WALTHAM, Mass. - Nano Dimension Ltd . (NASDAQ:NNDM), a provider of 3D printing solutions for electronics, has initiated a share repurchase program, allowing the company to buy back up to $200 million of its American Depositary Shares (ADSs).
The repurchase plan, which will run until October 2024, will occur through open market transactions, privately negotiated transactions, or other legally permissible methods, based on market conditions and other factors. The plan does not obligate the company to acquire any specific number of ADSs and may be suspended or terminated at any time.
In addition to the repurchase plan, Nano Dimension reported the sale of a second advanced Additively Manufactured Electronics (AME) system, the DragonFly IV®, to a leading Western defense agency, marking a repeat purchase by the customer. This sale reflects the company's growing relationship with national defense organizations, which now number over ten. These agencies value the strategic advantages of AME, including intellectual property security, design freedom, and accelerated innovation.
On the research and development front, Nano Dimension has filed a patent application for INSU™ 200, a new dielectric material intended for electronics manufacturing. Touted as the most effective additive dielectric material in development for years, INSU™ 200 is designed to meet rigorous industry standards and reliability tests. The company expects this material to be available to customers in April 2024.
CEO Yoav Stern expressed optimism about the company's trajectory, equating the material and process advancements to significant breakthroughs in additive manufacturing. He emphasized the company's commitment to creating shareholder value and the positive signals sent by the share repurchase plan and the repeat sale to a high-profile customer.
Nano Dimension's strategy is centered on transforming electronics and mechanical manufacturing into more environmentally friendly and economically efficient processes. The company serves a diverse customer base across aerospace, defense, automotive, industrial, medical technology, R&D, and academia sectors. It aims to deliver on-demand manufacturing solutions that convert digital designs into electronic or mechanical devices.
This news is based on a press release statement from Nano Dimension Ltd.
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