Nano Dimension Receives Israeli Court Approval for Its $200 Million Repurchase Plan
October 19 2023 - 8:30AM
Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension”, “Nano”,
or the “Company”), a leading supplier of Additively Manufactured
Electronics (“AME”) and multi-dimensional polymer, metal &
ceramic Additive Manufacturing (“AM”) 3D printing
solutions, today announced that it has received approval
from the Israeli Court for its request to implement its previously
announced share repurchase plan (the “Repurchase Plan”), allowing
the Company to buy back up to $200 million worth of its American
Depositary Shares (the “ADS”) during the next twelve months.
The Repurchase Plan authorizes the Company’s
management to repurchase ADSs, from time to time, in open market
transactions, in privately negotiated transactions or in any other
legally permissible way, 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, including Rule 10b-18 under the U.S. Securities
Exchange Act of 1934, as amended (the “Exchange Act”), 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.
Yoav Stern, Chief Executive Officer and a member of
the Board of Directors of Nano Dimension, added: “The Board of
Directors continually reviews our capital allocation strategy and
listens to our shareholders’ feedback. While large and synergistic
M&A – now possible at more reasonable valuations –
ground-breaking R&D, and high-returning go-to-market
investments are our focus, we also believe there is a strong case
to repurchase shares at attractive valuation levels, particularly
in light of Nano Dimension shares trading at a discount to net
asset value. We will remain disciplined in our capital allocation
approach as we execute this program to ensure we are capitalizing
on the best way to deliver shareholder value.”
About Nano DimensionNano 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 & 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.
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 its $200 million repurchase plan, the
potential for repurchases under the Repurchase Plan, the potential
benefits therefrom and the Company’s capital allocation approach.
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 30, 2023, 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
CONTACTInvestor Relations | ir@nano-di.com
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