WALTHAM, Mass. - Nano Dimension Ltd . (NASDAQ: NASDAQ:NNDM), a key player in additively manufactured electronics (AME) and additive manufacturing (AM) 3D printing solutions, has reiterated its call for shareholder support for its board proposals. The appeal comes in response to a report by Institutional Shareholder Services Inc. (ISS), which acknowledged Nano's strategic progress but recommended against certain board expansions proposed by Murchinson Ltd.
Nano's leadership has emphasized its achievements over the past year, including M&A agreements, financial and operational improvements, and governance enhancements aimed at driving long-term shareholder value. ISS's report credited Nano's team for raising substantial funds for M&A growth and acknowledged the company's revenue growth and margin expansion, indicating successful integration efforts.
However, Nano disagrees with ISS's recommendations that could lead to increased board representation for Murchinson. The company warns that further Murchinson nominees could hinder Nano's strategy and potentially lead to a Murchinson-controlled board, jeopardizing shareholder value.
Nano's board has urged shareholders to vote in favor of re-electing CEO Yoav Stern (AS:PBHP) and General (Ret.) Michael X. Garrett, as well as all of Nano's proposals at the upcoming Annual General Meeting (AGM). The deadline for voting is 11:59 p.m. ET on Sunday, December 1, 2024, with the AGM scheduled for December 6, 2024, at 7:00 a.m. ET.
The company has encouraged shareholders to vote as soon as possible, particularly via e-mail or electronically, to ensure their votes are counted. Shareholders of record as of October 22, 2024, are entitled to vote at the AGM.
This news article is based on a press release statement from Nano Dimension Ltd.
In other recent news, Nano Dimension Ltd. is making significant strides in its strategic initiatives. The company has reported a 29% organic revenue growth in 2023 and a 69% reduction in cash burn in the first half of 2024 compared to the same period in 2023. Notably, Nano Dimension has completed over $160 million in share repurchases since August 2022.
The company's recent M&A activities, including the acquisitions of Desktop Metal, Inc. and Markforged Holding Corporation, are expected to enhance its product offerings, customer base, and financial strength. The combined entity is projected to have approximately $340 million in revenue for the fiscal year 2023.
Despite these advancements, Nano Dimension is facing opposition from Murchinson Ltd., which has been criticized for attempting to disrupt the company's strategic initiatives. The company's management team has outlined a four-step plan to reach EBITDA positivity by the fourth quarter of 2026.
Additionally, Nano Dimension and defense technology company HENSOLDT AG have extended their joint venture, Jetted Additively Manufactured Electronics Sources GmbH (J.A.M.E.S), aiming to promote the adoption of Additively Manufactured Electronics (AME) technology. These are recent developments in Nano Dimension's strategic transition towards Industry 4.0 and its consolidation in the additive manufacturing sector.
InvestingPro Insights
As Nano Dimension Ltd. (NASDAQ: NNDM) rallies support for its board proposals, recent InvestingPro data provides additional context to the company's financial position and market performance. Despite the challenges highlighted in the article, NNDM's stock has shown a significant 9.09% return over the last week, indicating potential short-term investor confidence.
InvestingPro Tips reveal that Nano Dimension holds more cash than debt on its balance sheet, which could be viewed positively by shareholders considering the company's strategic focus on M&A growth. This strong liquidity position is further supported by the fact that NNDM's liquid assets exceed its short-term obligations, potentially providing flexibility for future investments and operational needs.
However, it's worth noting that the company is quickly burning through cash, which aligns with its aggressive growth strategy but may raise concerns about long-term sustainability. This factor could be particularly relevant as shareholders consider the board's proposals and the company's future direction.
For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for NNDM, providing a deeper understanding of the company's financial health and market position.
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