WALTHAM, MA – Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension”, “Nano”, or the “Company”), a leading supplier of Additively Manufactured Electronics (“AME”) and multi-dimensional polymer, metal & ceramic Additive Manufacturing (“AM”) 3D printing solutions, today announced that, in light of the ongoing war between Israel and the Hamas terrorists (the “War”), its Board of Directors (the “Board”) has cancelled the extraordinary shareholders general meeting (“EGM”) that was originally scheduled to convene on December 13th, 2023. The Board will consider rescheduling options for the EGM when the impact of the War on Nano’s Israeli workforce subsides.
When the EGM was initially announced on October 18th, 2023, the expansive nature and depth of the War was not yet clear. While Nano continues to believe that its financial performance during fiscal 2023 and beyond will not be affected by the War, its staffing across critical corporate functions (not including sales and marketing) will be impacted as individuals within Nano’s workforce are called to join the War effort. The recruitment of reserve duty in Israel currently includes approximately 15% of Nano’s local workforce.
As previously announced, Nano Dimension remains confident in its outlook for fiscal 2023 and expects to deliver its strongest year yet in terms of organic growth. The Board and the Company’s management team continue to take actions against the backdrop of the War-driven constraints outlined above.
The impact on organizational capacity should be considered in the context of two ongoing developments this quarter, beyond the sales & marketing and customer support campaign:
First, and fortunately, Nano Dimension hopes to have a strong quarter in terms of revenue, translating to many instances of high value promises to its customers and significant demands on all support functions to fulfill them.
Second, as previously announced, this quarter Nano’s management is preparing for Q4/2023 and 2024 goals of “Right-Shaping–Profitability Focus”. This is a major corporate transition that will include the adoption of programs that consume the efforts of finance and operation personnel, in addition to closing the reporting of the third quarter of 2023 and the fiscal year 2023.
Yoav Stern, CEO of Nano Dimension, commented: “While we operate in 6 countries across the globe, support for our Israeli colleagues and execution of our strategic plan must take priority. Prioritizing our effort during this special circumstance means that the time-consuming preparation for a December 2023 EGM is not currently in the best interest of the Company and its shareholders. Nano is performing during the War – without compromising business results. With approximately 15% of our colleagues serving in uniform for Israel’s armed forces during this tragic war, we see no other way to fulfill our primary responsibility of delivering on customer promises as we continue our effort to drive record results, other than to focus exclusively on execution. Hence, the December EGM is cancelled.”
