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Desktop Metal, Inc Desktop Metal, Inc. Went public via SPAC with Trine Acquisition Corporation, Desktop Metal, Inc. is accelerating the transformation of manufacturing with end-to-end metal 3D printing solutions. The Company has developed the Studio System+, a three-part solution that automates metal 3D printing. The high resolution printing system is integrated through Desktop Metal’s cloud-based software and provides a seamless worklflow for printing metal parts in-house. • Address: 63 Third Avenue , , Burlington , MA, 01803 • Geographic Region: New England • Industry: Computers and Peripherals, Electronics / Instrumentation, Software • SIC Codes: 3577 - Computer Peripheral Equipment • NAICS Codes: 334119 - Other Computer Peripheral Equipment Manufacturing • Legal Counsel: Latham & Watkins LLP • Company Website: www.desktopmetal.com Key Management Investors • Rubino, Mike - CFO • BMW i Ventures • Schmitt, Peter - Chief Designer • DCVC • Sachs, Ely - Co-Founder • Ford Motor Company • Chiang, Yet-Ming - Co-Founder • Founder Collective • Heart, A. - Co-Founder • Future Fund • Schuh, Christopher - Co-Founder • GE Ventures • Fulop, Ric - Co-Founder, CEO, Director • Google Ventures (GV) • Myerberg, Jonah - Co-Founder, CTO • Kleiner Perkins Caufield & Byers LLC • Chin, Rick - Co-Founder, VP, Software Development (KPCB) • Zuberi, Bilal - Director • Koch Disruptive Technologies (KDT) • Hsieh, Wen - Director • Lowe's Companies, Inc. • Grayson, Dayna - Director • Lux Capital • Knight, Byron - Director • Moonrise Venture Partners • Papa, Steve - Director • New Enterprise Associates Inc • Immelt, Jeffrey - Director • Panasonic • Washington, Ken - Director • Saudi Aramco Energy Ventures LLC • Wheeler, Andy - Director • Shenzhen Capital Group Co., Ltd. • Aggarwal, Arjun - VP, Business Development • Techtronic Industries (TTI) • Verminski, Matt - VP, Engineering • Tyche Partners • Tranpham, Tuan - VP, Global Sales • Undisclosed Firm • Lyons, Larry - VP, Product • Vertex Ventures • Bose, Animesh - VP, Research and Development [email protected] www.primeunicornindex.com (646) 429-0949 Investment Data Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 01/14/2019 $159.79 $1,464,715,053 146,163,101 $10.02 Preferred Price Per Share: $10.02 Participating Preferred Cap: - Round: Series E or Greater Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: 8 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 03/19/2018 $65.00 $1,132,255,807 132,186,398 $8.57 Preferred Price Per Share: $8.57 Participating Preferred Cap: - Round: Series D Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: 8.00 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 06/29/2017 $115.00 $1,053,940,879 123,043,439 $8.57 Preferred Price Per Share: $8.57 Participating Preferred Cap: - Round: Series D Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: 8.00 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 11/10/2016 $45.00 $366,730,740 107,190,466 $3.42 Preferred Price Per Share: $3.42 Participating Preferred Cap: - [email protected] www.primeunicornindex.com (646) 429-0949 Round: Series C Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: 8.00 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 05/26/2016 $4.15 $146,407,007 91,430,093 $1.60 Preferred Price Per Share: $1.60 Participating Preferred Cap: - Round: Series B Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: 8.00 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 04/11/2016 $33.76 $141,522,775 88,379,926 $1.60 Preferred Price Per Share: $1.60 Participating Preferred Cap: - Round: Series B Anti-Dilution: Weighted Average Direction: Up Round Redemption: No Liquidation Preference: Pari Passu Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: 8.00 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - Date Amount Valuation Est. Fully Diluted Shares Preferred Price Per Share 10/20/2015 $13.85 $32,023,200 60,000,000 $0.53 Preferred Price Per Share: $0.53 Participating Preferred Cap: - Round: Series A Anti-Dilution: Weighted Average Direction: Not Applicable Redemption: No Liquidation Preference: Not Applicable Cumulative Dividends: No Liquidation Multiple: 0 - 1x Dividend Rate: 8.00 [email protected] www.primeunicornindex.com (646) 429-0949 Stock Type: Conventional Convertible Reorganization: No Capped Participation: No Pay to Play: No Pay to Play Penalties: - [email protected] www.primeunicornindex.com (646) 429-0949 Price Per Share With Valuation Valuation Preferred PPS Common PPS 1.46 Billion $10.02 1.32 Billion $9.02 1.17 Billion $8.02 1.03 Billion $7.01 879 Million $6.01 732 Million $5.01 PPS 586 Million $4.01 Valuation 439 Million $3.01 293 Million $2.00 146 Million $1.00 0 $0.00 10/20/2015 02/28/2016 07/08/2016 11/17/2016 03/28/2017 08/06/2017 12/16/2017 04/26/2018 09/04/2018 01/14/2019 [email protected] www.primeunicornindex.com (646) 429-0949 Valuation Preferred PPS Date Valuation Date PPS 10/20/2015 $32,023,200.00 10/20/2015 $0.53 04/11/2016 $141,522,775.00 04/11/2016 $1.60 05/26/2016 $146,407,007.00 05/26/2016 $1.60 11/10/2016 $366,730,740.00 11/10/2016 $3.42 06/29/2017 $1,053,940,879.00 06/29/2017 $8.57 03/19/2018 $1,132,255,807.00 03/19/2018 $8.57 01/14/2019 $1,464,715,053.00 01/14/2019 $10.02 [email protected] www.primeunicornindex.com (646) 429-0949 Prime Unicorn Index Prime Unicorn Index Preferred PPS 843 $10.02 758 $9.02 674 $8.02 590 $7.01 506 $6.01 421 $5.01 Index Values Index 337 $4.01 253 $3.01 Share Price Per Preferred 169 $2.00 84 $1.00 0 $0.00 Apr 2014 2015 Feb Dec 2015 Oct 2016 2017 Aug 2018 Jun Apr 2019 2020 Feb 2020 Nov Sep 2021 [email protected] www.primeunicornindex.com (646) 429-0949 What Do The Deal Terms Mean? Preferred Stock: A class of capital stock that may pay dividends at a specified rate and that has priority over common stock in the payment of dividends and the liquidation of assets. Many venture capital funds use preferred stock as their investment vehicle. This preferred stock is convertible into common stock. Dividends: The payments designated by the Board of Directors to be distributed among the shares outstanding. The type of share determines the amount. On preferred shares, it is generally a fixed amount. With common shares, the dividend can be omitted if the Directors decide to invest the money in a capital expenditure or if the business is slumping. If the dividend is paid, the amount varies depending on the amount of cash on hand. There are several types of dividends: Cumulative—Missed dividend payments that continue to accrue. Non-cumulative—Missed dividend payments that do not accrue. Liquidation Preference/Multiple: The amount per share that a holder of a given series of Preferred Stock will receive prior to distribution of amounts to holders of other series of Preferred Stock or Common Stock. This is usually designated as a multiple of the Issue Price, for example 2X or 3X, and there may be multiple layers of Liquidation Preferences as different groups of investors buy shares in different series. For example, holders of Series B Preferred Stock may be entitled to receive 3X their Issue Price, and then if any money is left, holders of Series A Preferred Stock may be entitled to receive 2X their Issue Price and then holders of Common Stock receive whatever is left. The trigger for the payment of the Liquidation Preference is typically a sale or liquidation of the company, such as a merger or sale of assets. Conventional Convertible Preferred Stock: A type of preferred stock that can also be referred to as Non-Participating Preferred Stock. This preferred stock typically receives a liquidation preference prior to the common stock, and does not participate on an as if converted basis with common stock in any remaining proceeds of a defined liquidation event. Upon such a liquidation event, holders of Conventional Convertible Preferred Stock must choose whether to receive their liquidation preference or convert their shares to Common Stock in order to participate in the pro rata distribution of assets. Participating Preferred Stock: A preferred stock entitles the owner to receive a predetermined sum of cash (usually the original investment plus accrued dividends), and also allows its holders to participate on an as-if-converted-basis with the common stock holders in any remaining proceeds of a defined liquidation event. The holder need not elect to convert or receive the liquidation preferred, hence the name double dip. The right, however, to double dip may be capped at, say, the recoup of sale proceeds no greater than 2X, or two times the liquidation preference; to make more, the holder must convert.
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