05:04 PM EDT, 03/12/2024 (MT Newswires) -- Voxeljet ( VJET ) said late Tuesday it plans to delist its American depositary shares voluntarily from Nasdaq and terminate registration for the shares with the US Securities and Exchange Commission.

Costs and demand on management's time associated with compliance outweigh the benefits of listing on Nasdaq, the company said.

The move will strengthen the company's financial position, Voxeljet ( VJET ) said.

Voxeljet ( VJET ) anticipates deregistration will take effect around April 1.

The company also said it agreed to a loan financing deal with Anzu's industrial technology investment fund that includes restatement and extension of an existing note and a new note.

The amended loan note has a $3.21 million principal amount and a maturity of Jan. 3, 2028, while the new $5.5 million note in two tranches matures on June 30, 2026.

Net loan proceeds will be used for business operations and for delisting and deregistration of the ADSs, the company said.

Shares of the 3D printer maker tumbled 65% in after-hours trading.

Price: 0.35, Change: -0.64, Percent Change: -64.70