The Conversation (0)
Murchinson Ltd. (collectively with its affiliates and funds it advises and/or sub-advises, "Murchinson" or "we"), a significant shareholder with approximately 7.4% of the outstanding shares of Nano Dimension Ltd. (NASDAQ: NNDM) ("Nano" or the "Company"), today issued the following letter to Nano shareholders.
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Fellow Nano Shareholders,
Over the last few weeks and months, we have heard CEO Dave Stehlin repeatedly say that Nano's Board of Directors (the "Board"), led by Chairman Robert ("Bob") Pons, is evaluating " exciting opportunities " and " very interesting candidates" as potential uses of Nano's "balance sheet, public company platform, and strategic flexibility. " 1
We believe that any Board decision to approve an ill-advised transaction would be self-serving and aimed at preserving the directors' seats rather than serving the interests of Nano and its shareholders. The parallels to the previous Board, led by Yoav Stern, are striking and should give any shareholder pause. Just as Mr. Stern the fighter-pilot-turned-Kamikaze appeared to treat the Company's resources as his own, it seems to us that Mr. Pons may be operating under the same mistaken assumption.
Shareholders should ask: why is the Board following Mr. Pons in the footsteps of Mr. Stern, who, we believe, intentionally caused Nano to enter into a value-destructive transaction to preserve his position? Why does the Board insist on pursuing a deal that, in our opinion, is very likely to benefit others at the expense of Nano's shareholders?
We are curious as to which flavor-of-the-week industry the Board may be considering. We invite shareholders to share their views with us at Contact@murchinsonltd.com as to which of the following trendy sectors they believe is most likely:
- Space exploration
- "AI" software/hardware
- "Breakthrough" medical technology
- Autonomous vehicles
- Cannabis
- Cryptocurrencies/blockchain
Feel free to also share your opinion on what remuneration or payout, if any, you predict Messrs. Pons and Stehlin will receive in return for using Nano's money on this SPAC-like deal – despite very likely lacking even the faintest clue about the industry in which the target will ultimately operate. Will it be a cash golden parachute? Options? Warrants? Perpetually-paying cushy next-jobs or directorships?
Hopefully, we will have survey results before the Board announces an ill-conceived transaction that we believe could strip Nano of its capital in exchange for nothing more than a pipedream, based on the Board's concerning track record to date.
We look forward to your responses and to continuing this dialogue with our fellow shareholders.
Sincerely,
Murchinson Ltd.
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About Murchinson
Founded in 2012 and based in Toronto, Canada, Murchinson is an alternative asset management firm that serves institutional investors, family offices and qualified clients. The firm has extensive experience capturing the best returning opportunities across global markets. Murchinson's multi-strategy approach allows it to execute investments at all points in the market cycle with fluid allocation between strategies. Our team targets corporate action, distressed investing, private equity and structured finance situations, leveraging its broad market experience with a variety of specialized products and sophisticated hedging techniques to deliver alpha within a risk-averse mandate. Learn more at www.murchinsonltd.com .
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This press release contains forward-looking information within the meaning of applicable securities laws. In general, forward-looking information refers to disclosure about future conditions, courses of action, and events. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the use of any of the words "anticipates", "believes", "expects", "intends", "plans", "will", "would", and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations of Murchinson and currently available information. Forward-looking statements are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. Murchinson undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities legislation.
Disclaimer
The information contained or referenced herein is for information purposes only in order to provide the views of Murchinson and the matters which Murchinson believes to be of concern to shareholders described herein. The information is not tailored to specific investment objections, the financial situations, suitability, or particular need of any specific person(s) who may receive the information, and should not be taken as advice in considering the merits of any investment decision. The views expressed herein represent the views and opinions of Murchinson, whose opinions may change at any time and which are based on analyses of Murchinson and its advisors. In addition, the information contained herein is being publicly disclosed without prejudice and shall not be construed to prejudice any of Murchinson's rights, demands, grounds and/or remedies under any contract and/or law, including any pending lawsuits.
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1 Nano Dimension Q1 2026 Earnings Call (May 7, 2026); Press Release: Nano Dimension Issues Letter from Chief Executive Officer, David Stehlin (June 5, 2026).
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Longacre Square Partners
murchinson@longacresquare.com
