STAMFORD, Conn., Oct. 27, 2023 (GLOBE NEWSWIRE) -- Abbott Cooper PLLC is investigating Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano” or the “Company”) on behalf of the Company’s investors.
Nano stockholders are encouraged to contact Abbott Cooper PLLC by calling (475) 333-0674, emailing ac@abbottlawyer.com or visiting our website at www.abbottlawyer.com for additional information about this investigation as well as their legal rights and options.
The investigation concerns whether Nano and its chief executive officer, Yaov Stern, engaged in securities fraud and other unlawful business practices. Specifically, the investigation seeks to determine whether Mr. Stern violated federal securities laws in connection with the purchase and sale of Nano’s American Depositary Shares (“ADSs”) and Nano’s tender offer for ordinary shares (“Stratasys Shares”) of Stratasys Ltd.
From May 15, 2023 to May 25, 2023, Mr. Stern bought an aggregate amount of 2,100,000 of Nano’s ADSs. On May 25, 2023, Nano launched a tender offer (the “Tender Offer) to purchase up to 27,925,689 Stratasys Shares for $18.00 per share. As of May 25, 2023, Nano was the beneficial owner of 9,695,115 Stratasys Shares, representing approximately 14.2% of the issued and outstanding Stratasys Shares.
On June 27, 2023, Nano increased the price (the “Tender Offer Price”) to be paid per Stratasys Share in the Tender Offer to $20.05. On July 10, 2023, Nano increased the Tender Offer Price to $24.00. On July 18, 2023, Nano again increased the Tender Offer Price to $25.00. The last reported price per Stratasys Share on July 18, 2023 was $21.30, representing a 43% increase from the last reported price per Stratasys Share on May 24, 2023, the last trading day prior to the launch of the Tender Offer. As a result of the increase in the price per Stratasys Share, the value of the Stratasys Shares beneficially owned by Nano increased by approximately $62 million, from approximately $144 million to $206 million. From May 24, 2023 to July 18, 2023, the last reported price per Nano’s ADSs increased by approximately 30% and Nano’s market capitalization increased from approximately $615 million to $800 million.
On July 27, 2023, Mr. Stern sold 100,000 of Nano’s ADSs. The next day, July 28, 2023, Nano issued a press release announcing its intention to discontinue the Tender Offer and review its investment in Stratasys, including a possible sale. Also on July 28, 2023, Mr. Stern sold 1,800,000 of Nano’s ADSs. Mr. Stern sold an additional 200,000 of Nano’s ADSs on July 31, 2023.
On August 1, 2023, Nano issued a press release announcing that the Tender Offer had expired and that Nano had not accepted any Stratasys Shares tendered into the offer. Nano also announced a possible sale of its 14% interest in the issued and outstanding Stratasys Shares. The last reported price per Stratasys Share on August 1, 2023 was $17.79, a 7% decline from the last reported price per Stratasys Share on the trading day immediately prior to Nano’s July 27, 2023. During that same period, the last reported price per Nano’s ADS declined from $3.17 to $3.11. The last reported price per Nano’s ADSs on October 26, 2023 was $2.71.
An investor who purchased Nano’s ADSs for the last reported trading price on May 24, 2023, the last trading day prior to the launch of the Tender Offer and then sold the same amount of Nano’s ADSs for the last reported trading price on July 27, 2023, the last trading day prior to Nano’s announcement that it intended to discontinue the Tender Offer, would have experienced a total return (without taking into account commissions or similar expense) of approximately 30%.
Abbott Cooper PLLC is dedicated to shareholders’ rights and empowering shareholders through strategic counsel and legal advocacy. For additional information about Abbott Cooper PLLC, please visit www.abbottlawyer.com.
CONTACT:
Abbott Cooper PLLC
Abbott Cooper
(475) 333-0674
www.abbottlawyer.com
Attorney advertising. Prior results do not guarantee a similar outcome.
