Forge Nano has secured an additional $23 million in private investment in public equity financing as it advances toward a planned Nasdaq listing through a merger with Archimedes Tech SPAC Partners II. The new commitments were priced at $10 per share and raise the company’s total PIPE financing to $123 million. The Denver-based advanced materials company also confirmed the closing of a $97 million Series D round, completing another component of its pre-listing capital plan.
Expanded Financing Package
The latest financing strengthens the capital base supporting Forge Nano’s proposed business combination with Archimedes II, a publicly traded special purpose acquisition company. Assuming no redemptions by the SPAC’s shareholders, the combined transaction is expected to provide more than $367 million in pro forma cash, consisting of approximately $244 million held in trust and the $123 million PIPE. The final cash proceeds could be lower if shareholders redeem their shares or transaction expenses reduce the available balance.
Samsung SDI Deepens Strategic Relationship
Samsung SDI committed $20 million to Forge Nano across the two financing vehicles, allocating $10 million to the PIPE and another $10 million to the Series D. Horizons Ventures also participated in the PIPE, adding a financial investor to a group that includes strategic backers from the semiconductor, battery, aerospace, automotive, and industrial sectors. Samsung SDI’s investment follows a recently announced partnership intended to support domestic production of advanced battery cells and strengthen the United States battery supply chain.
Capital Targeted at Commercial Expansion
Forge Nano plans to use the expected proceeds to accelerate commercialization of its atomic layer deposition equipment for semiconductor manufacturing and expand production of advanced lithium-ion battery materials. The company is targeting demand from artificial intelligence chipmakers, defense suppliers, battery producers, and other industries requiring precise surface engineering at extremely small scales. Management said the additional funding would help the business scale manufacturing capacity, execute its commercial pipeline, and respond to demand across semiconductor and defense battery markets.
Atomic Armor Technology Platform
The company’s core platform, Atomic Armor, applies ultra-thin protective coatings to materials and components using atomic layer deposition technology. Forge Nano says the process can improve performance, durability, efficiency, and manufacturing outcomes for products ranging from semiconductor wafers to battery materials. Its strategy combines the sale of coating equipment with the development and domestic manufacturing of enhanced battery materials and cells, giving the company exposure to multiple advanced manufacturing markets.
Public Listing Process Continues
Forge Nano and Archimedes II announced their definitive business combination agreement in April 2026, valuing Forge Nano at approximately $1.2 billion on a pre-money basis. The combined company is expected to retain the Forge Nano name and trade on Nasdaq under the ticker NANO, with warrants expected to trade as NANOW. A registration statement on Form S-4 has been filed with the Securities and Exchange Commission, while completion remains subject to shareholder approval, regulatory effectiveness, Nasdaq listing approval, and other customary conditions.
The additional $23 million PIPE commitment and completed Series D provide Forge Nano with greater financial support as it prepares for a transition to the public markets. Strategic participation from Samsung SDI also links the financing to Forge Nano’s broader ambitions in domestic battery manufacturing and advanced materials commercialization. The proposed listing is expected to close in the second half of 2026, although the timing, final proceeds, and completion of the transaction remain dependent on outstanding approvals and market-related factors.