Murchinson Sends Letter to Nano Dimension Shareholders Highlighting the Collective Opportunity to Add Independent Perspectives to Nano’s Boardroom
Murchinson , holding approximately 7.1% of Nano Dimension (NNDM), has issued a letter to shareholders criticizing the current Board of Directors for value destruction, failed capital allocation, and poor corporate governance. The investment firm is urging shareholders to vote for their independent nominees, Ofir Baharav and Bob Pons, before November 27th when electronic voting closes. Murchinson emphasizes that their campaign aims to elect directors who are unquestionably independent and better qualified than the incumbent directors up for re-election.
Murchinson, detentrice di circa il 7,1% di Nano Dimension (NNDM), ha inviato una lettera agli azionisti criticando il Consiglio di Amministrazione attuale per distruzione di valore, cattiva allocazione di capitali e scarsa governance aziendale. La società di investimento esorta gli azionisti a votare per i loro candidati indipendenti, Ofir Baharav e Bob Pons, prima del 27 novembre quando chiude il voto elettronico. Murchinson sottolinea che la loro campagna ha come obiettivo l'elezione di amministratori che siano indubbiamente indipendenti e meglio qualificati rispetto ai direttori in carica che si stanno ripresentando.
Murchinson, que posee aproximadamente el 7,1% de Nano Dimension (NNDM), ha emitido una carta a los accionistas criticando a la actual Junta Directiva por la destrucción de valor, la mala asignación de capital y la deficiente gobernanza corporativa. La firma de inversión está instando a los accionistas a votar por sus nominados independientes, Ofir Baharav y Bob Pons, antes del 27 de noviembre, cuando se cierra la votación electrónica. Murchinson enfatiza que su campaña busca elegir directores que sean indiscutiblemente independientes y mejor calificados que los directores actuales que se presentan a la reelección.
머치슨은 약 나노 디멘션(NNDM)의 7.1%를 보유하고 있으며, 현재 이사회의 가치 파괴, 자본 배분 실패 및 부실한 기업 거버넌스를 비판하는 주주 서한을 발송했습니다. 투자 회사는 주주들에게 11월 27일 전자 투표가 마감되기 전에 자신들의 독립 후보인 오피르 바하라브와 밥 폰스에게 투표할 것을 촉구하고 있습니다. 머치슨은 자신의 캠페인이 현직 이사들보다 의심의 여지 없이 독립적이고 더 잘 자격을 갖춘 이사들을 선출하는 것을 목표로 하고 있음을 강조합니다.
Murchinson, détenant environ 7,1% de Nano Dimension (NNDM), a envoyé une lettre aux actionnaires critiquant le Conseil d'Administration actuel pour destruction de valeur, mauvaise allocation de capital et faiblesse de la gouvernance d'entreprise. La société d'investissement exhorte les actionnaires à voter pour leurs candidats indépendants, Ofir Baharav et Bob Pons, avant le 27 novembre, date de clôture des votes électroniques. Murchinson souligne que sa campagne vise à élire des administrateurs qui sont sans aucun doute indépendants et mieux qualifiés que les administrateurs en place qui se représentent.
Murchinson, das etwa 7,1% von Nano Dimension (NNDM) hält, hat einen Brief an die Aktionäre geschickt, in dem es den aktuellen Vorstand für Wertvernichtung, misslungene Kapitalallokation und schlechte Unternehmensführung kritisiert. Die Investmentgesellschaft fordert die Aktionäre auf, vor dem 27. November, wenn die elektronische Abstimmung endet, für ihre unabhängigen Kandidaten, Ofir Baharav und Bob Pons, zu stimmen. Murchinson betont, dass ihre Kampagne darauf abzielt, Direktoren zu wählen, die zweifellos unabhängig und besser qualifiziert sind als die amtierenden Direktoren, die zur Wiederwahl stehen.
- None.
- Board accused of value destruction through poor oversight
- Track record of dilutive M&A activities
- Failed capital allocation under current Board
- Poor corporate governance practices highlighted
Insights
This proxy battle represents a significant challenge to Nano Dimension's current leadership. With Murchinson holding a
The timing is particularly important as electronic voting closes on November 27th. Historical share price performance and capital deployment decisions have indeed raised valid concerns. Independent board representation could potentially improve oversight and strategic decision-making, particularly regarding M&A activities and capital allocation - areas where the current board has faced significant criticism.
The shareholder activism here stems from legitimate concerns about Nano Dimension's acquisition strategy and use of capital. The company's track record of dilutive M&A has eroded shareholder value, suggesting a need for enhanced oversight and more disciplined deal-making approach. Board independence is particularly important for a company actively pursuing an M&A strategy, as it helps ensure proper due diligence and valuation analysis in transactions.
The proposed addition of independent directors could potentially lead to more rigorous deal scrutiny and better alignment with shareholder interests in future strategic decisions.
Underscores This Campaign is About Electing Directors That Are Unquestionably Independent and Better Qualified Than the Incumbent Directors Up for Re-election
Emphasizes the Company’s Track Record of Dilutive M&A and Failed Capital Allocation Under the Current Board
Believes the Board’s Failure to Oversee Management Has Destroyed Shareholder Value and Created Risk
Urges Shareholders to Vote FOR Murchinson’s Experienced and Independent Nominees, Ofir Baharav and Bob Pons, Before November 27th to Ensure Votes Are Counted Prior to the Cut-Off of Electronic Voting
The full text of the letter is available at www.SaveNanoDimension.com and can be viewed here. Murchinson encourages shareholders to vote by November 27th to ensure their votes are counted. Information on how to vote for Murchinson’s nominees is available at www.SaveNanoDimension.com/how-to-vote.
About Murchinson
Founded in 2012 and based in
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking information within the meaning of applicable securities laws. In general, forward-looking information refers to disclosure about future conditions, courses of action, and events. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward‐looking, and the use of any of the words “anticipates”, “believes”, “expects”, “intends”, “plans”, “will”, “would”, and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations of Murchinson and currently available information. Forward-looking statements are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. Murchinson undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities legislation.
Disclaimer
The information contained or referenced herein is for information purposes only in order to provide the views of Murchinson and the matters which Murchinson believes to be of concern to shareholders described herein. The information is not tailored to specific investment objections, the financial situations, suitability, or particular need of any specific person(s) who may receive the information, and should not be taken as advice in considering the merits of any investment decision. The views expressed herein represent the views and opinions of Murchinson, whose opinions may change at any time and which are based on analyses of Murchinson and its advisors. In addition, the information contained herein is being publicly disclosed without prejudice and shall not be construed to prejudice any of Murchinson’s rights, demands, grounds and/or remedies under any contract and/or law.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241119436330/en/
Okapi Partners LLC
Bruce Goldfarb / Chuck Garske
212-297-0720
info@okapipartners.com
Longacre Square Partners
Ashley Areopagita
murchinson@longacresquare.com
Source: Murchinson Ltd.
FAQ
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