Nano Dimension has commenced a strategic assessment course of to discover all obtainable strategic options to deal with Desktop Metallic’s liabilities and liquidity wants.
Experiences counsel the strategic assessment might result in the divestiture of Desktop Metallic, simply weeks after Nano Dimension accomplished the acquisition of the corporate. Nano has mentioned it would share extra particulars of the method in its 2024 monetary outcomes and 2025 outlook name later this month.
The acquisition of Desktop Metallic was initially introduced in July 2024, however was solely accomplished in April after vital management modifications at Nano Dimension. This board-level overhaul, which commenced on the finish of 2024, forged doubt as as to whether Nano Dimension would full on the merger settlement, with Desktop Metallic submitting two lawsuits in opposition to Nano. In March, The Delaware Court docket of Chancery ordered Nano Dimension to maneuver ahead with its acquisition of Desktop Metallic, having determined that Nano Dimension ‘materially breached’ its merger settlement with Desktop Metallic. Inside every week, the $179.3 million deal was accomplished, however already Nano could also be trying to divest the enterprise.
Desktop Metallic has struggled to succeed in profitability ever because it listed on the New York Inventory Trade through a SPAC deal in December 2020. These struggles led to Stratasys shareholders voting in opposition to the corporate’s 2023 merger settlement with Desktop Metallic, and Nano’s largest shareholder Murchinson to repeatedly warn in opposition to Nano’s personal deal to accumulate the agency in current months. Although the Murchinson representatives now controlling Nano have been unable to step again from the acquisition of Desktop Metallic, it seems as if they might be making an attempt to dump the enterprise as quickly as it might probably.
In accordance with Nano Dimension’s announcement, Desktop Metallic has appointed Robert Warshauer to its Board of Administrators and engaged Piper Sandler & Co. and FTI Consulting, Inc. as monetary advisers whereas the strategic assessment course of continues. Nano says that ‘No assurances will be given as to the end result or timing of the strategic assessment course of.’
