(MENAFN- GlobeNewsWire - Nasdaq)
Waltham, Massachusetts, May 17, 2022 (GLOBE NEWSWIRE) -- Nano Dimension Ltd. (“Nano Dimension” or the“Company”) (Nasdaq: NNDM), an industry-leader in A dditively M anufactured E lectronics ( AME ) and M icro- A dditive M anufacturing ( M icro- AM ), announced today that its board of directors has authorized a one-year share repurchase plan (the“Repurchase Plan”) allowing the Company to invest up to $100 million to repurchase its American Depository Shares (the“ADS”).
The Repurchase Plan authorizes the Company's management to repurchase ADSs, from time to time, in open market transactions, and/or in privately negotiated transactions or in any other legally permissible ways, depending on market conditions, share price, trading volume and other factors. Such repurchases will be made in accordance with applicable U.S. securities laws and regulations, under the U.S. Securities Exchange Act of 1934, as amended (the“Exchange Act”), and applicable Israeli law, and are subject to the approval of the Israeli court, which is meant to ensure that the Company has enough resources for the Repurchase Plan without affecting its other on-going obligations and commitments.
The Company may repurchase all or a portion of the authorized repurchase amount. The Repurchase Plan does not obligate the Company to repurchase any specific number of the ADSs and may be suspended or terminated at any time at management's discretion.
About Nano Dimension
Nano Dimension's (Nasdaq: NNDM) vision is to transform the electronics and similar additive manufacturing sectors through the development and delivery of environmentally friendly and economically efficient additive manufacturing, Industry 4.0 solution, while enabling a one-production-step-conversion of digital designs into functioning devices – on demand, anytime, anywhere.
The DragonFly IV ® system and specialized materials serve cross-industry H igh- P erformance E lectronic D evice s ( Hi-PEDs ® ) fabrication needs by simultaneously depositing proprietary conductive and dielectric substances, while integrating in-situ capacitors, antennas, coils, transformers, and electromechanical components. The outcomes are Hi-PEDs ® which are critical enablers of autonomous intelligent drones, cars, satellites, smartphones, and in vivo medical devices. In addition, these products enable iterative development, IP safety, fast time-to-market, and device performance gains.
Nano Dimension also develops complementary production equipment for Hi-PEDs ® and printed circuit board (PCB) assembly ( Puma, Fox, Tarantula, Spider etc.). The core competitive edge for this technology is in its adaptive, highly flexible surface-mount technology (SMT) pick-and-place equipment, materials dispenser suitable for both high-speed dispensing and micro-dispensing, as well as an intelligent production material storage and logistics system.
Additionally, Nano Dimension is a leading developer and supplier of high-performance control electronics, software, and ink delivery system. It invents and delivers state-of-the-art 2D and 3D printing hardware and unique operating software. It focuses on high-value, precision-oriented applications such as specialized direct-to-container packaging, printed electronics functional fluids, and 3D printing, which can all be controlled by the proprietary software system - Atlas .
Serving similar users of Hi-PEDs ® , Nano Dimension's Fabrica 2.0 micro additive manufacturing system enables the production of microparts based on a Digital Light Processor (DLP) engine that achieves repeatable micron levels resolution. The Fabrica 2.0 is engineered with a patented array of sensors that allows a closed feedback loop, using proprietary materials to achieve very high accuracy while remaining a cost-effective mass manufacturing solution. It is used in the areas of micron-level resolution of medical devices, micro-optics, semi-conductors, micro-electronics, micro-electro-mechanical systems (MEMS), microfluidics, and life sciences instruments.
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This press release contains forward-looking statements within the meaning of the“safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as“expects,”“anticipates,”“intends,”“plans,”“believes,”“seeks,”“estimates,” and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Nano Dimension is using forward-looking statements in this press release when it discusses the Repurchase Plan and the Company's ability to implement it, including receipt of the approval of the Israeli court. Because such statements deal with future events and are based on Nano Dimension's current expectations, they are subject to various risks and uncertainties. Actual results, performance, or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading“Risk Factors” in Nano Dimension's annual report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, and in any subsequent filings with the SEC. Except as otherwise required by law, Nano Dimension undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Nano Dimension is not responsible for the contents of third-party websites.
NANO DIMENSION INVESTOR RELATIONS CONTACT
Yael Sandler, CFO |
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