Northann, which makes and sells 3D printed vinyl flooring products, raised $6 million by offering 1.2 million shares at $5, the high end of the range of $3 to $5. The company offered 1.8 million fewer shares than anticipated.
Northann makes vinyl flooring products using 3D printing technology, which it sells wholesale and retail in North America, Europe, and other regions under the "Benchwick" brand. The company's 3D printed vinyl flooring panels consist of three layers: The substrate, which is manufactured by Northann, and the decorative and surface layers, which are added with 3D printing technologies. Northann does not keep large physical inventory of its products, as production is on demand and manufacturing is done in small batches.
Northann plans to list on the NYSE American under the symbol NCL. Craft Capital Management, Prime Number Capital, and R.F. Lafferty & Co. acted as joint bookrunners on the deal.
