Nano Dimension’s previously announced share repurchase plan recently began and allows the Company to repurchase up to $200 million of its American Depositary Shares (“ADSs”) through October 2024. The repurchase plan authorizes the repurchase of ADSs from time to time in open market transactions, in privately negotiated transactions or as otherwise permitted by law, depending on market conditions, stock 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 part of the approved repurchase amount. The repurchase plan does not require the Company to repurchase any specific number of the ADSs and may be suspended or terminated at any time.
Nano Dimension reported the sale of a second advanced AME system, the DragonFly IV, to a leading Western defense agency, an existing customer who has asked 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 including armies, navies, air forces and government intelligence agencies, this latest customer chose Nano Dimension because of the strategic advantages of using AME and, in particular, the company’s advanced industrial system, DragonFly IV®. Benefits include intellectual property security, design freedom and accelerated innovation.
Nano Dimension has filed a patent application for INSU™ 200, a proprietary material, entitled “Dielectric Ink Compositions and Uses Thereof” under the Paris Convention.
This material, or consumable as it is also known, is part of the company’s AME product line and is the first squirtable ink suitable for the commercial reflow process. It is critical for end-use applications because it has improved thermal and mechanical properties, particularly the ability to withstand higher temperatures and stresses. Such advanced properties are required for printed applications to meet more demanding specifications in both commercial and defense sectors. Nano Dimension primarily took industry standards into account when developing this material. The improved properties therefore meet the reliability tests set by IPC – the global trading partner of the electronics industry. It will be available to customers in April 2024.
Yoav Stern, Chief Executive Officer and Member of the Board of Directors of Nano Dimension, added: “For three years, I have repeatedly stated that news of advances in materials and processes will be the key indicators of breakthroughs in additive manufacturing. comparable to the success of a BioTech company’s clinical trials, but without requiring approval from a government agency for validation. This is one of the few expected achievements to be announced today, and we hope there are more to come after years of continued R&D investment in AM and AME.
With these few announcements, we are pleased to be able to share so many positive updates with our shareholders, all aimed at creating shareholder value. The repurchase plan reflects our ongoing evaluation of the optimal use of our capital. The subsequent second sale to such a high-value customer demonstrates our continued success in producing the most sophisticated high-mix designs. The milestone in the area of R&D materials speaks for itself. All in all, these are indications of the quality and commitment of Nano Dimension team members in the Western continents and an indication of expectations for more to come.”