WALTHAM, MA – Nano Dimension Ltd. (Nasdaq: NNDM) (“Nano Dimension” 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 a series of updates covering its repurchase plan, repeat customer success, and an R&D milestone.
Share buy-back
Nano Dimension’s previously disclosed share repurchase plan (the “Repurchase Plan”) recently commenced, allowing the Company to buy back up to $200 million worth of its American Depositary Shares (“ADSs”) until October 2024.
The Repurchase Plan authorizes the repurchase of ADSs, from time to time, in open market transactions, in privately negotiated transactions or in any other legally permissible way, 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, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended, and applicable Israeli law. 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.
Second machine sale – indicating a movement to higher manufacturing volumes
Nano Dimension announced the sale of a second advanced AME system, the DragonFly IV®, to a leading Western Defense agency, an existing customer, which has requested to remain anonymous.
With this purchase, Nano Dimension has partnered with and sold the DragonFly IV® to more than ten national defense organizations. Like other defense organizations, which include armies, navies, air forces, and government intelligence agencies, this most recent customer chose Nano Dimension based on the strategic advantages in leveraging AME and specifically the Company’s advanced industrial-level system, the DragonFly IV®. The benefits include intellectual property security, design freedom, and fast-tracked innovation.
R&D Milestone
Nano Dimension filed a patent application relating to INSU™ 200, a proprietary material, titled “Dielectric Ink Compositions and Uses Thereof” under the Paris Convention Treaty.
This material, or consumable as it is otherwise known, is part of the Company’s AME product suite, and is the first jettable ink capable of undergoing the commercial reflow process. It is critical for end-users’ applications, having improved thermal and mechanical properties, specifically the ability to undergo higher temperature and stress. Such advanced properties are necessary for printed applications to meet more demanding specifications in both commercial and defense fields. Nano Dimension designed this material with industry standards as a priority; thus, the improved properties meet reliability tests defined by IPC – the global trade associate for the electronics industry. It will be available to customers in April 2024.
Yoav Stern, Nano Dimension’s Chief Executive Officer and a Member of the Board of Directors, added: “For three years, I have been stating repeatedly that the news of advancement in material and processes will be the most important indications of breakthroughs in additive manufacturing, comparable to a BioTech company’s clinical testing success, but without the need for government agencies’ approval to validate them. This is one of a few expected achievements being announced today, and we hope for more to come, after years of ongoing R&D investments in AM and AME.
With these few announcements, we are pleased to share so many positive updates with our shareholders, all aiming to create shareholder value. The Repurchase Plan is a reflection of our constant assessment of the best uses of our capital. The follow-up second sale to such a quality customer demonstrates our continued success with the most demanding high mix designs manufacturing. The R&D material milestone speaks for itself. All in all – these are indications of the quality and commitment of Nano Dimension’s team members across the western continents, and an indication of expectations for more to come.”
