NNDM - Here's Why Nano Dimension Stock Soared Today
2023-10-19 12:59:18 ET
Shares of 3D printing company Nano Dimension (NASDAQ: NNDM) soared on Thursday after a substantial stock buyback plan was approved in court. As of 11:30 a.m. ET, Nano Dimension stock was up about 11%.
Nano Dimension has long tried to acquire 3D printing peer Stratasys . However, Stratasys repeatedly rejected offers from Nano Dimension and even took measures to prevent a hostile takeover. Earlier this year, Nano Dimension finally gave up on the idea.
Here's the thing, though: Nano Dimension sold shares, building up its cash to buy Stratasys. As of the most recent quarter, the company had nearly $1 billion in cash, cash equivalents, and short- and long-term investments. For comparison, its market capitalization is only $660 million.
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Here's Why Nano Dimension Stock Soared Today