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WALTHAM, MASSACHUSETTS - Nano Dimension Ltd. (NASDAQ:NNDM), a digital manufacturing company with a market capitalization of $320 million currently trading near its 52-week low of $1.33, announced Monday that its subsidiary, Desktop Metal, Inc., has filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code.
The decision was made by Desktop Metal’s independent Board of Directors after exploring strategic alternatives to address "significant liabilities and liquidity needs" that stemmed from decisions made by Desktop Metal’s prior management, according to a company press release.
Nano Dimension, which describes itself as a provider of Digital Manufacturing solutions, acquired Desktop Metal as part of its expansion strategy. The parent company appears to be distancing itself financially from its struggling subsidiary.
"We are safeguarding our financial strength and preserving our position as the best capitalized company in our ecosystem," said Ofir Baharav, Nano Dimension’s CEO, in the statement. According to InvestingPro data, the company maintains a strong balance sheet with more cash than debt and a robust current ratio of 14.55, indicating significant liquid assets exceeding short-term obligations.
Desktop Metal, which specializes in 3D printing technology, has faced challenges in recent years amid increasing competition and market pressures in the additive manufacturing sector. For detailed analysis of Nano Dimension’s financial health and growth prospects, including 8 additional key insights, visit InvestingPro, where you’ll find comprehensive research reports and expert analysis.
Nano Dimension continues to focus on delivering digital manufacturing technologies to various industries including defense, aerospace, automotive, electronics, and medical devices.
The Chapter 11 filing will allow Desktop Metal to reorganize its debts while continuing operations as it works through the bankruptcy process. The impact on Nano Dimension’s overall operations was not specified in the announcement.
In other recent news, Nano Dimension Ltd. has appointed two new members to its Board of Directors. Andy Sriubas and Eileen Tanghal have joined the board as the company focuses on scaling its unified technology platform. Sriubas brings extensive experience in digital transformation and strategic partnerships, having served as a chief commercial officer at OUTFRONT Media and spent over two decades as an investment banker with firms such as JPMorgan and UBS. His educational background includes a finance degree from Boston College and professional certificates from Stanford Law School, MIT xPro, and MIT Sloan School of Management. These appointments come as Nano Dimension transitions from merger and acquisition integration to further development of its technology. The addition of Sriubas and Tanghal is part of the company’s broader strategy to enhance its leadership team.
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