Delaware Court of Chancery Grants Desktop Metal鈥檚 Motion for an Expedited Trial; Trial to be Set for February; Desktop Metal Files Second Lawsuit Against Nano Dimension for Breach of Merger Agreement
Desktop Metal (NYSE: DM) has secured an expedited trial in Delaware Court of Chancery for its lawsuit against Nano Dimension, scheduled for February 24, 2025. The lawsuit, filed December 16, 2024, alleges Nano Dimension breached merger agreement obligations by failing to obtain regulatory approval efficiently.
Additionally, Desktop Metal filed a second lawsuit on December 31, 2024, against both Nano Dimension and Markforged, concerning Nano Dimension's September 2024 agreement to acquire Markforged. Desktop Metal claims this acquisition would increase the risk of regulatory prohibition and delay their merger's consummation. The company seeks to prevent the Markforged Transaction from closing until after their merger completes.
Initially, Desktop Metal didn't expect the Markforged deal to impact their merger, assuming their transaction would close first. However, due to Nano Dimension's delays in obtaining CFIUS approval, circumstances have changed.
Desktop Metal (NYSE: DM) ha ottenuto un processo accelerato nel Tribunale della Cancelleria del Delaware per la causa intentata contro Nano Dimension, programmata per il 24 febbraio 2025. La causa, presentata il 16 dicembre 2024, accusa Nano Dimension di aver violato le obbligazioni del contratto di fusione non ottenendo l'approvazione normativa in modo efficiente.
Inoltre, Desktop Metal ha presentato una seconda causa il 31 dicembre 2024, contro sia Nano Dimension che Markforged, riguardante l'accordo di Nano Dimension del settembre 2024 per acquisire Markforged. Desktop Metal sostiene che questa acquisizione aumenterebbe il rischio di divieto normativo e ritarderebbe la conclusione della loro fusione. L'azienda cerca di impedire la chiusura della Transazione Markforged fino a dopo il completamento della loro fusione.
Inizialmente, Desktop Metal non si aspettava che l'accordo con Markforged potesse influenzare la loro fusione, supponendo che la loro transazione si sarebbe conclusa prima. Tuttavia, a causa dei ritardi di Nano Dimension nel ottenere l'approvazione del CFIUS, le circostanze sono cambiate.
Desktop Metal (NYSE: DM) ha obtenido un juicio acelerado en el Tribunal de Canciller铆a de Delaware para su demanda contra Nano Dimension, programada para el 24 de febrero de 2025. La demanda, presentada el 16 de diciembre de 2024, alega que Nano Dimension viol贸 las obligaciones del acuerdo de fusi贸n al no obtener la aprobaci贸n regulatoria de manera eficiente.
Adem谩s, Desktop Metal present贸 una segunda demanda el 31 de diciembre de 2024, contra tanto Nano Dimension como Markforged, relacionada con el acuerdo de Nano Dimension de septiembre de 2024 para adquirir Markforged. Desktop Metal sostiene que esta adquisici贸n aumentar铆a el riesgo de prohibici贸n regulatoria y retrasar铆a la consumaci贸n de su fusi贸n. La empresa busca evitar que la Transacci贸n Markforged se cierre hasta que finalice su fusi贸n.
Inicialmente, Desktop Metal no esperaba que el acuerdo con Markforged impactara su fusi贸n, asumiendo que su transacci贸n se cerrar铆a primero. Sin embargo, debido a los retrasos de Nano Dimension en obtener la aprobaci贸n del CFIUS, las circunstancias han cambiado.
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觳橃潓鞐 雿办姢韥儜 氅旐儓鞚 毵堩伂韽霌 瓯半灅臧 攴鸽摛鞚 頃╇硲鞐 鞓來枼鞚 氙胳範 瓴冹澊霛茧姅 鞓堨儊頃橃 鞎婌晿鞀惦媹雼. 攴鸽摛鞚 鞛愳嫚鞚 瓯半灅臧 毹检爛 鞕勲霅 瓴冹澊霛缄碃 臧鞝曧枅旮 霑岆鞛呺媹雼. 攴鸽煬雮 雮橂吀 霐旊靺橃澊 CFIUS 鞀轨澑鞚 氚涬姅 雿 歆鞐半悩氅挫劀 靸來櫓鞚 氚旊岇棃鞀惦媹雼.
Desktop Metal (NYSE: DM) a obtenu un proc猫s acc茅l茅r茅 devant la Cour de Chancellerie du Delaware pour sa poursuite contre Nano Dimension, pr茅vu pour le 24 f茅vrier 2025. La poursuite, d茅pos茅e le 16 d茅cembre 2024, all猫gue que Nano Dimension a viol茅 ses obligations contractuelles de fusion en n'obtenant pas l'approbation r茅glementaire de mani猫re efficace.
De plus, Desktop Metal a d茅pos茅 une seconde poursuite le 31 d茅cembre 2024, contre 脿 la fois Nano Dimension et Markforged, concernant l'accord de Nano Dimension de septembre 2024 pour acqu茅rir Markforged. Desktop Metal affirme que cette acquisition augmenterait le risque d'interdiction r茅glementaire et retarderait la conclusion de leur fusion. L'entreprise cherche 脿 emp锚cher la r茅alisation de la transaction Markforged jusqu'脿 ce que leur fusion soit achev茅e.
Au d茅part, Desktop Metal ne s'attendait pas 脿 ce que l'accord avec Markforged ait un impact sur leur fusion, supposant que leur transaction serait conclue en premier. Cependant, en raison des retards de Nano Dimension pour obtenir l'approbation du CFIUS, les circonstances ont chang茅.
Desktop Metal (NYSE: DM) hat einen beschleunigten Prozess vor dem Chancery Court in Delaware f眉r seine Klage gegen Nano Dimension gesichert, die f眉r den 24. Februar 2025 angesetzt ist. Die Klage, die am 16. Dezember 2024 eingereicht wurde, behauptet, dass Nano Dimension gegen die Verpflichtungen des Fusionsvertrags versto脽en hat, indem es die regulatorische Genehmigung nicht effizient eingeholt hat.
Zus盲tzlich hat Desktop Metal am 31. Dezember 2024 eine zweite Klage gegen sowohl Nano Dimension als auch Markforged eingereicht, die sich auf die Vereinbarung von Nano Dimension im September 2024 zur 脺bernahme von Markforged bezieht. Desktop Metal behauptet, dass diese 脺bernahme das Risiko eines regulatorischen Verbots erh枚hen und die Vollziehung ihrer Fusion verz枚gern w眉rde. Das Unternehmen strebt an, die Markforged-Transaktion bis nach dem Abschluss ihrer Fusion zu verhindern.
Urspr眉nglich erwartete Desktop Metal nicht, dass das Markforged-Gesch盲ft ihre Fusion beeintr盲chtigen w眉rde, da angenommen wurde, dass deren Transaktion zuerst abgeschlossen w眉rde. Aufgrund der Verz枚gerungen von Nano Dimension bei der Erlangung der CFIUS-Genehmigung haben sich die Umst盲nde jedoch ge盲ndert.
- Expedited trial granted, potentially accelerating resolution of merger disputes
- Legal actions demonstrate proactive defense of shareholder interests
- Ongoing delays in obtaining CFIUS approval for merger
- Legal complications with Nano Dimension potentially affecting merger completion
- Risk of regulatory prohibition due to Markforged acquisition
Insights
The expedited trial grant and dual lawsuits mark a critical legal escalation in Desktop Metal's <money>$450M</money> merger saga with Nano Dimension. The February trial timeline is remarkably swift for Delaware Chancery Court, indicating the court's recognition of the matter's urgency. The first lawsuit's focus on reasonable best efforts in obtaining CFIUS approval presents a compelling case, as this standard is well-established in Delaware merger jurisprudence. The second lawsuit targeting the Markforged acquisition introduces a complex antitrust dimension, potentially creating a triple-merger deadlock that could attract heightened regulatory scrutiny. The legal strategy appears designed to force Nano Dimension's hand, either to expedite CFIUS approval or abandon the Markforged deal. For simplified understanding: Picture three companies trying to merge while two separate deals are happening simultaneously - this creates a legal traffic jam that needs to be resolved in a specific order.
The merger complications reveal deeper strategic implications for the 3D printing industry consolidation. Desktop Metal's aggressive legal stance suggests they view Nano's Markforged pursuit as a potential poison pill to their own merger agreement. The CFIUS approval delays are particularly concerning as they could impact Desktop Metal's market position and valuation, especially given their sub-<money>$100M</money> market cap. The timing of Nano's Markforged agreement raises questions about their commitment to the Desktop Metal merger. In simple terms: It's like trying to buy two houses simultaneously while still needing bank approval for the first purchase - it complicates both deals and could potentially derail both transactions. This situation could reshape the competitive landscape in the additive manufacturing sector, potentially forcing a reassessment of valuations across the industry.
In addition, Desktop Metal announced that on December 31, 2024, it filed a second lawsuit against Nano Dimension, which also named Markforged Holding Corporation (鈥淢arkforged鈥) as a defendant, in the Court of Chancery, alleging that Nano Dimension鈥檚 September 2024 agreement (the 鈥淢arkforged Agreement鈥) to acquire Markforged (the 鈥淢arkforged Transaction鈥), if consummated, would constitute a breach of Nano Dimension鈥檚 obligation in the Merger Agreement to not consummate acquisitions that would reasonably be expected to (i) increase, in any material respect, the risk of a governmental entity entering an order prohibiting, or (ii) materially delay, the consummation of the Merger. At the time it was announced, Desktop Metal did not anticipate that the Markforged Transaction would impact the closing of the Merger because all parties anticipated that the Merger would close before the Markforged Transaction could close. Due to events that occurred after that time, specifically Nano Dimension鈥檚 ongoing delays in obtaining CFIUS approval for the Merger, Desktop Metal believes that the consummation of the Markforged Transaction would materially increase the risk of a governmental entity preventing or delaying the consummation of the Merger. Desktop Metal is therefore seeking an order restraining Nano Dimension and Markforged from closing the Markforged Transaction until after the Merger has closed.
The Merger between Desktop Metal and Nano Dimension represents a significant strategic opportunity for both companies, combining complementary strengths to create value for shareholders, employees and customers. Desktop Metal remains focused on upholding the contractual obligations agreed upon by both parties, closing the transaction and delivering on the potential of the Merger. Desktop Metal is confident that a closing of the Merger may be completed expeditiously.
About Desktop Metal
Desktop Metal (NYSE: DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Its innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. Desktop Metal is home to the original inventors and world leaders of the 3D printing methods it believes will empower this shift, binder jetting and digital light processing. Today, Desktop Metal鈥檚 systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use its technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world鈥檚 toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and its #TeamDM brands at .
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include statements relating to the proposed transaction between Desktop Metal and Nano Dimension, including statements regarding the scheduling of a trial, closing of the Merger, and all other statements other than statements of historical fact that address activities, events or developments that Desktop Metal intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management鈥檚 beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words 鈥渙utlook,鈥 鈥済uidance,鈥 鈥渆xpects,鈥 鈥渂elieves,鈥 鈥渁nticipates,鈥 鈥渟hould,鈥 鈥渆stimates,鈥 鈥渕ay,鈥 鈥渨ill,鈥 鈥渋ntends,鈥 鈥減rojects,鈥 鈥渃ould,鈥 鈥渨ould,鈥 鈥渆stimate,鈥 鈥減otential,鈥 鈥渃ontinue,鈥 鈥減lan,鈥 鈥渢arget,鈥 or the negative of these words or similar expressions. These forward-looking statements involve known and unknown risks and uncertainties, which may cause Desktop Metal鈥檚 actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may cause Desktop Metal鈥檚 actual results or performance to be materially different from those expressed or implied in the forward-looking statements include, but are not limited to, (i) the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; (ii) the ability to satisfy closing conditions to the completion of the proposed transaction; and (iii) other risks related to the completion of the proposed transaction, the pending litigation and actions related thereto.
The forward-looking statements included in this communication are made only as of the date hereof. Desktop Metal does not undertake any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.
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Source: Desktop Metal, Inc.
FAQ
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