Nano Dimension's Board of Directors issued a letter to shareholders rejecting a recent control campaign by activist investor Murchinson Ltd. The Board accuses Murchinson of attempting to gain control of the company's cash and assets without paying a premium or presenting a viable long-term plan, while affirming its own strategic alternatives review is progressing.
Key Details
- Activist Campaign: Murchinson filed a Schedule 13D/A seeking to replace three of Nano Dimension's five directors, including the CEO and two directors Murchinson previously nominated.
- Board's Response: The Board is rejecting the campaign, stating it is a disruptive attempt to seize control of the company's cash. The company had previously invited Murchinson's founder to join the Board, but received no response.
- Strategic Alternatives Update: The company's own strategic alternatives review process is ongoing and expected to conclude "in the near future" to maximize shareholder value.
- Board Dissent: The letter notes that one director, Phillip Borenstein, requested it be disclosed that he disagrees with the letter's content.