Nano Dimension Updates Plans for Extraordinary General Meeting of Shareholders (“EGM”)
October 31 2023 - 4:30PM
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, in light of the ongoing
war between Israel and the Hamas terrorists (the “War”), its Board
of Directors (the “Board”) has cancelled the extraordinary
shareholders general meeting (“EGM”) that was originally scheduled
to convene on December 13th, 2023. The Board will consider
rescheduling options for the EGM when the impact of the War on
Nano’s Israeli workforce subsides.
When the EGM was initially announced on October
18th, 2023, the expansive nature and depth of the War was not yet
clear. While Nano continues to believe that its financial
performance during fiscal 2023 and beyond will not be affected by
the War, its staffing across critical corporate functions (not
including sales and marketing) will be impacted as individuals
within Nano’s workforce are called to join the War effort. The
recruitment of reserve duty in Israel currently includes
approximately 15% of Nano’s local workforce.
As previously announced, Nano Dimension remains
confident in its outlook for fiscal 2023 and expects to deliver its
strongest year yet in terms of organic growth. The Board and the
Company’s management team continue to take actions against the
backdrop of the War-driven constraints outlined above.
The impact on organizational capacity should be
considered in the context of two ongoing developments this quarter,
beyond the sales & marketing and customer support campaign:
First, and fortunately, Nano Dimension hopes to
have a strong quarter in terms of revenue, translating to many
instances of high value promises to its customers and significant
demands on all support functions to fulfill them.
Second, as previously announced, this quarter
Nano’s management is preparing for Q4/2023 and 2024 goals of
“Right-Shaping–Profitability Focus”. This is a major corporate
transition that will include the adoption of programs that consume
the efforts of finance and operation personnel, in addition to
closing the reporting of the third quarter of 2023 and the fiscal
year 2023.
Yoav Stern, CEO of Nano Dimension, commented:
“While we operate in 6 countries across the globe, support for our
Israeli colleagues and execution of our strategic plan must take
priority. Prioritizing our effort during this special circumstance
means that the time-consuming preparation for a December 2023 EGM
is not currently in the best interest of the Company and its
shareholders. Nano is performing during the War – without
compromising business results. With approximately 15% of
our colleagues serving in uniform for Israel’s armed forces during
this tragic war, we see no other way to fulfill our primary
responsibility of delivering on customer promises as we continue
our effort to drive record results, other than to focus exclusively
on execution. Hence, the December EGM is
cancelled.”
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 & 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 Statements
This 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 impact of the war on its financial performance and staffing,
its outlook for fiscal 2023 and expectation to deliver its
strongest year yet in terms of organic growth, its expectation of a
strong quarter in terms of revenue, translating to many instances
of high value promises to customers and significant demands on all
support functions to fulfill them, Nano’s management preparation
for Q4/2023 and 2024 goals of “Right-Shaping–Profitability Focus”,
that the cancellation of the EGM is in the best interest of the
Company, that the Board will consider rescheduling options for the
EGM when the impact of the War on Nano’s Israeli workforce
subsides, and focusing exclusively on execution in order to deliver
on customer promises as the Company continues its effort to drive
record results. 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 CONTACT
Investor Relations | ir@nano-di.com
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