Desktop Metal will hold a special meeting of stockholders on September 28th, 2023 to vote on its proposed merger with Stratasys.
September 28th is also the date of Stratasys’ Extraordinary General Meeting (EGM) of Shareholders, whereby Stratasys shareholders will have their say on the Desktop Metal business combination.
The companies entered into a merger agreement on May 25, before Nano Dimension and 3D Systems both made attempts to acquire or merge with Stratasys instead.
With Stratasys repeatedly rebuffing those advances from Nano and 3D Systems, the merger with Desktop Metal now appears to be the most likely option. But it will be decided by the shareholders of both companies.
Preliminary voting results will be announced at the Desktop Metal special meeting and Stratasys EGM, with the final results being filed with the SEC within four business days of September 28th. The two companies say they expect the merger to close – if it is to be approved – in Q4 of this year, but cannot yet predict a specific date.
Like Stratasys, Desktop Metal is unanimously recommending stockholders vote for the merger proposal. Desktop Metal stockholders of record at the close of business on July 31, 2023, will be entitled to vote at the special meeting.
“As we first stated back in May, the combination of Stratasys and Desktop Metal unites the polymer strengths of Stratasys with the complementary industrial mass production leadership of Desktop Metal and our breakthrough technologies, such as binder jetting,” commented Ric Fulop, Founder and CEO of Desktop Metal. “The combined company will create the first Additive Manufacturing company that will be at scale — targeted to generate more than $1.6 billion in revenue and more than $300 million of adjusted EBITDA in 2026 at base case, for a targeted pro forma margin of 20%.
“Together, we expect to be able to offer customers end-to-end solutions from designing, prototyping, and tooling to mass production and aftermarket operations across the entire manufacturing lifecycle. We remain as committed as ever to our goal of ushering in a new era of AM 2.0, so that it can deliver meaningful sustainability improvements and once-unthinkable innovations.”
