSE: VJET), the latest of the 3D printer makers to come public, have fallen from a high of $70.00 to $39.75, and the stock is down more than 3% today.
Organovo’s shares are off about 5.6% on Friday, trading at $8.66 in the late morning in a 52-week range of $2.00 to $13.65. That high was set on November 18th as well.