Nano Dimension Shareholders Overwhelmingly Support Murchinson’s Nominees at 2024 Annual General Meeting
Nano Dimension (NNDM) shareholders have elected Murchinson's nominees Ofir Baharav and Robert Pons to the Board of Directors, defeating CEO Yoav Stern and incumbent director Gen. Michael Garrett at the 2024 Annual General Meeting. Shareholders also rejected Mr. Stern's compensation package by approximately 75% of eligible votes.
The proposal to de-classify the Board received 67% support, falling short of the required 70% majority. Murchinson, holding approximately 7.1% of NNDM shares, believes that following the Israeli District Court's validation of the March 2023 Special Meeting and recent Board changes, four additional directors (Eitan Ben-Eliahu, Georgette Mosbacher, Ron Kleinfeld, and Christopher Moran) are no longer Board members based on various corporate governance provisions.
Nano Dimension (NNDM) gli azionisti hanno eletto i candidati di Murchinson, Ofir Baharav e Robert Pons, nel Consiglio di Amministrazione, sconfiggendo il CEO Yoav Stern e il direttore uscente Gen. Michael Garrett durante l'Assemblea Generale Annuale del 2024. Gli azionisti hanno inoltre respinto il pacchetto retributivo del Sig. Stern con circa il 75% dei voti idonei.
La proposta di de-classificare il Consiglio ha ricevuto supporto del 67%, ma non ha raggiunto la maggioranza richiesta del 70%. Murchinson, detentore di circa il 7,1% delle azioni NNDM, è convinto che, dopo la validazione da parte del Tribunale Distrettuale israeliano della Riunione Straordinaria di marzo 2023 e dei recenti cambiamenti nel Consiglio, quattro membri aggiuntivi (Eitan Ben-Eliahu, Georgette Mosbacher, Ron Kleinfeld e Christopher Moran) non sono più membri del Consiglio sulla base di varie disposizioni di governance aziendale.
Nano Dimension (NNDM) los accionistas han elegido a los candidatos de Murchinson, Ofir Baharav y Robert Pons, para la Junta Directiva, derrotando al CEO Yoav Stern y al director en funciones Gen. Michael Garrett en la Asamblea General Anual de 2024. Los accionistas también rechazaron el paquete de compensación del Sr. Stern por aproximadamente el 75% de los votos elegibles.
La propuesta para desclasificar la Junta recibió un apoyo del 67%, lo que no alcanzó la mayoría requerida del 70%. Murchinson, que posee aproximadamente el 7.1% de acciones de NNDM, cree que tras la validación del Tribunal de Distrito israelí de la Reunión Especial de marzo de 2023 y los recientes cambios en la Junta, cuatro directores adicionales (Eitan Ben-Eliahu, Georgette Mosbacher, Ron Kleinfeld y Christopher Moran) ya no son miembros de la Junta según varias disposiciones de gobernanza corporativa.
나노 디멘션(NNDM)의 주주들은 머천슨의 추천 후보인 오피르 바하라브와 로버트 폰스를 이사회에 선출하여 CEO 요아브 스턴과 현직 이사인 마이클 개렛 장군을 2024년 연례 총회에서 물리쳤습니다. 주주들은 또한 스턴 씨의 보상 패키지를 약 75%의 유효 투표로 거부했습니다.
이사회의 비분류 제안은 67%의 지지를 받아 70%의 요구되는 과반수를 미치지 못했습니다. 머천슨은 NNDM 주식의 약 7.1%를 보유하고 있으며, 2023년 3월 특별회의에 대한 이스라엘 지방법원의 검증과 최근의 이사회 변경을 바탕으로 네 명의 추가 이사(에이탄 벤 엘리아후, 조르제트 모스바처, 론 클라인펠드, 크리스토퍼 모란)가 다양한 기업 거버넌스 조항에 따라 더 이상 이사회의 구성원이 아니라고 믿고 있습니다.
Nano Dimension (NNDM) les actionnaires ont élu les candidats de Murchinson, Ofir Baharav et Robert Pons, au Conseil d'Administration, battant ainsi le CEO Yoav Stern et le directeur en exercice le Général Michael Garrett lors de l'Assemblée Générale Annuelle 2024. Les actionnaires ont également rejeté le package de rémunération de M. Stern à environ 75 % des voix admissibles.
La proposition de déclassifier le Conseil a reçu 67 % de soutien, ce qui n'atteint pas la majorité requise de 70 %. Murchinson, détenant environ 7,1 % des actions NNDM, croit qu'après la validation par le tribunal de district israélien de la réunion spéciale de mars 2023 et les récents changements au sein du Conseil, quatre administrateurs supplémentaires (Eitan Ben-Eliahu, Georgette Mosbacher, Ron Kleinfeld et Christopher Moran) ne sont plus membres du Conseil sur la base de diverses dispositions de gouvernance d'entreprise.
Nano Dimension (NNDM) Aktionäre haben die Nominierten von Murchinson, Ofir Baharav und Robert Pons, in den Vorstand gewählt und damit CEO Yoav Stern und den amtierenden Direktor Gen. Michael Garrett auf der diesjährigen Hauptversammlung 2024 besiegt. Die Aktionäre haben auch das Vergütungspaket von Herrn Stern mit etwa 75 % der wahlberechtigten Stimmen abgelehnt.
Der Vorschlag zur De-Klassifizierung des Vorstands erhielt 67 % Unterstützung, was jedoch nicht die erforderliche Mehrheit von 70 % erreichte. Murchinson, der etwa 7,1 % der NNDM-Aktien hält, ist der Ansicht, dass nach der Bestätigung des israelischen Bezirksgerichts für die Sonderversammlung im März 2023 und den jüngsten Änderungen im Vorstand vier zusätzliche Direktoren (Eitan Ben-Eliahu, Georgette Mosbacher, Ron Kleinfeld und Christopher Moran) aufgrund verschiedener Regelungen zur Unternehmensführung nicht mehr Mitglieder des Vorstands sind.
- Shareholders elected new independent directors, improving board oversight
- Shareholders rejected CEO's compensation package, showing strong corporate governance
- Court validation of March 2023 Special Meeting strengthens shareholder rights
- Ongoing corporate governance disputes and legal challenges
- Persistent negative enterprise value noted by shareholders
- Failed to achieve required 70% majority for board de-classification
Insights
Shareholders Send a Strong Message by Electing Ofir Baharav and Robert (Bob) Pons Over CEO Yoav Stern and Incumbent Director Gen. Michael Garrett
Shareholders Reject Mr. Stern’s Outrageous Compensation Package Proposed by the Current Board by a Majority of Approximately
Together with Israeli District Court’s Validation of the March 2023 Special Meeting, Results of 2024 AGM Finally Give Shareholders Meaningful Representation and Independent Voices in the Boardroom
Murchinson Calls Upon Nano’s Reconstituted Board to Engage in a Constructive Dialogue with its Shareholders
- Murchinson’s director nominees, Ofir Baharav and Robert (Bob) Pons, have won the support of shareholders by a significant majority and are elected to the Company’s Board of Directors (the “Board”).
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Incumbent director Gen. Michael Garrett will no longer serve on Nano’s Board. Similarly, CEO Yoav Stern has been rejected by shareholders.
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As a reminder, the recent decision by the District Court for the Central District in
Israel (the “Court”) found that Mr. Stern was indeed removed from the Board at the special meeting in March 2023 (“2023 EGM”). - Notably, this is the third general meeting at which a majority of voting shareholders removed Mr. Stern from the Board. Murchinson hopes that Mr. Stern will finally adhere to the will of the shareholders and urges him to cease seeking ways to circumvent or delay their decision.
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As a reminder, the recent decision by the District Court for the Central District in
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A substantial percentage of shareholders, approximately
67% , voted in favor of Murchinson’s proposal to de-classify the Board. While the preliminary results indicate that the proposal did not achieve the required majority of70% , Murchinson believes that this clear message from shareholders (for the second annual meeting in a row) should prompt the Board to proactively seek its de-classification at the next general meeting, consistent with best-in-class governance practices. The classified board is a widely regarded anti-shareholder measure, associated with lower return to shareholders and leads to poor corporate governance due to diminished accountability.
Following receipt of the AGM results and further consultation with Murchinson’s advisors, Murchinson has concluded that the Court’s ruling regarding the March 2023 EGM recognized that Nano’s Articles of Association have been amended at that meeting. As one of these amendments include a stipulation that the term of a director who has been appointed by the Board shall expire at the annual meeting following their appointment, Murchinson believes it is evidently clear that the terms of service of incumbent directors Eitan Ben-Eliahu and Georgette Mosbacher, who were appointed by the Board in April 2024 and June 2024, respectively, have expired at the AGM.
Another Article amendment that was confirmed by the Court’s decision was for the removal of directors from the Board at a simple majority (and at any general meeting). At the 2023 annual general meeting (the “2023 AGM”), which took place approximately six months after the 2023 EGM, proposals to remove incumbent directors Ron Kleinfeld and Christopher Moran from the Board have won, according to Nano’s own tabulation, the support of approximately
We urge the Board to accept the will of shareholders and promptly implement these decisions as per their instructions. It is important to note that Murchinson’s position is that (1) the Company cannot and shall not indemnify any removed director against damages caused by such director’s actions or omissions and (2) the Company’s Directors and Officers insurance (“D&O Insurance”) no longer covers those four individuals and that by acting in any capacity as Board members, those individuals expose themselves to personal financial liability. We are confident that in case a claim is ever submitted, the Company’s D&O insurance provider will see the situation in a similar manner.
Unfortunately, under the leadership of CEO and former director Mr. Stern, this Board has engaged in a plethora of obstructionist, costly legal maneuvers and novel interpretation of the law and of the Company’s own Articles of Association. We call on the Board to refrain from any further such actions and instead engage in a constructive dialogue with its shareholders. We stand ready to continue to defend shareholders’ rights and agency in court.
This turning point in Nano’s history poses a valuable opportunity for the reconstituted Board to carefully and critically examine the Company’s strategy, the merits and success of past and present acquisitions, governance practices and communication policies. We have great faith in the skills and integrity of directors Ken Traub, Dr. Josh Rosensweig, and Messrs. Pons and Baharav to turn Nano around and fix the Company’s persistently negative enterprise value, for the benefit of all shareholders.
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. 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.
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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.
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