ADRs are issued by American banks or brokers as a form of equity security created to simplify foreign investing for American investors. An ADR represents one or more shares of foreign-company stock held by that bank in the home stock market of the foreign company – in voxeljet's case, each ADR represents one ordinary share, and Alliance Global Partners (AGP) is acting as the sole placement agent for the offering. Voxeljet has reached agreements with its institutional investors to price the purchase and sale of 621,170 ordinary shares at €13.33, which equals $16.16 per share based on the exchange rate as of the close of business on the NASDAQ on January 14th. The registered direct offering is expected to close on January 27th, subject to satisfactory customary closing conditions. The offering is being made in accordance with an effective shelf registration statement on Form F-3 – a regulatory form to register securities used by foreign private issuers – voxeljet had previously filed with the US Securities and Exchange Commission (SEC).