Nano Dimension says ISS recommends shareholders vote for all nominees

Nano Dimension announced that Institutional Shareholder Services has recommended that Nano Dimension shareholders vote in “FOR” Nano Dimension’s nominees and AGAINST ALL MURCHINSON NOMINEES at the upcoming Annual General Meeting of Shareholders, scheduled for Thursday, September 7th, 2023. In its recommendation that shareholders vote FOR Nano Dimension’s nominees who are up for election, ISS noted: “NNDM has meaningfully outperformed its 3D printing peers over Stern’s tenure as CEO” since January 2020 “and continues to execute on its stated strategy to grow the top- line and pursue acquisitions to build out its platform…The company and Stern deserve credit for capitalizing on a favorable financing environment in 2020 and 2021. The company also appears to be executing on its strategic plan, as it continues to show double digit top-line revenue growth, expanding gross margins… NNDM has posted steady top-line growth since 2020 and through Q2 2023, while also expanding gross margins. The company appears to also have begun to drive organic revenue growth through Q2 2023, a sign that its M&A strategy to drive continued revenue growth from its acquisitions may be starting to come to fruition….The company maintains almost $1 billion in cash on the balance sheet and is continuing to pursue acquisitions to build out its 3D printing and additive manufacturing capabilities in-step with its stated long-term strategy.”In its recommendation that shareholders vote AGAINST the Murchinson nominees, ISS stated: “Support for the three dissident nominees is not warranted, as the dissident has not made a sufficiently compelling case for board control…The dissident has not presented any specific details of a potential plan, whether it be cost cutting, divestments of specific business segments, or identification of areas that may require additional investment…the plan as presented does not indicate a deep experience with the 3D printing industry or a view on what the company’s operational issues may be at this time…The dissident case for control falls short in several key areas, including the lack of an identified leadership team or a detailed go-forward plan, as well as a dissident slate that does not appear to have direct 3D printing industry expertise.”