Desktop Metal Dismisses Markforged from Previously Filed Complaint
Markforged (NYSE: MKFG) announced that Desktop Metal has voluntarily dismissed Markforged from its previously filed complaint regarding the pending merger with Nano Dimension. The complaint, filed on January 2, 2025, alleged that Nano breached terms of its merger agreement with Desktop Metal by entering into a subsequent merger agreement with Markforged on September 25, 2024.
Desktop Metal had sought to prevent the Markforged-Nano merger from closing before its own merger with Nano. As of January 24, 2025, Markforged has obtained all required regulatory approvals except for the Committee on Foreign Investment in the United States filing. The company maintains that Desktop Metal's claims were without merit. On January 22, 2025, Desktop Metal filed a notice of voluntary dismissal to remove Markforged from the action.
Markforged (NYSE: MKFG) ha annunciato che Desktop Metal ha ritirato volontariamente la sua precedente lamentela nei confronti di Markforged riguardo alla fusione in corso con Nano Dimension. La lamentela, presentata il 2 gennaio 2025, sosteneva che Nano avesse violato i termini del suo accordo di fusione con Desktop Metal entrando in un successivo accordo di fusione con Markforged il 25 settembre 2024.
Desktop Metal aveva cercato di impedire la chiusura della fusione tra Markforged e Nano prima della propria fusione con Nano. A partire dal 24 gennaio 2025, Markforged ha ottenuto tutte le approvazioni regolatorie richieste, tranne quella del Comitato per gli Investimenti Stranieri negli Stati Uniti. L'azienda sostiene che le affermazioni di Desktop Metal erano infondate. Il 22 gennaio 2025, Desktop Metal ha presentato un avviso di ritiro volontario per rimuovere Markforged dall'azione legale.
Markforged (NYSE: MKFG) anunció que Desktop Metal ha desestimado voluntariamente a Markforged de su denuncia previamente presentada con respecto a la fusión pendiente con Nano Dimension. La denuncia, presentada el 2 de enero de 2025, alegaba que Nano había violado los términos de su acuerdo de fusión con Desktop Metal al entrar en un acuerdo de fusión posterior con Markforged el 25 de septiembre de 2024.
Desktop Metal había intentado evitar el cierre de la fusión entre Markforged y Nano antes de su propia fusión con Nano. A partir del 24 de enero de 2025, Markforged ha obtenido todas las aprobaciones regulatorias requeridas, excepto la presentación del Comité de Inversión Extranjera en los Estados Unidos. La compañía sostiene que las reclamaciones de Desktop Metal no tenían fundamento. El 22 de enero de 2025, Desktop Metal presentó un aviso de desestimación voluntaria para eliminar a Markforged de la acción.
Markforged (NYSE: MKFG)는 Desktop Metal이 Nano Dimension과의 진행 중인 합병과 관련하여 기존에 제기된 소송에서 Markforged를 자발적으로 제외했다고 발표했습니다. 이 소송은 2025년 1월 2일에 제출되었으며, Nano가 2024년 9월 25일 Markforged와 후속 합병 계약을 체결함으로써 Desktop Metal과의 합병 계약 조건을 위반했다는 주장을 하고 있었습니다.
Desktop Metal은 Markforged-Nano 합병이 자신의 Nano와의 합병이 완료되기 전에 마무리되는 것을 막으려고 했습니다. 2025년 1월 24일 기준으로 Markforged는 외국인 투자 위원회 제출을 제외한 모든 필요한 규제 승인을 받았습니다. 회사는 Desktop Metal의 주장이 근거가 없다고 주장하고 있습니다. 2025년 1월 22일, Desktop Metal은 Markforged를 이 소송에서 제외하기 위한 자발적 철회 통지를 제출했습니다.
Markforged (NYSE: MKFG) a annoncé que Desktop Metal a volontairement retiré Markforged de sa plainte précédemment déposée concernant la fusion en cours avec Nano Dimension. La plainte, déposée le 2 janvier 2025, alléguait que Nano avait violé les termes de son accord de fusion avec Desktop Metal en entrant dans un accord de fusion subséquent avec Markforged le 25 septembre 2024.
Desktop Metal avait cherché à empêcher la fusion Markforged-Nano de se conclure avant sa propre fusion avec Nano. Au 24 janvier 2025, Markforged avait obtenu toutes les approbations réglementaires nécessaires, à l'exception du dépôt auprès du Comité sur les Investissements Étrangers aux États-Unis. L'entreprise maintient que les allégations de Desktop Metal étaient sans fondement. Le 22 janvier 2025, Desktop Metal a déposé un avis de désistement volontaire pour retirer Markforged de l'action.
Markforged (NYSE: MKFG) gab bekannt, dass Desktop Metal Markforged freiwillig aus seiner zuvor eingereichten Klage bezüglich der bevorstehenden Fusion mit Nano Dimension gestrichen hat. Die Klage, die am 2. Januar 2025 eingereicht wurde, behauptete, dass Nano die Bedingungen seines Fusionsvertrags mit Desktop Metal verletzt habe, indem es am 25. September 2024 einen nachfolgenden Fusionsvertrag mit Markforged eingegangen ist.
Desktop Metal hatte versucht, den Abschluss der Markforged-Nano-Fusion vor der eigenen Fusion mit Nano zu verhindern. Stand zum 24. Januar 2025 hat Markforged alle erforderlichen regulatorischen Genehmigungen erhalten, mit Ausnahme der Einreichung beim Ausschuss für ausländische Investitionen in den Vereinigten Staaten. Das Unternehmen behauptet, dass die Ansprüche von Desktop Metal unbegründet waren. Am 22. Januar 2025 reichte Desktop Metal eine Mitteilung über die freiwillige Abweisung ein, um Markforged aus der Klage zu entfernen.
- Dismissal from legal complaint removes a potential obstacle to the Nano Dimension merger
- Nearly all regulatory approvals obtained for the merger, pending only CFIUS approval
- Ongoing legal uncertainty surrounding the broader merger situation with Nano Dimension and Desktop Metal
- Pending CFIUS approval could potentially delay merger completion
Insights
The voluntary dismissal of Markforged from Desktop Metal's complaint represents a significant legal development that materially improves Markforged's position in its pending
The dismissal without prejudice carries nuanced implications. While it eliminates immediate legal obstacles for Markforged, Desktop Metal retains the ability to refile claims in the future. This suggests a calculated legal strategy rather than a complete abandonment of Desktop Metal's position regarding the competing merger agreements.
A critical remaining hurdle is the pending CFIUS approval. This regulatory review, focusing on national security implications of foreign investments, is particularly significant given the advanced manufacturing technology involved and potential dual-use applications. Historical CFIUS reviews in the additive manufacturing sector have averaged 45-60 days, suggesting a likely timeline for resolution.
The legal complexity stems from Nano Dimension's position at the center of two competing merger agreements. Desktop Metal's decision to dismiss Markforged while maintaining claims against Nano indicates a refined legal strategy focusing on the alleged breach of contractual obligations by Nano, rather than attempting to block the Markforged merger through multiple parties.
This development significantly de-risks Markforged's merger prospects, though the transaction remains subject to CFIUS approval and other closing conditions. The dismissal suggests Desktop Metal may be shifting its strategy from broad-based opposition to a more focused approach targeting Nano's contractual obligations.
Exhibit 99.1
WALTHAM, Mass., Jan. 24, 2025 (GLOBE NEWSWIRE) -- Markforged Holding Corporation (“Markforged”) (NYSE: MKFG), the company strengthening manufacturing resiliency by enabling industrial production at the point of need, announced today that Desktop Metal, Inc. (“Desktop Metal”) has voluntarily dismissed Markforged without prejudice from its previously filed complaint against Nano Dimension Ltd. (“Nano”) and Markforged brought in connection with Markforged’s pending merger with Nano (the “Action”).
As previously announced, on September 25, 2024, Markforged entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Nano pursuant to which Nano will, subject to the terms and conditions in the Merger Agreement, acquire all outstanding shares of Markforged (the “Merger”), with Markforged surviving the Merger as an indirect wholly-owned subsidiary of Nano. Completing the transaction is subject to certain closing conditions, including required regulatory approvals, and as of January 24, 2025, Markforged has obtained approval for all regulatory filings required pursuant to the Merger Agreement except for its filing with the Committee on Foreign Investment in the United States.
As previously disclosed on January 2, 2025, Desktop Metal filed a complaint captioned Desktop Metal, Inc. v. Nano Dimension Ltd., et al. in the Delaware Court of Chancery (the “Court”) in which Nano and Markforged were named as defendants (the “Complaint”). The Complaint generally alleges that Nano breached the terms of its merger agreement with Desktop Metal by subsequently entering into the Merger Agreement with Markforged, and that closing the Merger prior to the pending merger between Desktop Metal and Nano (the “Desktop Metal Merger”) would jeopardize the parties’ ability to close the Desktop Metal Merger. In the Complaint, Desktop Metal requested, among other forms of relief, an order from the Court enjoining consummation of the Merger until the Desktop Metal Merger has closed. Markforged believes that Desktop Metal’s claims and the requested relief against Markforged are without merit.
On January 22, 2025, Desktop Metal filed a notice of voluntary dismissal with the Court to dismiss Markforged from the Action, without prejudice.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” and similar expressions or variations of such words are intended to identify forward-looking statements. Specifically this press release includes statements regarding: (i) the ability of Markforged and Nano to complete the transactions contemplated by the Merger Agreement, including the parties’ ability to satisfy the conditions to the consummation of the Merger contemplated thereby, (ii) dismissal of Markforged from the Action, (iii) Markforged’s intentions with respect to completion of the Merger, (iv) the impact of the combination of Desktop Metal, Nano and Markforged, (v) Markforged’s beliefs regarding the merits of the Complaint, and (vi) Nano’s or Markforged’s objectives, plans and strategies. Because such statements deal with future events and are based on Nano’s and Markforged’s current expectations, they are subject to various risks and uncertainties. The acquisition is subject to closing conditions, some of which are beyond the control of Nano or Markforged. Actual results, performance, or achievements of Nano or Markforged could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including (i) the ultimate outcome of the proposed transaction between Nano and Markforged, including the impact, if any, of litigation between Desktop Metal and Nano, or any other litigation, on the transaction, (ii) the ultimate outcome of the proposed transaction between Nano and Desktop Metal, (iii) the effect of the announcement of the proposed transaction on the ability of Nano and Markforged to operate their businesses and retain and hire key personnel and to maintain favorable business relationships, (iv) the timing of the proposed transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction, (vi) the ability to satisfy closing conditions to the completion of the proposed transaction (including regulatory approval), (vii) other risks related to the completion of the proposed transaction and actions related thereto, and (viii) the risks and uncertainties discussed under the heading “Risk Factors” in Nano’s annual report on Form 20-F filed with the SEC on March 21, 2024, and in any subsequent filings with the SEC, and under the heading “Risk Factors” in Markforged’s annual report on Form 10-K filed with the SEC on March 15, 2024, and in any subsequent filings with the SEC. You should note that such combined company information has not been prepared in accordance with and does not purport to comply with Article 11 of Regulation S-X under the U.S. Securities Act of 1933, as amended. Except as otherwise required by law, each of Nano and Markforged undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Media
Sam Manning, Public Relations Manager
sam.manning@markforged.com
Investors
Austin Bohlig, Director of Investor Relations
investors@markforged.com
FAQ
Why did Desktop Metal dismiss its complaint against Markforged (MKFG)?
What regulatory approvals are still needed for the Markforged (MKFG) and Nano Dimension merger?
When was the merger agreement between Markforged (MKFG) and Nano Dimension announced?
What was Desktop Metal's original complaint against Markforged (MKFG) about?
