Supposed formality, but important: Desktop Metal's acquisition by Nano Dimension is approved by shareholders

The Atomic Layers: S3E04 (00060)

Atomic Layer of the Day:

Three months ago, on July 3, 2024, Nano Dimension made a sensational announcement of acquisition of Desktop Metal. The surprise was significant, especially since a year earlier, when Stratasys attempted the same, Nano Dimension — a key shareholder of Stratasys — was the main opponent. The company’s CEO, Yoav Stern, heavily criticized Desktop Metal, accusing it of massive cash burn and chronic unprofitability.

However, by July, it turned out that Desktop Metal wasn’t so bad after all, and integrating it into Nano Dimension’s structure seemed like a good business move. It's worth noting that the acquisition price was significantly lower than what Stratasys had offered in 2023.

But that's not all — last week, Nano Dimension announced its purchase of Desktop Metal's key competitor, Markforged. I covered the details of that transaction here.

Now, an important yet predictable event has taken place. Desktop Metal’s shareholders had to approve the merger with Nano Dimension in a vote. Given Desktop Metal’s poor financial situation, the voting results were no surprise. Of approximately 33 million outstanding Desktop shares, 60% voted in favor of the merger agreement between Desktop Metal and Nano Dimension. Of the total shares participating, more than 96% of votes were cast in favor of the merger.

While some regulatory approvals are still pending, the transaction is expected to close in the fourth quarter of 2024.

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Atomic Layer from the Past:

10-04-2022: SPEE3D launched the XSPEE3D – the metal AM system for cold spraying.

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Atomic News & Gossips:

1. China's Farsoon and Germany's AM-Rauch have made a major breakthrough in the field of SLS 3D printing materials. The companies have qualified two high-temperature PPS (polyphenylene sulfide) materials.

2. At the same time, the British Renishaw also expanded the number of processable materials, for a change for its metal AM system - RenAM 500. The new materials include copper, H13 tool steel, Hastelloy X alloy, super-duplex stainless steel, and AlSi7Mg aluminum alloy.

3. Meta (owner of Facebook) has launched new Digital Twin Catalog, advertised as the world’s “largest and highest quality 3D object model dataset.”