TCT Magazine
2024
January 30 - Desktop Metal’s largest shareholder Farhad Ebrahimi acquires 5.1% stake in Stratasys
Ebrahimi owns 15.02% of Desktop Metal stock, making him the largest single shareholder in the company, and was reportedly a prominent supporter of the merger between Desktop Metal and Stratasys.
January 24 - Desktop Metal lays off 20% of staff in latest cost reduction plan
2023
December 23 - Nano Dimension makes another bid to acquire Stratasys at $16.50 per share
December 21 - Stratasys adopts limited duration Rights Plan to protect shareholder long-term interests
Just when we thought we'd had the last instalment in this ongoing story for 2023, Stratasys announced a limited duration shareholder rights plan, designed to ‘protect the long-term interests’ of the company and its shareholders. It also seeks to limit the likelihood that any entity, person or group would gain control or significant influence through the open-market or other accumulation of shares without appropriately compensating all Stratasys shareholders.
November 30 - Desktop Metal receives noncompliance notice from NYSE
In the aftermath of Desktop Metal's merge with Stratasys falling through, the share value of Desktop's common stock took a hit, leading to NYSE serving the company a noncompliance notice.
November 21 - “We don’t do anything in a rush.” – Stratasys CEO Yoav Zeif on what comes next after termination of Desktop Metal merger
October 9 - Desktop Metal terminates shareholder right's plan
September 29 - 3D Systems remains keen on Stratasys merger after Desktop Metal deal is vetoed by shareholders
September 28 - TCT Interview | Desktop Metal CEO Ric Fulop: "We'll remain an independent company. Desktop Metal is not for sale."
- Desktop Metal CEO Ric Fulop spoke to TCT immediately after the announcement from Stratasys that the merger had been terminated, he told TCT that Desktop Metal was disappointed that the Stratasys Board wasn't successful in keeping the support of the shareholders, but it had negotiated provisions into the agreement that protected DM.
- Fulop said that Desktop Metal was not for sale and would remain an independent company: "We don't need to sell our company, we like our company. And we weren't selling our company, we were merging our company, we were going to remain working at the company. So, I would say our goal going forward is to grow Desktop Metal independently and make it the best company in mass production in additive."
September 28 - Stratasys terminates $1.8 billion Desktop Metal merger after shareholder vote
- Stratasys announced that it terminated the merger agreement with Desktop Metal after its shareholders did not approve the deal in the September 28, 2023, Extraordinary General Meeting of Shareholders
- The Stratasys Board of Directors said it would explore 'strategic alternatives.'
- A reported 78.6% of Stratasys shareholders voted against the merger
- Desktop Metal is set to receive a reported $32.5 million in termination fees
September 25 - Nano Dimension re-affirms intention to vote against Stratasys-Desktop Metal merger
September 22 - The Donerail Group reiterates intent to vote against Desktop Metal merger and highlights ‘complete failure’ of the Stratasys Board
September 21 - Proxy advisor ISS recommends Desktop Metal shareholders vote “FOR” merger with Stratasys
September 21 - ISS recommends Stratasys shareholders reject Desktop Metal merger, says 3D Systems deal offers more value
September 21 - Nano Dimension resumes $227.5 million share repurchase plan
September 18 - Nano Dimension announces new chairman after all director nominees re-elected
September 15 - Stratasys says latest 3D Systems offer is ‘nothing new’ and only repeats previously rejected ‘inadequate’ offer
September 14 - Stratasys’ largest shareholder Nano Dimension to vote against Desktop Metal merger
September 14 - 3D Systems delivers signed merger agreement to Stratasys & urges shareholders to vote against Desktop Metal deal
September 13 - Stratasys terminates talks with 3D Systems after revised proposal worth $27 per share
- On September 11, 2023, 3D Systems announced the submission of an improved proposal to Stratasys from September 6. The offer would convert each Stratasys share into 7.00 USD in cash and ownership of 46% of the aggregate shares of the combined company. 3D Systems believes this offer is worth more than 27 USD per share to Stratasys shareholders inclusive of synergies.
- On September 12, the Stratasys Board unanimously concluded that the revised 3D Systems proposal did not constitute a ‘superior proposal’ to the Desktop Metal merger, and terminated discussions with the company.
- Stratasys said that the revised proposal carried 'several significant risks'.
September 8 - Nano Dimension shareholders re-elect all company director nominees at 2023 AGM
September 5 - Desktop Metal shareholders to vote on Stratasys merger with stockholder meeting scheduled for Sep 28
August 23 - Stratasys shareholders to vote on Desktop Metal merger at upcoming meeting
August 23 - Stratasys SEC filing
August 22 - Stratasys and Desktop Metal receive second information request from DOJ’s Antitrust Division
August 17 - Murchinson releases investor presentation outlining "need for boardroom change" at Nano Dimension.
August 16 - Nano Dimension - Let's talk #25 - The upcoming AGM vote from the Chairman and CEO
August 16 - Nano Dimension CEO urges shareholders to ‘protect their investment’ at next month’s AGM
August 11 - Nano Dimension CEO to resign if Murchinson gains representation on Nano Board
August 9 - 3D Systems Reports Second Quarter 2023 Financial Results
August 9 - Stratasys Releases Second Quarter 2023 Financial Results
August 8 - Stratasys shareholders re-elect all eight director nominees to the Stratasys Board
August 7 - Murchinson in new attempt to enact change at Board level of Nano Dimension
August 1 - Nano Dimension announces expiration of $25 per share Stratasys offer after 5.6% of shares tendered
July 28 - Nano Dimension to “stand down” on Stratasys and withdraw special tender offer
July 27 - 3D Systems announces date for completion of Stratasys merger discussions
July 25 - Nano Dimension “sets the record straight” for Stratasys shareholders with video message from CEO
- Speaking about Nano's tender offer, CEO and Chairman Yoav Stern said: “So what will happen if this doesn’t happen? We shall pass. We shall pass and we will sell the shares. At the price the share is now we make a lot of money, and I will be sorry about it, but its better to be sorry and make a lot of money than to be sorry and lose money, and we won’t be able to be partners. That is against my honest interest, which is backed by the board, we wanted to be full partners and were rejected, rejected, rejected.”
July 20 - Nano Dimension files complaint in NY Supreme Court alleging shareholder “misconduct”
July 19 - Stratasys files investor presentation
July 17 - Stratasys to enter discussions with 3D Systems despite Desktop Metal merger agreement
- Stratasys says that the revised offer from 3D Systems, plus the company offer to pay termination fees to Desktop Metal, would "reasonably be expected" to result in a "superior proposal" to the merger with Desktop Metal
July 14 - The Donerail Group Delivers Open Letter to the Stratasys Board of Directors
July 13 - 3D Systems submits third Stratasys takeover offer, worth $2 billion
July 5 - Stratasys shareholders to vote on Nano Dimension’s proposed Board of Directors at 2023 AGM
June 30 - 3D Systems reaffirms commitment to combination with Stratasys
June 30 - Stratasys shareholder Donerail Group LP expresses concern over Desktop Metal merger in open letter
June 27 - Stratasys to advise shareholders on latest Nano Dimension offer within 10 working days
June 27 - 3D Systems submits improved Stratasys takeover bid; Stratasys board to review
June 21 - Nano Dimension responds to Stratasys
June 21 - Stratasys re-addresses Nano Dimension tender offer
June 20 - Stratasys responds to 3D Systems takeover bid (& 3D Systems respond back)
June 20 - 3D Systems issues update to shareholders on its proposal to acquire Stratasys
June 2 - TCT Interview – Stratasys CEO Yoav Zeif details the strategy behind Desktop Metal merger
June 2 - 3D Systems offer for Stratasys made public
TCT Magazine
May 30 - 3D Systems makes Stratasys takeover attempt
May 30 - Desktop Metal adopts shareholder rights plan to ‘maximise value’ in deal with Stratasys
May 30 - Stratasys board unanimously rejects partial tender offer from Nano Dimension
May 25 - 7 things we learned from Stratasys & Desktop Metal’s Joint Transaction Investors Call
May 25 - Stratasys & Desktop Metal: What we know so far
May 25 - Nano Dimension commences special tender offer for Stratasys
May 25 - Stratasys and Desktop Metal to merge in deal worth $1.8 billion
- Stratasys and Desktop Metal announce they have entered into a definitive agreement for the two companies to combine in an all-stock transaction valued at around 1.8 billion USD
- Stratasys and Desktop Metal expect the combined company to generate 1.1 billion in 2025 revenue, with ‘significant upside potential’ in a total addressable market of more than 100 billion by 2032
- The transaction, which the companies expect to close in the fourth quarter of 2023, will see existing Stratasys shareholders own approximately 59% of the combined company, and legacy Desktop Metal stockholders own approximately 41% of the company, in each case, on a fully diluted bases as stated in the press release
April 13 - Stratasys rejects third bid of $1.22 billion from Nano Dimension
April 10 - Nano Dimension - Let's Talk #22 - Q1/2023 Early Results & M&A Report 10/04/23
April 5 - Stratasys completes Covestro Additive Manufacturing acquisition
April 5 - Nano Dimension announces special tender offer in attempted takeover of Stratasys
April 3 - Nano Dimension revises proposal to acquire Stratasys to $20.05 per share in cash
April 3 - Stratasys rejects improved Nano Dimension takeover bid worth $1.2 billion
March 30 - Nano Dimension increases Stratasys takeover offer to $19.55 per share
March 29 - Nano Dimension - Let's Talk #21 - Analysis of Stratasys Transaction 29/03/23
March 22 - Nano Dimension - Let's Talk #16 - The Falsity of Murchinson’s Shareholder Meeting 22/03/23
March 22 - Nano Dimension calls out “falsehoods, misinformation” from Murchinson
March 22 - Stratasys rejects $1.1 billion takeover bid from Nano Dimension
March 20 - Murchinson declares victory in battle for Nano Dimension
March 20 - Nano Dimension - Let's Talk #13 - Misconceptions By Anson, While Bistricer is In Hiding 20/03/23
March 16 - Nano Dimension - Let's Talk #12 - Capital Allocation in Nano Dimension 16/03/23
March 13 - Nano Dimension - Let's Talk #9 - Proposed Stratasys Acquisition 13/03/23
March 12 - Nano Dimension - Let's Talk #8 - In Hebrew: Setting the Record Straight 12/03/23
March 10 - Nano Dimension offers $1.1 billion to acquire Stratasys
- By this point, Nano Dimension owns approximately 14.5% of Stratasys’ outstanding shares, (13.7% on a fully diluted basis), and has been the largest shareholder since July 2022. The formal offer that has been made would acquire the remaining shares for a total consideration of approximately 1.1 billion USD in cash
- Nano Dimension says the proposal delivers immediate and certain value to Stratasys’ shareholders and will ‘vastly’ strengthen the company’s ability to capitalise on opportunities in the current environment
March 9 - Nano Dimension - Let's Talk #6 - Deepcube and Addressing Allegations Made by Murchison 09/03/23
March 8 - Nano Dimension - Let's Talk #5 - Q&A 08/03/23
March 7 - Stratasys CEO Yoav Zeif: 'It’s not about talking anymore, it’s about delivering.'
March 7 - Nano Dimension reiterates that shareholder meeting held by Murchinson is “illegal and invalid”
March 6 - Murchinson issues presentation detailing ‘urgent need for change’ at Nano Dimension
March 1 - Nano Dimension - Let's Talk #3 - Q&A and Update 01/03/23
February 17 - Nano Dimension hires Lazard Ltd to advise on potential mergers and acquisitions
February 16 - Nano Dimension - Let's Talk #1 - 3D Culture: Deliver, Diversify & Drive Forward 16/02/23
- The first video in the "Let's Talk" YouTube series from Nano Dimension CEO and Chairman Yoav Stern, speaking to the company's shareholders
February 13 - Murchinson announces special general meeting of Nano Dimension shareholders
February 3 - TCT Explainer: The power struggle at Nano Dimension
February 2 - Desktop Metal to lay off a further 15% of workforce as $50m cost reduction plan commences
- Desktop Metal launches another plan in a bid to reduce costs and turn a profit.
January 31 - Nano Dimension issues letter to shareholders, calls Murchinson “Shady”
January 30 - Nano Dimension adopts shareholder rights plan to prevent takeover bid
TCT Magazine
2022
- An early sign of instability at the top of Nano Dimension as the company suggested those interested in acquiring Nano want to 'dismantle it.'
August 9 - TCT Explainer: Why Stratasys is acquiring Covestro’s additive manufacturing business
August 8 - Stratasys set to acquire Covestro’s 3D printing materials business
August 1 - TCT Additive Insight Podcast #95 – Nano Dimension acquires stake in Stratasys
July 25 - TCT Explainer: Why Nano Dimension has invested in Stratasys
July 25 - Stratasys deploys shareholder rights plan in bid to deter hostile takeover
July 18 - Nano Dimension acquires 12% stake in Stratasys
- Nano Dimension makes a surprise move in acquiring 12% of the outstanding shares in Stratasys, but would later play down the idea it would seek to acquire the company outright.
June 13 - Desktop Metal to lay off 12% of staff and consolidate facilities footprint
2021
August 12 - Desktop Metal to acquire ExOne in $575 million deal
- In one of the biggest developments of the year, Desktop Metal integrates its biggest binder jet competitor.
March 26 - TCT Additive Insight #58 - Stratasys enters powder bed fusion market
March 24 - Stratasys enters powder bed fusion market
- Stratasys continues its bid to build out the most comprehensive polymer 3D printing portfolio in the industry by releasing a technology based on High Speed Sintering.
March 15 - Desktop Metal launches Desktop Health business line with Michael Mazen Jafar at the helm
February 26 - TCT Additive Insight #55 – Stratasys acquires RPS + office friendly metal 3D printing developments
January 22 - TCT Additive Insight #52 – Desktop Metal buys EnvisionTEC + more 3D printing acquisitions
January 15 - Desktop Metal acquires EnvisionTEC in $300 million deal
- Desktop Metal broadens its horizons by entering the polymer 3D printing space.
2020
December 10 - Desktop Metal now publicly listed on New York Stock Exchange as Trine acquisition approved
December 9 - Stratasys to acquire 3D printing start-up Origin in $100 million deal
August 25 - Desktop Metal to go public at value of $2.5 billion in deal with Trine Acquisition Corp
- Desktop Metal kickstarts a trend of additive manufacturing companies going public via Special Purpose Acquisition Corporations.
2019
December 17 - Yoav Zeif appointed as CEO of Stratasys
December 5 - Yoav Stern appointed as President and CEO of Nano Dimension
2018
March 19 - Desktop Metal receives $65 million in funding round led by Ford Motor Company
2017
May 9 - Stratasys and Desktop Metal announce extension of strategic partnership
- "Stratasys, one of the 3D printing industry’s leading companies, announced a strategic partnership focusing on product distribution with one of the industry's most exciting newcomers, Desktop Metal on the second day of RAPID+TCT."
April 25 - TCT goes behind the scenes at Desktop Metal HQ
- As Desktop Metal came out of stealth and announced its Studio and Production metal 3D printing systems, CEO Ric Fulop and his team invited TCT to tour the company's headquarters.
2016
July 6 - GE Ventures and Saudi Aramco invest in 3D printing startup Desktop Metal
- Without so much as a prototype in sight, Desktop Metal raised a total $52M in investment from Kleiner Perkins, New Enterprise Associates, Lux Capital, and Stratasys, whose founder Scott Crump would also serve as a board observer for the company.
