Murchinson Urges Fellow Nano Dimension Shareholders to Withhold Votes Until Complete Agenda for the Upcoming 2024 Annual Meeting Is Published
Murchinson , a significant shareholder of Nano Dimension (NASDAQ: NNDM), has issued an open letter to fellow shareholders regarding the upcoming 2024 Annual General Meeting scheduled for December 6, 2024. Murchinson, owning approximately 7.1% of Nano's outstanding shares, urges shareholders to withhold votes until the complete agenda and revised proxy card are published.
The letter reminds shareholders of the Board's alleged deceptive actions during the 2023 Annual Meeting, including rushing a voting instruction form without Murchinson's director candidates. Murchinson intends to nominate independent candidates and submit proposals to address what they perceive as underperformance and governance failures under CEO Yoav Stern's leadership.
Murchinson plans to nominate two director candidates as Class I directors and propose amendments to the Company's Articles of Association, including requiring shareholder approval for major M&A transactions. They aim to protect shareholders' interests by installing truly independent directors not beholden to Mr. Stern.
Murchinson, un importante azionista di Nano Dimension (NASDAQ: NNDM), ha pubblicato una lettera aperta ai suoi colleghi azionisti in merito all'imminente Assemblea Generale Annuale 2024, che si terrà il 6 dicembre 2024. Murchinson, che possiede circa il 7,1% delle azioni in circolazione di Nano, esorta gli azionisti a ritenere i voti fino alla pubblicazione dell'agenda completa e della scheda di delega revisionata.
La lettera ricorda agli azionisti le presunte azioni ingannevoli del Consiglio durante l'Assemblea Annuale 2023, tra cui l’accelerazione di un modulo di istruzione al voto senza i candidati proposti da Murchinson per la carica di direttore. Murchinson intende nominare candidati indipendenti e presentare proposte per affrontare quella che percepiscono come un'insoddisfazione delle performance e dei fallimenti di governance sotto la leadership del CEO Yoav Stern.
Murchinson prevede di nominare due candidati per la carica di direttore come direttori di Classe I e di proporre emendamenti allo Statuto della Società, incluso il requisito dell'approvazione degli azionisti per le operazioni di M&A significative. Mirano a proteggere gli interessi degli azionisti installando direttori veramente indipendenti, non legati a Mr. Stern.
Murchinson, un importante accionista de Nano Dimension (NASDAQ: NNDM), ha emitido una carta abierta a sus compañeros accionistas respecto a la próxima Junta General Anual 2024 programada para el 6 de diciembre de 2024. Murchinson, que posee aproximadamente el 7.1% de las acciones en circulación de Nano, insta a los accionistas a retener sus votos hasta que se publique la agenda completa y la tarjeta de poder revisada.
La carta recuerda a los accionistas las supuestas acciones engañosas de la Junta durante la Junta Anual 2023, incluyendo la aceleración de un formulario de instrucciones de voto sin los candidatos a directores de Murchinson. Murchinson tiene la intención de nombrar candidatos independientes y presentar propuestas para abordar lo que consideran una falta de rendimiento y fallos de gobernanza bajo el liderazgo del CEO Yoav Stern.
Murchinson planea nominar a dos candidatos a directores como directores de Clase I y proponer enmiendas a los Estatutos de la Compañía, que incluyan la aprobación de los accionistas para transacciones importantes de M&A. Su objetivo es proteger los intereses de los accionistas mediante la instalación de verdaderos directores independientes no subordinados al Sr. Stern.
머치슨은 나노디멘션(NASDAQ: NNDM)의 주요 주주로서 2024년 12월 6일로 예정된 연례총회에 관한 동료 주주들에게 공개 서한을 발송했습니다. 머치슨은 나노의 유통 주식 중 약 7.1%를 소유하고 있으며, 주주들에게 전체 의제와 수정된 위임장이 공개될 때까지 투표를 보류할 것을 촉구하고 있습니다.
서한은 주주들에게 2023년 연례 총회 동안 이사회가 행한 것으로 주장되는 기만적인 행동을 상기시킵니다. 이는 머치슨의 이사 후보 없이 투표 지침서를 서두른 것을 포함합니다. 머치슨은 CEO 요아브 스턴의 리더십 하에서 성과 부족과 거버넌스 실패로 인식되는 문제를 해결하기 위해 독립적인 후보를 지명하고 제안을 제출할 계획입니다.
머치슨은 클래스 I 이사로 두 명의 후보를 지명할 계획이며, 주요 M&A 거래에 대해 주주의 승인을 요구하는 등의 회사 정관 개정을 제안할 예정입니다. 그들은 스턴 회장에게 구속되지 않은 진정한 독립 이사를 임명하여 주주의 이익을 보호하고자 합니다.
Murchinson, un actionnaire important de Nano Dimension (NASDAQ: NNDM), a adressé une lettre ouverte à ses collègues actionnaires concernant la prochaine Assemblée Générale Annuelle 2024 prévue pour le 6 décembre 2024. Murchinson, qui détient environ 7,1 % des actions en circulation de Nano, exhorte les actionnaires à retenir leurs voix jusqu'à ce que l'agenda complet et la carte de procuration révisée soient publiés.
La lettre rappelle aux actionnaires les prétendues actions trompeuses du Conseil lors de l'Assemblée Annuelle 2023, y compris l'accélération d'un formulaire d'instructions de vote sans les candidats directeurs proposés par Murchinson. Murchinson a l'intention de nommer des candidats indépendants et de soumettre des propositions pour traiter ce qu'ils perçoivent comme une sous-performance et des échecs de gouvernance sous la direction du PDG Yoav Stern.
Murchinson prévoit de nommer deux candidats directeurs en tant que directeurs de classe I et de proposer des amendements aux statuts de l'entreprise, y compris l'exigence de l'approbation des actionnaires pour les transactions majeures de M&A. Ils visent à protéger les intérêts des actionnaires en installant de véritables directeurs indépendants non redevables à M. Stern.
Murchinson, ein bedeutender Aktionär von Nano Dimension (NASDAQ: NNDM), hat einen offenen Brief an seine Mitaktionäre hinsichtlich der bevorstehenden Jahreshauptversammlung 2024, die für den 6. Dezember 2024 angesetzt ist, veröffentlicht. Murchinson, der etwa 7,1 % der ausstehenden Aktien von Nano besitzt, fordert die Aktionäre auf, die Stimmen zurückzuhalten, bis die vollständige Agenda und die überarbeitete Vollmacht veröffentlicht sind.
Der Brief erinnert die Aktionäre an die angeblich irreführenden Handlungen des Vorstands während der Jahreshauptversammlung 2023, einschließlich der Eile, ein Abstimmungsformular ohne die von Murchinson vorgeschlagenen Direktorenkandidaten zu erstellen. Murchinson plant, unabhängige Kandidaten zu nominieren und Vorschläge einzureichen, um die aus ihrer Sicht schlechten Leistungen und Mängel in der Governance unter der Leitung von CEO Yoav Stern anzugehen.
Murchinson beabsichtigt, zwei Direktorenkandidaten als Direktoren der Klasse I zu nominieren und Änderungen in der Satzung des Unternehmens vorzuschlagen, einschließlich der Anforderung einer Zustimmung der Aktionäre für bedeutende M&A-Transaktionen. Sie wollen die Interessen der Aktionäre schützen, indem sie wirklich unabhängige Direktoren einsetzen, die nicht von Herrn Stern abhängig sind.
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Insights
This letter from Murchinson, a significant shareholder of Nano Dimension, highlights serious corporate governance concerns. The investor is accusing the current board, led by CEO Yoav Stern, of employing tactics to disenfranchise shareholders and prevent fair elections. This includes allegations of rushing out incomplete voting forms and using false record dates.
Murchinson's intent to nominate independent directors and propose changes to the company's Articles of Association, particularly regarding M&A approval, suggests a push for increased shareholder oversight. These actions indicate a lack of trust in current management and a desire for significant changes in corporate governance.
The call for shareholders to withhold votes until a complete agenda is published demonstrates the contentious nature of this situation. This proxy fight could lead to significant changes in Nano Dimension's leadership and strategic direction, potentially impacting the company's future performance and shareholder value.
This situation at Nano Dimension underscores the importance of shareholder rights and the potential for activist investors to drive change. Murchinson, owning
The proposed amendments to require shareholder approval for major M&A transactions would significantly enhance shareholder power. This is particularly relevant given Nano Dimension's history of acquisitions and the concerns about how these have been managed.
The upcoming annual meeting on December 6, 2024, will be a critical juncture for the company. The outcome could reshape the board composition and potentially alter the company's strategic direction. Shareholders should carefully consider the competing visions for the company's future when casting their votes.
Reminds Shareholders of the Entrenchment Maneuvers and Deceptive Actions Nano Deployed Last Year to Prevent a Fair Election of Directors
Urges Nano Dimension Shareholders to Not be Misled by the Company and Refrain from Voting Until the Complete Agenda and Revised Proxy Card and VIF Are Published
Murchinson Intends to Nominate Directors and Submit Proposals to Address the Underperformance, Governance Failures and Abuse of Power Under Yoav Stern
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Fellow Nano Dimension Shareholders,
Murchinson, one of the largest shareholders of Nano, has been working tirelessly to effectuate shareholder-driven change at the Company over the past two years. Despite the repeated actions taken by Nano’s Board of Directors (the “Board”) to disenfranchise and prevent the voices of shareholders from being heard, we continue to believe that together, we can reverse the status quo of terrible governance and value destruction that has plagued the Company under Yoav Stern’s leadership.
Now that Nano has announced the date of the 2024 Annual Meeting, which is scheduled for December 6, 2024, we feel compelled to remind shareholders of the deceptive actions the Board employed before last year’s Annual General Meeting of Shareholders (the “2023 Annual Meeting”). As you may recall, Nano rushed to send out a voting instruction form (“VIF”) that did not include Murchinson’s director candidates, while using a false record date. This was, in our view, an entrenchment tactic employed by the Stern-led Board to confuse shareholders and make them believe the 2023 Annual Meeting would not be contested. For the avoidance of doubt, Murchinson intends to nominate independent and well-qualified candidates to be voted on at the 2024 Annual Meeting who can offer shareholders a preferable alternative.
Although we notified Nano on October 9, 2024 that we will be nominating candidates, the Board has wasted shareholder resources by publishing a proxy card that will have to be revised and refiled to reflect Murchinson’s shareholder proposals. We urge shareholders to withhold any votes until the complete updated agenda for the 2024 Annual Meeting is published and a revised proxy card and VIF that properly reflect such updated agenda and Murchinson’s shareholder proposals are distributed. We firmly believe that the only way to protect shareholders’ best interests is to install truly independent directors who are not beholden to Mr. Stern. We are confident that shareholders will agree when they have an opportunity to review our nominees’ qualifications as well as more information about the Board’s and Mr. Stern’s mishandling of Company resources and reckless destruction of value.
At present, Murchinson intends to submit proposals to:
- Nominate two director candidates as Class I directors; and
- Implement various amendments to the Company’s Articles of Association, including adding a requirement for shareholder approval of major M&A transactions.
We look forward to making our case for much-needed change in the coming days and weeks so that Nano shareholders can be fully informed before they vote to elect the Company’s directors, determine management compensation and set the governance structure. We are still in this fight, and we advise shareholders to wait to cast their vote until we have an opportunity to show them a better alternative to the status quo.
Sincerely,
Murchinson Ltd.
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About Murchinson
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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.
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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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