U.S. District Court Dismisses Frivolous Lawsuit Filed by Nano Dimension Against Murchinson and Other Shareholders

Rhea-AI Summary

Murchinson Ltd. announces that the U.S. District Court dismissed the Section 13(d) claims filed by Nano Dimension against Murchinson and other shareholders. State law claims were also dismissed. Murchinson is committed to holding Chairman Yoav Stern and the incumbent directors accountable and has filed an anti-SLAPP lawsuit seeking $5 million in damages.

Positive

• Court dismissed all claims against Murchinson and other shareholders, which is seen as a win for shareholders.

Negative

• Nano Dimension's attempts to preserve the status quo of underperformance and terrible corporate governance under Mr. Stern's leadership could negatively impact the stock price.

Court Dismissed Nano Dimension’s Federal Claims WITH Prejudice

Murchinson Remains Committed to Holding Yoav Stern and the Incumbent Board Accountable for Attempting to Silence Shareholders by Filing Baseless Litigation

TORONTO--(BUSINESS WIRE)-- Murchinson Ltd. (collectively with its affiliates and funds it advises and/or sub-advises, “Murchinson” or “we”), a significant shareholder with approximately 5.9% of the outstanding shares of Nano Dimension Ltd. (NASDAQ: NNDM) (“Nano Dimension” or the “Company”), today announced that the U.S. District Court for the Southern District of New York (the “Court”) dismissed the Section 13(d) claims filed by Nano Dimension against Murchinson and certain other Nano Dimension shareholders with prejudice. The state law claims were also dismissed by the Court without prejudice. According to the decision, which can be found here, Nano Dimension’s Section 13(d) claims against Murchinson and Anson Advisors, Inc. (“Anson”) were rendered “moot”.

Murchinson commented:

“We are gratified by the Court’s decision to dismiss all claims made by Nano Dimension against us and other significant shareholders. In our view, the frivolous lawsuit filed by Nano Dimension in March was a transparent attempt to silence our voice as well as the voice of other shareholders, who ultimately voted overwhelmingly in favor of Murchinson’s proposals – including to remove Chairman Yoav Stern – at the Company’s Special General Meeting of Shareholders held on March 20^th.

Despite this very clear message, Nano Dimension continues to desperately try to preserve the status quo of underperformance and terrible corporate governance that has plagued the Company under Mr. Stern’s leadership. Though we view the Court’s decision as a win for shareholders and a step in the right direction, Murchinson is committed to holding Mr. Stern and the incumbent directors accountable for attempting to silence shareholders – that is why we have filed an anti-SLAPP lawsuit, which includes $5 million in damages to be paid by the incumbent directors personally.

Finally, it is telling that Nano Dimension was quick to publish a press release upon filing this baseless litigation in March but has not yet addressed or disclosed this outcome. Further, Mr. Stern misleadingly stated on the Company’s most recent earnings call that, “We are winning in every way possible in all of their attempts to [make] silly complaints to courts.” In our view, this lack of transparency and selective disclosure is not consistent with a board of directors that is acting in the best interests of all stakeholders.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20230711961347/en/

Longacre Square Partners

Dan Zacchei / Ashley Areopagita, 646-386-0091

murchinson@longacresquare.com

Source: Murchinson Ltd.

FAQ

What claims were dismissed by the U.S. District Court?

The U.S. District Court dismissed the Section 13(d) claims filed by Nano Dimension against Murchinson and other shareholders.

What action is Murchinson taking against Chairman Yoav Stern and the incumbent directors?

Murchinson has filed an anti-SLAPP lawsuit seeking $5 million in damages to hold Mr. Stern and the incumbent directors accountable.

How did Nano Dimension shareholders vote at the Special General Meeting of Shareholders?

Nano Dimension shareholders voted overwhelmingly in favor of Murchinson's proposals, including the removal of Chairman Yoav Stern.