Monitor the SEC effectiveness of the S-4 registration statement and shareholder vote timing for the ATII/Forge Nano business combination. The webcast provided no new deal terms or closing timeline updates, but the detailed projections and partnership announcements reinforce the bull case for the de-SPAC. Key catalysts to watch: 300mm semiconductor tool development, Morrisville gigafactory construction milestones, and Samsung SDI cell distribution revenue ramp.
Price Chart
Executive Summary
Forge Nano hosted a pre-listing Analyst & Investor Update webcast on September 22, 2026, presenting its strategic vision, commercial traction, and financial projections ahead of its Nasdaq listing via the merger with Archimedes Tech SPAC Partners II Co. (ATII). The presentation highlighted key milestones including a $20M Samsung SDI partnership, a $55M HZO acquisition, a DOE-backed gigafactory construction, and a new joint development agreement with Nanexa. The filing provides detailed revenue projections (2025A: $14.5M, 2026P: $40.1M, 2027P: $76.1M) and Phase 2 revenue scenarios, but these are forward-looking and not guaranteed.
Key Financial Metrics
Key Facts
- Forge Nano hosted an Analyst & Investor Update webcast on September 22, 2026, discussing the proposed business combination with ATII Holdings Inc. and Archimedes Tech SPAC Partners II Co.
- Forge Nano reported 2025A Net Sales + Grant Income of $14.5M, with projections of $40.1M for 2026P and $76.1M for 2027P.
- Forge Nano has a $20M strategic partnership with Samsung SDI, a $55M HZO acquisition (stock consideration), and a DOE-backed 3 GWh/year gigafactory under construction targeting 2028 production.
- Forge Nano announced a joint development agreement with Nanexa on September 22, 2026, to advance ALD manufacturing for long-acting injectable medicines.
- The company has $97M Series D closed and $123M in total PIPE commitments, plus a $100M Department of Energy grant.
- Semiconductor Phase 2 base scenario projects $60M annual revenue potential (40 tools/year at $1.5M each); battery Morrisville base scenario projects $399.2M annual revenue potential (3 GWh/year at $150/KWh).
Financial Impact
Forge Nano projects Net Sales + Grant Income growing from $14.5M (2025A) to $40.1M (2026P) and $76.1M (2027P). Phase 2 scenarios show semiconductor revenue potential of $60M-$416.3M/year and battery revenue potential of $399.2M-$665.3M/year, but these are forward-looking estimates.
Risk Factors
- Forward-looking revenue projections ($40.1M for 2026P, $76.1M for 2027P) are aspirational and not guaranteed; actual results may vary materially.
- The business combination is subject to shareholder approval and SEC declaration of effectiveness of the S-4 registration statement.
- Gigafactory construction and 300mm tool development carry execution risk and may face delays or cost overruns.
- SPAC merger redemptions could reduce trust cash available to the combined company.
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 425 Filing (Primary) | 0001104659-26-109671 |
| Document: 0001104659-26-109671-index-headers.html | 0001104659-26-109671 |
| Document: 0001104659-26-109671-index.html | 0001104659-26-109671 |
| Document: 0001104659-26-109671.txt | 0001104659-26-109671 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Press Release | $6.13 $5.00 | ▼ −18.43% | ▼ −19.14% | $5.00 (−18.43%) |
Oct 22, 2026 5d ago | 3 | $10.10 $6.13 | ▼ −39.31% | ▼ −38.78% | $5.00 (−50.50%) |
Oct 22, 2026 5d ago | 3 | $10.10 $6.13 | ▼ −39.31% | ▼ −38.78% | $5.00 (−50.50%) |
Oct 22, 2026 5d ago | 3 | $10.10 $6.13 | ▼ −39.31% | ▼ −38.78% | $5.00 (−50.50%) |
Oct 21, 2026 5d ago | 8-K | $10.10 $6.13 | ▲ +39.31% | ▲ +38.78% | $5.00 (+50.50%) |
Oct 16, 2026 10d ago | 425 | $8.55 $7.17 | ▼ −16.09% | ▼ −16.43% | $5.00 (−41.49%) |
Oct 13, 2026 13d ago | 425 | $10.06 $8.86 | ▼ −11.93% | ▼ −12.21% | $5.00 (−50.30%) |
Sep 24, 2026 4w ago | 425 | $10.69 $10.69 | ▼ −0.05% | ▲ +0.70% | $5.00 (−53.23%) |
Sep 23, 2026 4w ago | EFFECT | $10.68 $10.69 | ▲ +0.05% | ▲ +0.13% | $5.00 (−53.18%) |
Sep 22, 2026 4w ago | 425 | $10.68 $10.69 | ▲ +0.05% | ▲ +0.13% | $5.00 (−53.18%) |
US Market Status
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