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The Court’s Decision
The Delaware Court of Chancery has ordered Nano Dimension to complete its $183 million merger with Desktop Metal (DM). This decision comes after a lengthy delay due to regulatory approval issues and a lawsuit filed by Desktop Metal. The court’s ruling is a significant development in the saga, and it’s essential to understand the details.
What Led to the Court’s Decision?
The merger between Nano Dimension and Desktop Metal was initially agreed upon in July 2024. However, the deal was delayed due to regulatory approval issues. Desktop Metal filed a lawsuit against Nano Dimension, alleging that the company had breached the Merger Agreement. The court’s decision is a clear indication that Nano Dimension has indeed breached the agreement, and the company must now take steps to rectify the situation.
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The Terms of the Merger
The merger between Nano Dimension and Desktop Metal is a significant deal that will create a combined entity with a strong financial profile. The joint FY 2023 revenue for the two companies is $246M, with 28% of that revenue being recurring. This is a substantial figure, and the merged entity is expected to be a major player in the 3D printing and additive manufacturing industry.
| Company | Revenue (FY 2023) | Recurring Revenue (FY 2023) |
|---|---|---|
| Nano Dimension | $103M | $24M (23%) |
| Desktop Metal | $143M | $64M (45%) |
| Combined Entity | $246M | $88M (36%) |
National Security Agreement
One of the key terms of the merger is that Nano Dimension must sign a national security agreement with the US Committee on Foreign Investment within 48 hours of the court’s order. This is a standard requirement for any merger that involves a foreign entity and is necessary to ensure that the deal does not pose a risk to national security.
The Impact on the Companies’ Stock Prices
The court’s decision has had a significant impact on the stock prices of both companies. Desktop Metal’s stock surged 97.3% after the court’s ruling, while Nano Dimension’s stock dropped 19.9%. This is a clear indication that investors are bullish on the prospects of the merged entity and are bearish on Nano Dimension’s future as a standalone company.
What’s Next?
The merger must be finalized by March 31, 2025, or Desktop Metal may extend the deadline until its completion. This gives the companies a clear timeline to work towards, and it’s essential that they meet this deadline to avoid any further delays or complications.
Conclusion
The court’s decision is a significant development in the merger between Nano Dimension and Desktop Metal. The merged entity is expected to be a major player in the 3D printing and additive manufacturing industry, with a strong financial profile and significant recurring revenue. As you follow this story, keep an eye on the companies’ progress towards finalizing the merger and meeting the necessary regulatory requirements.
Key Takeaways
- The Delaware Court of Chancery has ordered Nano Dimension to complete its $183 million merger with Desktop Metal.
- The court’s decision is a significant development in the saga, and it’s essential to understand the details.
- The merged entity is expected to have a strong financial profile, with $246M in joint FY 2023 revenue, 28% of which was recurring.
- Nano Dimension must sign a national security agreement with the US Committee on Foreign Investment within 48 hours of the court’s order.
- The merger must be finalized by March 31, 2025, or Desktop Metal may extend the deadline until its completion.
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