Nano Dimension reminds Stratasys holders to ‘vote against’ directors

Nano Dimension (NNDM), which owns approximately 14.1% of Stratasys’ (SSYS) (“Stratasys”) outstanding ordinary shares, encourages Stratasys shareholders to replace their entrenched Board with Nano Dimension’s director nominees through their upcoming vote at Stratasys’ August 8th, Annual General Meeting or AGM. The Stratasys Board of Directors have checkered personal backgrounds as well as a warped command of corporate governance. The Stratasys Board has lined their own pockets while overseeing poor performance, indulging themselves with exorbitant salaries and annual equity grants, cumulatively equaling approximately $1,820,0001 in FY 2022 for 8 directors, not including meeting fees and travel & entertainment expense. Average tenure of 15 years on the Board is a clear base for questionable, sustained judgement and abundance of personal biases. Nano is calling for a replacement of the Stratasys Board’s members in order to re-align Stratasys’ governance with the interest of shareholders. Furthermore, the interconnections between board members raise independence concerns, resulting from directors having other mutual commercial interests which are not related to their fiduciary duties at Stratasys. Presently, two Stratasys directors, Dov Ofer and David Reis, sit on the board of Scodix Ltd. In the past, Adina Shorr served as CEO of Scodix Ltd. during Dov Ofer’s directorship. These overlapping interests raise questions about objectivity of the directors, further eroding trust in their decision-making.