Desktop Metal Stockholders Approve Merger with Nano Dimension
Nano Dimension (NNDM) and Desktop Metal (DM) have announced that Desktop Metal stockholders approved the merger agreement for Nano Dimension to acquire Desktop Metal. The approval was secured with 60% of approximately 33 million outstanding DM shares voting in favor, representing over 96% of participating votes.
This stockholder approval is a critical milestone towards closing the transaction, which is expected in the fourth quarter of 2024, pending final regulatory approvals. The merger aims to create a strong leader in the digital manufacturing space, with plans to further combine with Markforged in the near future.
Both companies' CEOs expressed satisfaction with the outcome, emphasizing the potential for creating a self-sustaining industry leader with a strong balance sheet and innovative technologies in additive manufacturing.
Nano Dimension (NNDM) e Desktop Metal (DM) hanno annunciato che gli azionisti di Desktop Metal hanno approvato l'accordo di fusione per l'acquisizione di Desktop Metal da parte di Nano Dimension. L'approvazione è stata ottenuta con il 60% di circa 33 milioni di azioni DM in circolazione che hanno votato a favore, rappresentando oltre il 96% dei voti partecipanti.
Questa approvazione da parte degli azionisti rappresenta un traguardo fondamentale per la chiusura della transazione, che è prevista per il quarto trimestre del 2024, in attesa delle ultime approvazioni normative. La fusione mira a creare un forte leader nel settore della produzione digitale, con piani per combinarsi ulteriormente con Markforged nel prossimo futuro.
I CEO di entrambe le aziende hanno espresso soddisfazione per il risultato, sottolineando il potenziale di creare un leader del settore auto-sostenibile con un forte bilancio e tecnologie innovative nella produzione additiva.
Nano Dimension (NNDM) y Desktop Metal (DM) han anunciado que los accionistas de Desktop Metal aprobaron el acuerdo de fusión para que Nano Dimension adquiera Desktop Metal. La aprobación se obtuvo con el 60% de aproximadamente 33 millones de acciones DM en circulación votando a favor, lo que representa más del 96% de los votos participantes.
Esta aprobación de los accionistas es un hito crítico para cerrar la transacción, que se espera para el cuarto trimestre de 2024, a la espera de las aprobaciones regulatorias finales. La fusión tiene como objetivo crear un fuerte líder en el espacio de fabricación digital, con planes de combinarse aún más con Markforged en un futuro cercano.
Los CEOs de ambas compañías expresaron su satisfacción con el resultado, enfatizando el potencial de crear un líder industrial autosostenible con un sólido balance y tecnologías innovadoras en la fabricación aditiva.
나노 디멘션(NNDM)과 데스크탑 메탈(DM)은 데스크탑 메탈 주주들이 합병 계약을 승인했다고 발표했습니다. 이 승인은 약 3,300만 개의 DM 주식 중 60%가 찬성 투표를 함으로써 이루어졌으며 이는 참여한 투표의 96% 이상을 차지합니다.
주주 승인은 거래 완료를 향한 중요한 이정표로, 최종 규제 승인을 조건으로 2024년 4분기에 예상됩니다. 이번 합병은 디지털 제조 분야에서 강력한 리더를 창출하는 것을 목표로 하며, 가까운 미래에 Markforged와의 추가 결합 계획을 가지고 있습니다.
두 회사의 CEO는 결과에 대한 만족감을 표현하며, 강력한 재무 상태와 혁신적인 적층 제조 기술을 갖춘 자립적인 산업 리더를 창출할 수 있는 잠재력을 강조했습니다.
Nano Dimension (NNDM) et Desktop Metal (DM) ont annoncé que les actionnaires de Desktop Metal ont approuvé l'accord de fusion pour que Nano Dimension acquière Desktop Metal. L'approbation a été obtenue avec 60% des environ 33 millions d'actions DM en circulation ayant voté en faveur, représentant plus de 96% des votes participants.
Cette approbation des actionnaires constitue une étape cruciale vers la conclusion de la transaction, prévue pour le quatrième trimestre 2024, sous réserve des dernières approbations réglementaires. La fusion vise à créer un leader solide dans le domaine de la fabrication numérique, avec des projets de combinaison supplémentaire avec Markforged dans un avenir proche.
Les PDG des deux entreprises ont exprimé leur satisfaction quant au résultat, en soulignant le potentiel de créer un leader industriel autonome avec un bilan solide et des technologies innovantes dans la fabrication additive.
Nano Dimension (NNDM) und Desktop Metal (DM) haben angekündigt, dass die Aktionäre von Desktop Metal dem Fusionsvertrag zugestimmt haben, wonach Nano Dimension Desktop Metal übernehmen wird. Die Zustimmung wurde mit 60% von etwa 33 Millionen ausstehenden DM-Aktien, die dafür gestimmt haben, erzielt, was über 96% der teilnehmenden Stimmen entspricht.
Diese Aktionärsentscheidung ist ein entscheidender Meilenstein für den Abschluss der Transaktion, die im vierten Quartal 2024 erwartet wird, vorbehaltlich der finalen regulatorischen Genehmigungen. Die Fusion hat das Ziel, einen starken Marktführer im Bereich der digitalen Fertigung zu schaffen, mit Plänen, sich in naher Zukunft weiter mit Markforged zu kombinieren.
Die CEOs beider Unternehmen äußerten ihre Zufriedenheit mit dem Ergebnis und betonten das Potenzial, einen selbsttragenden Branchenführer mit einer soliden Bilanz und innovativen Technologien im Bereich der additiven Fertigung zu schaffen.
- Stockholder approval secured with 60% of outstanding shares and 96% of participating votes in favor
- Transaction expected to close in Q4 2024, creating a stronger entity in digital manufacturing
- Potential for improved financial stability and market position through combined resources
- Plans for further business combination with Markforged to reinforce industry leadership
- Transaction still pending final regulatory approvals
- Potential integration challenges and costs associated with merging operations
Insights
The merger approval between Desktop Metal and Nano Dimension is a significant development in the additive manufacturing industry. With 60% of DM's outstanding shares voting in favor and 96% of participating votes supporting the merger, this demonstrates strong shareholder confidence in the deal's potential.
The combined entity aims to create a stronger player in the digital manufacturing space, leveraging Nano Dimension's strong balance sheet. This could lead to improved financial stability and growth opportunities. The expected closing in Q4 2024, pending regulatory approvals, suggests a relatively smooth transaction process.
Investors should note the potential for synergies and market consolidation, which could enhance the combined company's competitive position. However, integration challenges and regulatory hurdles remain key risks to monitor. The additional planned merger with Markforged further emphasizes the company's aggressive growth strategy, which could lead to increased market share but also integration complexities.
This merger represents a significant consolidation in the additive manufacturing sector, bringing together complementary technologies and market positions. Desktop Metal's expertise in metal 3D printing and binder jetting, combined with Nano Dimension's focus on electronics and high-precision manufacturing, could create a more comprehensive offering in the Industry 4.0 space.
The integration of AI-driven improvements and cloud-based distributed manufacturing networks, as mentioned in Nano Dimension's strategy, aligns with broader industry trends towards smart manufacturing. This could potentially accelerate innovation and improve operational efficiencies.
However, the success of this merger will heavily depend on effective integration of technologies, cultures and operations. Investors should watch for post-merger product developments and any potential disruptions to existing customer relationships across the combined 2,000+ customer base spanning aerospace, automotive and high-tech industries.
With Major Milestone Cleared, Closing of Transaction Expected in the Fourth Quarter, Pending Final Regulatory Approvals
Waltham, Mass., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension”) and Desktop Metal, Inc. (NYSE: DM) (“Desktop Metal” or “DM”) today jointly announced that, at a special meeting, Desktop Metal stockholders approved the merger agreement pursuant to which Desktop Metal would be acquired by Nano Dimension.
Of approximately 33 million outstanding DM shares,
DM stockholder approval completes a critical requirement in the process of closing the transaction. While there are still some required regulatory approvals, the transaction is expected to close in the fourth quarter of 2024.
The final voting results of the Desktop Metal stockholder meeting held on October 2, 2024, will be filed in a Current Report on Form 8-K with the U.S. Securities and Exchange Commission (“SEC”) by Desktop Metal.
Ric Fulop, Desktop Metal’s Founder and Chief Executive Officer, said, “We are pleased that our stockholders, who have supported Desktop Metal over the years, are accepting the recommendation of our board of directors. This industry needs the combination of great products and technologies with a strong balance sheet to become self-sustaining. The agreement to combine with Nano Dimension is the best offer for stockholders to realize value from their current holdings in Desktop Metal. We appreciate the support of our stockholders.”
Yoav Stern, Nano Dimension’s Chief Executive Officer and member of the Board of Directors, said: “We are another step closer to closing the acquisition of Desktop Metal and building a strong, new leader in the digital manufacturing space. Now, Nano Dimension will stay focused on obtaining the necessary regulatory approvals and finalizing post-merger integration plans which will enable us to close this deal and move the new business forward as soon as possible. The further business combination expected to close soon thereafter with Markforged reinforces the goal to build up a profitable industry leader.”
About Desktop Metal
Desktop Metal (NYSE: DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Its innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. Desktop Metal is home to the original inventors and world leaders of the 3D printing methods it believes will empower this shift, binder jetting and digital light processing. Today, Desktop Metal’s systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use its technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world’s toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and its #TeamDM brands at www.desktopmetal.com.
About Nano Dimension
Nano Dimension’s (Nasdaq: NNDM) vision is to transform existing electronics and mechanical manufacturing into Industry 4.0 environmentally friendly & economically efficient precision additive electronics and manufacturing – by delivering solutions that convert digital designs to electronic or mechanical devices - on demand, anytime, anywhere.
Nano Dimension’s strategy is driven by the application of deep learning based AI to drive improvements in manufacturing capabilities by using self-learning & self-improving systems, along with the management of a distributed manufacturing network via the cloud.
Nano Dimension has served over 2,000 customers across vertical target markets such as aerospace and defense, advanced automotive, high-tech industrial, specialty medical technology, R&D and academia. The Company designs and makes Additive Electronics and Additive Manufacturing 3D printing machines and consumable materials. Additive Electronics are manufacturing machines that enable the design and development of High-Performance-Electronic-Devices (Hi-PED®s). Additive Manufacturing includes manufacturing solutions for production of metal, ceramic, and specialty polymers-based applications - from millimeters to several centimeters in size with micron precision.
Through the integration of its portfolio of products, Nano Dimension is offering the advantages of rapid prototyping, high-mix-low-volume production, IP security, minimal environmental footprint, and design-for-manufacturing capabilities, which is all unleashed with the limitless possibilities of additive manufacturing.
For more information, please visit www.nano-di.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include statements relating to the proposed transaction between Desktop Metal and Nano Dimension, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, statements regarding the expected business combination between NanoDimension and Markforged Holding Corporation, and all other statements other than statements of historical fact that address activities, events or developments that Nano Dimension or Desktop Metal intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “may,” “will,” “intends,” “projects,” “could,” “would,” “estimate,” “potential,” “continue,” “plan,” “target,” or the negative of these words or similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause Desktop Metal’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may cause Desktop Metal’s or Nano Dimension’s actual results or performance to be materially different from those expressed or implied in the forward-looking statements include, but are not limited to, (i) the ultimate outcome of the proposed transaction between Desktop Metal and Nano Dimension; (ii) the effect of the announcement of the proposed transaction on the ability of Desktop Metal to operate its business and retain and hire key personnel and to maintain favorable business relationships; (iii) the timing of the proposed transaction; (iv) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; (v) the ability to satisfy closing conditions to the completion of the proposed transaction; (vi) other risks related to the completion of the proposed transaction and actions related thereto; (vii) reductions in the Per Share Merger Consideration to be paid based on transaction expenses, potential borrowings under the Bridge Loan Facility and agreements relating to severance for certain executive officers and employees of Desktop Metal and (viii) those factors and risks described in Item 3.D “Key Information - Risk Factors,” Item 4 “Information on the Company”, and Item 5 “Operating and Financial Review and Prospects” in Nano Dimension’s Annual Report on Form 20-F for the year ended December 31, 2023 and Part 1, Item 1A, “Risk Factors” in Desktop Metal’s Annual Report on Form 10-K for the year ended December 31, 2023 and Part II, Item 1A, “Risk Factors” in Desktop Metal’s most recent Quarterly Reports on Form 10-Q, each filed with the SEC, and in Desktop Metal’s other filings with the SEC.
The forward-looking statements included in this communication are made only as of the date hereof. Neither Desktop Metal nor Nano Dimension undertake any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.
NANO DIMENSION INVESTOR RELATIONS CONTACT
Investor Relations | ir@nano-di.com
FAQ
What percentage of Desktop Metal (DM) stockholders approved the merger with Nano Dimension (NNDM)?
When is the merger between Nano Dimension (NNDM) and Desktop Metal (DM) expected to close?
What is the strategic goal of the merger between Nano Dimension (NNDM) and Desktop Metal (DM)?
Is Nano Dimension (NNDM) planning any further acquisitions after merging with Desktop Metal (DM)?
