Nano Dimension responds to Desktop Metal's lawsuit, asserting it is without merit and plans to defend its rights.
Quiver AI Summary
Nano Dimension Ltd. has responded to a December 20, 2024 lawsuit filed by Desktop Metal, which accuses Nano Dimension of failing to use its best efforts to secure regulatory approval for their merger agreement established on July 2, 2024. Nano Dimension contends that the lawsuit is baseless and contradicts the merger agreement, particularly regarding their right to navigate the ongoing review process with the Committee on Foreign Investment in the United States (CFIUS). The company views the lawsuit as an attempt by Desktop Metal to limit its rights under the agreement and plans to defend itself vigorously. Nano Dimension specializes in Additive Manufacturing solutions across various industries, including aerospace, automotive, and medical technology.
Potential Positives
- The Company asserts that the lawsuit from Desktop Metal is without merit and inconsistent with the Merger Agreement, which may protect its legal and operational interests.
- By intending to vigorously defend itself, Nano Dimension demonstrates a commitment to upholding its rights under the Merger Agreement, which may instill confidence among investors and stakeholders.
- The press release highlights Nano Dimension's diverse range of digital manufacturing technologies, which reinforces its position in various vertical markets, enhancing its market presence and potential for growth.
Potential Negatives
- The lawsuit filed by Desktop Metal may indicate potential delays or complications in the merger process, which could negatively impact Nano Dimension's operations and strategic plans.
- The allegation that Nano Dimension failed to use its reasonable best efforts to obtain regulatory approval may reflect poorly on the company's due diligence and operational effectiveness.
- The need to vigorously defend against the lawsuit could divert management's attention and resources away from other critical initiatives and goals.
FAQ
What lawsuit was recently filed against Nano Dimension?
A lawsuit was filed by Desktop Metal alleging Nano Dimension failed to obtain regulatory approval related to their merger agreement.
What are Nano Dimension's views on the lawsuit?
Nano Dimension believes the lawsuit is without merit and aims to vigorously defend its rights under the merger agreement.
What company filed the lawsuit against Nano Dimension?
The lawsuit was filed by Desktop Metal, Inc. in the Delaware Court of Chancery.
What are the implications of the merger agreement for Nano Dimension?
The merger agreement requires Nano Dimension to work through the review process with the Committee on Foreign Investment in the U.S. (CFIUS).
What technologies does Nano Dimension provide?
Nano Dimension offers Digital Manufacturing technologies for industries like aerospace, automotive, medical technology, and academia.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
Waltham, Mass., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (Nasdaq: NNDM)
(“Nano Dimension” or the “Company”), a supplier of Additive Manufacturing solutions, today shared its response to a December 20, 2024 lawsuit filed by Desktop Metal, Inc. (NYSE: DM) (“Desktop Metal”) against the Company in the Delaware Court of Chancery alleging Nano Dimension has failed to use its reasonable best efforts to obtain regulatory approval in connection with the merger agreement between the parties dated July 2, 2024 (the “Merger Agreement”).
The Company believes the lawsuit is without merit and inconsistent with the terms of the Merger Agreement, particularly with respect to the Company’s right to work through the review process that is under way with the Committee on Foreign Investment in the United States ("CFIUS"). The Company believes the lawsuit is nothing more than an effort by Desktop Metal to prevent the Company from exercising its rights under the Merger Agreement and to impose deadlines and obligations that are inconsistent with that agreement. The Company intends to vigorously defend itself and preserve its rights under the Merger Agreement.
About Nano Dimension Ltd.
Nano Dimension (Nasdaq: NNDM) offers a variety of Digital Manufacturing technologies serving customers across vertical target markets such as aerospace and defense, advanced automotive, high-tech industrial, specialty medical technology, and R&D and academia.
With its suite of digital manufacturing technologies, Nano Dimension is enabling its customers with prototyping and high-mix-low-volume production, along with IP security, design-for-manufacturing capabilities, and more sustainable means of fabrication.
For more information, please visit
https://www.nano-di.com/
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For example, Nano is using forward-looking statements in this press release when it discusses (i) its beliefs regarding the merits of the lawsuit filed by Desktop Metal, (ii) its beliefs regarding the lawsuit with respect to Nano’s rights under the Merger Agreement and (iii) its intention to vigorously defend itself against the lawsuit and preserve its rights under the Merger Agreement. Such forward-looking statements include statements regarding Nano’s future intentions, strategic plan, events or developments that Nano intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. When used in this communication, the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “may,” “will,” “intends,” “projects,” “could,” “would,” “estimate,” “potential,” “continue,” “plan,” “target,” or the negative of these words or similar expressions are intended to identify forward-looking statements, though not all forward-looking statements contain these identifying words. These forward-looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Because such statements deal with future events and are based on the current expectations of Nano, they are subject to various risks and uncertainties. Factors and risks that may cause Nano’s actual results or performance to be materially different from those expressed or implied in the forward-looking statements include, but are not limited to, (i) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; (ii) the satisfaction of the closing conditions of the proposed transaction; and (iii) other risks related to the completion of the proposed transaction and actions related thereto. Except as otherwise required by law, Nano undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this communication. Nano is not responsible for the contents of third-party websites.
Nano Dimension Contacts
Investors: Julien Lederman, VP Corporate Development |
ir@nano-di.com
Media: Kal Goldberg / Bryan Locke / Kelsey Markovich |
NanoDimension@fgsglobal.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
