Stock Repurchase Plan was approved by Court
August 03 2022 - 9:00AM
Nano Dimension Ltd. (Nasdaq: NNDM, “Nano Dimension” or the
“Company”), a leading supplier of
Additively Manufactured Electronics
(“AME”) and multi-dimensional metal & ceramic
Additive Manufacturing (“AM”) 3D printers, announced today
that the Israeli court has approved the Company’s previously
announced repurchase plan, allowing the Company to invest up to
$100 million to repurchase its American Depository Shares (the
“ADS”) for a maximum period of 12 months. Even though Nano
Dimension’s shares are traded only on Nasdaq (through ADS), Nano
Dimension Ltd., being an Israeli entity, needed a regulatory court
approval as per the local Corporate Law.
The Repurchase Plan authorizes the Company’s
management to repurchase ADSs, from time to time, in open market
transactions, and/or in privately negotiated transactions or in any
other legally permissible ways, depending on market conditions,
share price, trading volume and other factors. Such repurchases
will be made in accordance with applicable U.S. securities laws and
regulations, under the U.S. Securities Exchange Act of 1934, as
amended, including Rule 10b-18 thereunder, and applicable Israeli
law.
The Company may repurchase all or a portion of
the authorized repurchase amount. The Repurchase Plan does not
obligate the Company to repurchase any specific number of the ADSs
and may be suspended or terminated at any time at management’s
discretion.
About Nano DimensionNano Dimension’s
(Nasdaq: NNDM) vision is to transform the electronics and
similar additive manufacturing sectors through the
development and delivery of an environmentally friendly and
economically efficient additive manufacturing, Industry 4.0
solution, while enabling
a one-production-step-conversion of digital
designs into functioning devices – on-demand, anytime,
anywhere.
The DragonFly® IV system and
specialized materials serve
cross-industry High-Performance-Electronic-Devices (Hi-PED®s) fabrication
needs by simultaneously depositing proprietary conductive and
dielectric substances while integrating in-situ capacitors,
antennas, coils, transformers, and electromechanical components.
The outcomes are Hi-PEDs which are critical
enablers of autonomous intelligent drones, cars, satellites,
smartphones, and in vivo medical devices. In addition, these
products enable iterative development, IP safety, fast
time-to-market, and device performance gains.
Nano Dimension also develops complementary
production equipment for Hi-PEDs and printed
circuit board (PCB) assembly (Puma, Fox, Tarantula,
Spider, etc.). The core competitive edge for this technology is
in its adaptive, highly flexible surface-mount technology (SMT)
pick-and-place equipment, materials dispenser suitable for both
high-speed dispensing and micro-dispensing, as well as an
intelligent production material storage and logistics
system.
Additionally, Nano Dimension is a leading
developer and supplier of high-performance control electronics,
software, and ink delivery system. It invents and delivers
state-of-the-art 2D and 3D printing hardware and unique operating
software. It focuses on high-value, precision-oriented
applications such as specialized direct-to-container packaging,
printed electronics functional fluids, and 3D printing, which is
all controlled by the proprietary software system
- Atlas.
Serving similar users of Hi-PEDs, Nano
Dimension’s Fabrica 2.0 micro additive
manufacturing system enables the production of microparts based on
a Digital Light Processor (DLP) engine that achieves repeatable
micron levels resolution. The Fabrica 2.0 is engineered with a
patented array of sensors that allows a closed feedback loop, using
proprietary materials to achieve very high accuracy while remaining
a cost-effective mass manufacturing solution. It is used in the
areas of micron-level resolution of medical devices, micro-optics,
semiconductors, micro-electronics, micro-electro-mechanical systems
(MEMS), microfluidics, and life sciences instruments.
For more information, please
visit www.nano-di.com.
Forward-Looking StatementsThis press
release contains forward-looking statements within the meaning of
the “safe harbor” provisions of the Private Securities Litigation
Reform Act of 1995 and other Federal securities laws. Words such as
“expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,”
“estimates,” and similar expressions or variations of such words
are intended to identify forward-looking statements. For example,
Nano Dimension is using forward-looking statements in this press
release when it discusses the potential for repurchases under the
Repurchase Plan. Because such statements deal with future events
and are based on Nano Dimension’s current expectations, they are
subject to various risks and uncertainties. Actual results,
performance, or achievements of Nano Dimension could differ
materially from those described in or implied by the statements in
this press release. The forward-looking statements contained or
implied in this press release are subject to other risks and
uncertainties, including those discussed under the heading “Risk
Factors” in Nano Dimension’s annual report on Form 20-F filed with
the Securities and Exchange Commission (“SEC”) on March 31, 2022,
and in any subsequent filings with the SEC. Except as otherwise
required by law, Nano Dimension 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 press release. Nano Dimension is not
responsible for the contents of third-party websites.
NANO DIMENSION INVESTOR RELATIONS CONTACTYael Sandler,
CFO | ir@nano-di.com
NANO DIMENSION MEDIA RELATIONS CONTACTJulien Lederman,
Head of Corporate Development | pr@nano-di.com
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