BREAKING NEWS: Murchinson takes control of Nano Dimension’s board as CEO David Stehlin steps down
Stehlin’s departure marks Nano Dimension’s fourth CEO change in just 18 months
Nano Dimension and Murchinson announced on July 20 that they had reached an agreement, resulting in the cancellation of the extraordinary general meeting that had been scheduled for July 31.
Directors and executives Pons, Rosensweig, Sriubas, and Stehlin resigned from both the board and all positions within the company.
They were replaced by three candidates previously nominated by Murchinson for the same shareholder meeting: Fruchthandler, Rozenbaum, and Tarlow. Murchinson currently controls approximately 7.4% of Nano Dimension’s outstanding shares.
David Stehlin’s resignation deserves particular attention, as he was serving as the company’s CEO and stepped down from all of his positions.
The announcement does not identify a successor or an interim CEO, nor does it disclose the full composition of the newly restructured board.
As a result, it remains unclear who is currently leading Nano Dimension or even how many directors now serve on its board.
What is clear is that this marks yet another leadership change since Murchinson removed Yoav Stern from the board on December 26, 2024. Stern was followed by interim CEO Julien Lederman and later by Ofir Baharav before Stehlin assumed the role.
The immediate catalyst for the dispute was Nano Dimension’s proposed transaction with Infinite Epigenetics, a company developing an early disease detection platform that owns the certified laboratory TruDiagnostic and Tally Health, as well as a database of more than 120,000 biological samples and a platform capable of extracting over one million epigenetic signals from a single test.
Nano signed a non-binding term sheet valued at $890 million, proposing the creation of a combined company called Infinite Epigenetics under the Nasdaq ticker **IEAI**. Under the proposed structure, existing Nano shareholders would receive a 20% premium over the company’s net cash value while retaining a minority stake in the combined business. Nano’s shares fell 15% on the day the announcement was made.
Murchinson described the proposal as “a SPAC in disguise,” arguing that shareholders would not even receive the standard right to redeem their shares for cash. The fund also questioned what expertise Nano’s board possessed to evaluate an epigenetics company, what financial benefits board members stood to receive following the closing of the transaction, and why the company agreed to a termination fee of up to $10 million, along with specific performance and best efforts clauses.
Murchinson also pointed out that retired General Michael X. Garrett served as an advisor to Infinite Epigenetics while simultaneously sitting on Nano Dimension’s board when it unanimously approved the acquisition of Desktop Metal.
That connection may be the most significant element of the entire dispute.
Desktop Metal filed for bankruptcy just 117 days after the acquisition closed, and its key assets were subsequently sold for only a fraction of Nano’s purchase price.
For fiscal year 2025, Nano Dimension reported $139 million in impairment charges and a net loss of $293 million. In April 2026, the company sold AME and Fabrica to Inspira Technologies for up to $12.5 million. On May 27, it also sold Markforged to Stratasys for $42.5 million, representing just 36% of the price it had paid one year earlier.
The July 17 settlement agreement makes no reference whatsoever to the future of the Infinite Epigenetics transaction.
Formally, it remains unknown whether the deal has been cancelled, suspended, or is still moving forward.
What is known, however, is who now controls its fate: the very individuals who only weeks ago publicly described it as value-destructive.
Nano Dimension is therefore entering yet another chapter with a board appointed by a minority shareholder, no CEO, approximately $500 million in cash, and its Nasdaq listing as its only truly significant remaining assets.
If the new board decides to terminate the Infinite Epigenetics term sheet, it will first need to determine the cost of exiting an agreement its predecessors signed with a termination fee that could reach $10 million.
Source: www.nano-di.com