Nano Dimension urges Stratasys shareholders to replace board at AGM

Nano Dimension (NNDM), which owns approximately 14.1% of Stratasys’ (SSYS) 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, 2023 Annual General Meeting. The company said, in part, “The Stratasys Board of Directors have checkered personal backgrounds as well as a warped command corporate governance. Nano is calling for a replacement of the Stratasys Board’s members in order to re-align Stratasys’ governance with the interest of shareholders. The new board will focus on enabling the present competing bids to increase shareholder value PREVENTING the present Board of Directors from blocking two alternatives for Stratasys’ Shareholders…The actions of the current Stratasys Board of Directors have raised significant concerns about their practices and lack of commitment to shareholder interests: 6 of the 8 directors have spent an alarmingly long time together on the Board, suggesting a lack of new perspectives and fresh ideas, not to speak about obvious years of “one-hand-washes-the-other” issues. They have demonstrated a blatant disregard for shareholders’ interests and resistance to change. Attempts to add a new independent director as recently as 2-3 years ago were met with pushback. While a new director joined the Board in 2020, he was ousted barely a year later in 2021 following some self-serving corporate governance maneuvers geared at maintaining the underperforming status quo and the mummified Board’s grip on power. 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…IN CONTRAST, Nano’s candidates to replace the Stratasys board are highly qualified with extensive experience overseeing value creation: Nano Dimension is recommending Stratasys shareholders replace its entrenched non-performing directors at Stratasys’ Annual General Meeting to be held on August 8th, 2023, with professional executives who will devote a serious amount of their business time and attention to improve value for Stratasys shareholders. The seven members proposed by Nano include over 10 CEO roles, as well as four ex-founders of successful high-tech and multi-hundred million dollars companies, Chief Technology Officers, ex-CFOs/COOs and ex-members of KPMG and PWC. All their compensation for service as members of the Stratasys’ Board will be based on the company’s performance, not just on being present in meetings.”