It’s been a disaster of a day for 3D printing operation Nano Dimension (NASDAQ:NNDM). Investors were not at all happy to hear about Nano Dimension’s choice for acting Chief Financial Officer (CFO) and found it even worse considering where they found the new guy. Investors were sufficiently unhappy to pull out over 8% of Nano Dimension’s market cap in Tuesday afternoon’s trading as a result.
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So who is the new CFO who’s so polarizing he caused a shareholder revolt? None other than Chief Operating Officer (COO) Tomer Pinchas. Pinchas will be taking over for Yael Sandler, who recently went on maternity leave. Some are likely concerned about seeing the COO step into the CFO slot, as the two functions aren’t especially compatible. Pinchas has previously served as a CFO in several smaller companies, including Kyron Systems Ltd, and was formerly with PwC.
Some here might even suggest that Sandler picked perhaps the worst possible time to go on leave. Right now, Nano Dimension is facing challenges to its board leadership from investment fund Murchinson, who, according to Nano Dimension, is trying to “obtain Nano’s cash reserves and derail the company’s progress while elevating its profile as an ‘activist.’” On top of that, just a few weeks ago, Nano Dimension also landed the biggest order the company has ever seen, as a major industrial operation ordered six of Nano Dimension’s manufacturing robotics tools.
All of this comes amid a backdrop of decline at Nano Dimension. Nano Dimension stock, based on its last five days of trading, has been sliding for pretty much that entire time. The decline sped up with this morning’s news, but the decline was there all along.
