NNDM - Nano Dimension Updates Plans for Extraordinary General Meeting of Shareholders (EGM) | Benzinga
Considering the Expansion and Extension of Israel's War Against Terrorism, The December 2023 EGM Has Been Cancelled
The Company Has Chosen to Focus Its Reduced Financial and Operational Personnel on Completing an Expected Strong Quarter Which Is Projected to Make 2023 the Best Year of the Company
Waltham, Mass., Oct. 31, 2023 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (NASDAQ:NNDM) ("Nano Dimension", "Nano", or the "Company"), a leading supplier of Additively Manufactured Electronics ("AME") and multi-dimensional polymer, metal & ceramic Additive Manufacturing ("AM") 3D printing solutions, today announced that, in light of the ongoing war between Israel and the Hamas terrorists (the "War"), its Board of Directors (the "Board") has cancelled the extraordinary shareholders general meeting ("EGM") that was originally scheduled to convene on December 13th, 2023. The Board will consider rescheduling options for the EGM when the impact of the War on Nano's Israeli workforce subsides.
When the EGM was initially announced on October 18th, 2023, the expansive nature and depth of the War was not yet clear. While Nano continues to believe that its financial performance during fiscal 2023 and beyond will not be affected by the War, its staffing across critical corporate functions (not including sales and marketing) will be impacted as individuals within Nano's workforce are called to join the War effort. The recruitment of reserve duty in Israel currently includes approximately 15% of Nano's local workforce.
As previously announced, Nano Dimension remains confident in its outlook for fiscal 2023 and expects to deliver its strongest year yet in terms of organic growth. The Board and the Company's management team continue to take actions against the backdrop of the War-driven constraints outlined above.
The impact on organizational capacity should be considered in the context of two ongoing developments this quarter, beyond the sales & marketing and customer support campaign:
First, and fortunately, Nano Dimension hopes to have a strong quarter in terms of revenue, translating to many instances of high value promises to its customers and significant demands on all support ...