Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension” or “Nano”) and Desktop Metal, Inc. (NYSE: DM) (“Desktop Metal” or “DM”) today jointly announced that Institutional Shareholder Services (“ISS”), a leading proxy advisory firm, has recommended that Desktop Metal shareholders vote to support the merger agreement and other deal related proposals.
On the major agenda item, “Item 1. Approve Merger Agreement”, ISS wrote: “The sales process suggests the offer is likely the best available at this time, shareholders are receiving a premium, the implied valuation appears fair, and the cash consideration provides liquidity and immediate value. Based on these factors, support FOR the proposed transaction is warranted.”
ISS also wrote: “Notably, the acquirer’s stock price increased by 16.7 percent in response to the announcement…The outperformance against the relevant market index indicates a potential downside risk of non-approval.”
DM shareholders should ensure they vote no later than 11:59 pm ET on October 1 by following the instructions provided by their brokers. Most brokers allow shareholders to vote via internet and most shareholders should have received an email containing a link to vote.
The Desktop Metal shareholder vote on the deal is one of the major milestones in the process to close the transaction. Nano Dimension shareholders are not required to approve the merger.
Ric Fulop, Desktop Metal’s Founder, Chief Executive Officer, and member of the board of directors, said, “As ISS has concluded, Nano Dimension’s offer is expected to represent a premium for shareholders. We strongly urge shareholders to follow the ISS recommendation and vote today to support this acquisition as we transition through a critical moment in the Additive Manufacturing industry. While we await the final vote and regulatory approvals, we look forward to working with Nano Dimension to join two great companies and their devoted teams that can serve our shareholders to the maximum extent possible.”
Yoav Stern, Nano Dimension’s Chief Executive Officer and member of the board of directors, added, “We are pleased to get ISS’s support on our merger agreement with Desktop Metal. As a leading independent proxy advisor, their review and support of this transaction is a testament to the work we did to ensure it was a fair, value-creating opportunity for all shareholders. We look forward to receiving similar support from Desktop Metal’s shareholders and being able to close the transaction as soon as possible thereafter, subject to required regulatory approvals.”
Get Updated about 3D Printing at: AM Chronicle
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 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.
Company Press Release
