NNDM - Nano Dimension Re-affirms They Are Voting AGAINST Stratasys' Value-Destructive Merger with Desktop Metal; Part of Growing Consensus Along with Large Shareholder Donerail and Proxy Advisor ISS | Benzinga
Nano Dimension's Voice Against Desktop Metal Merger Is Amplified with Similar Messages From Fellow Shareholder and Respected Independent Advisors With Expertise on the Matter
Stratasys-Desktop Metal Deal Will be Highly Dilutive, Requiring Stratasys to Pay a Premium and Provide Financial Support to Desktop Metal While Offering Limited Upside
Stratasys Shareholders Would Forgo Profitability and Financial Flexibility
Stratasys Board Also Engages in Governance Malpractice in Approving a Deal to Issue Shares at Less Than Half the Price of the Prior All-Cash Offer, Which They Rejected
Waltham, Mass., Sept. 22, 2023 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (NASDAQ:NNDM) ("Nano Dimension" or the "Company"), a leading supplier of Additively Manufactured Electronics ("AME") and multi-dimensional polymer, metal & ceramic Additive Manufacturing ("AM") 3D printers, today announced that it re-affirms its opposition and intends to vote against Stratasys Ltd. (Nasdaq: SSYS) ("Stratasys") proposed merger with Desktop Metal Inc. (NYSE:DM) ("Desktop Metal") and urges fellow Stratasys shareholders to join in casting votes against the transaction at the company's Extraordinary General Meeting of Shareholders (the "Stratasys EGM") to be held on September 28, 2023. Nano Dimension is Stratasys' largest shareholder and owns approximately 14.1% of Stratasys' outstanding ordinary shares. Nano Dimension's position has only been further supported in the last week by comparable positions from The Donerail Group LP ("Donerail"), one of Stratasys' largest shareholders, and Institutional Shareholders Services Inc. ("ISS"), the leading proxy advisory firms with expertise on such matters.
Yoav Stern, CEO of Nano Dimension, commented, "We are pleased to see our messages and opposition to the Stratasys-Desktop Metal deal are being echoed by other parties – especially a fellow large shareholder and an independent, respected advisory firm. With the deadline to vote quickly approaching, we re-affirm our deep conviction that this merger would be highly dilutive and result in significant value destruction, sacrificing profitability and financial flexibility of Stratasys for limited upside. We intend to vote AGAINST the proposed merger. It is important to note that abstaining or not voting is not sufficient to express your opposition and we urge our fellow Stratasys shareholders to join us in voting AGAINST the transaction."
Nano Dimension's opposition to a merger of Stratasys with Desktop Metal is based on the following rationale:
- Desktop Metal is a cash-burning1 former special purpose acquisition company (SPAC) that has underperformed and destroyed substantial shareholder value. As of September 13, 2023, Desktop Metal has ...