{"id":772936,"date":"2023-07-27T03:51:11","date_gmt":"2023-07-27T07:51:11","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/stratasys-mails-letter-to-shareholders-highlighting-nano-dimensions-track-record-of-value-destruction\/"},"modified":"2023-07-27T03:51:11","modified_gmt":"2023-07-27T07:51:11","slug":"stratasys-mails-letter-to-shareholders-highlighting-nano-dimensions-track-record-of-value-destruction","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/stratasys-mails-letter-to-shareholders-highlighting-nano-dimensions-track-record-of-value-destruction\/","title":{"rendered":"Stratasys Mails Letter to Shareholders Highlighting Nano Dimension’s Track Record of Value Destruction"},"content":{"rendered":"

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Stratasys Mails Letter to Shareholders Highlighting Nano Dimension’s Track Record of Value Destruction<\/b><\/p>\n

Warns Shareholders Not to Be Fooled by Yoav Stern; Nano Continues to Make Misleading Claims<\/i><\/p>\n

Nano\u2019s Campaign Risks Derailing Stratasys\u2019 Future Growth Opportunities and Threatens to Destroy Value for Stratasys Shareholders<\/i><\/p>\n

Urges Shareholders to Vote on the WHITE Proxy Card Today \u201cFOR\u201d the Re-Election of Each of Stratasys\u2019 Director Nominees and \u201cAGAINST\u201d Each of Nano\u2019s Unqualified Nominees<\/i><\/p>\n

MINNEAPOLIS & REHOVOT, Israel–(BUSINESS WIRE<\/a>)–
\nStratasys Ltd. (Nasdaq: SSYS) (\u201cStratasys\u201d or the \u201cCompany\u201d), a leader in polymer 3D printing solutions, today mailed a letter to shareholders in connection with Stratasys\u2019 Annual General Meeting of Shareholders (the \u201cMeeting\u201d) that will take place on August 8, 2023.<\/p>\n

This press release features multimedia. View the full release here: https:\/\/www.businesswire.com\/news\/home\/20230726265287\/en\/<\/a><\/p>\n

\"Image<\/p>\n

Image 1: Source: Company filings; Enterprise Value accounts for Nano\u2019s investment in Stratasys as of Q3 2022<\/p>\n<\/div>\n

\nThe full text of the letter follows:<\/p>\n

Nano Continues to Make Misleading Claims; Don\u2019t Be Fooled by Yoav Stern<\/b><\/p>\n\n\n\n\n\n\n
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Nano\u2019s Misleading Claims<\/b><\/p>\n<\/td>\n

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The Facts<\/b><\/p>\n<\/td>\n<\/tr>\n

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\nNano will pay Stratasys shareholders $25.00 per share in cash in the partial tender offer.<\/p>\n<\/td>\n

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\nDue to the mechanism of the partial tender offer, you will be able to sell only ~40% of your shares for $25.00, assuming full participation in the offer.<\/p>\n

\n\u00a0<\/p>\n

\nStratasys shareholders who tender risk being left with the majority of their shares and becoming minority shareholders in a Nano-controlled company<\/b>.<\/p>\n<\/td>\n<\/tr>\n

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\nThe partial tender offer value is certain and shareholders will receive their cash IMMEDIATELY after Nano closes its partial tender offer.<\/p>\n<\/td>\n

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\nEven Mr. Stern says that Stratasys shares not tendered could trade at $12 or $13 per share.1<\/sup> If the remaining shares trade at a significantly lower price, the implied total value per share could be ~$16 to $19 or less.2<\/sup> The timing of any potential closing of the partial tender offer could be months away due to the numerous conditions Nano has placed on its offer.<\/b><\/p>\n<\/td>\n<\/tr>\n

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\nIf Nano completes the partial tender offer and acquires at least 31.9% to 36.9% of Stratasys, Nano will purchase the rest of the Stratasys shares.<\/p>\n<\/td>\n

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\nWith the cash that Nano has3<\/sup>, they cannot pay for all of your Stratasys shares at $25.00 per share.<\/b> They can only buy enough to get to 47%4<\/sup> ownership in Stratasys.<\/p>\n<\/td>\n<\/tr>\n

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\nNano\u2019s nominees are highly qualified and bring deep, relevant experience.<\/p>\n<\/td>\n

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Mr. Stern has acknowledged that his current nominees are not suitable, are interim and will be replaced<\/b>. Nano\u2019s stagnant board structure indicates that Mr. Stern will likely not replace directors at Nano, so why would he do so with Stratasys? Mr. Stern provides no timetable for this replacement to happen nor any indication as to what these changes will be, which means your investment in Stratasys could be at significant risk for a prolonged period if Mr. Stern and his employees gain control of the Stratasys Board.<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n\n\n\n
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\n(1)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nYoav Stern, Nano Business Update Call, 5\/30\/23.<\/p>\n<\/td>\n<\/tr>\n

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\n(2)<\/p>\n<\/td>\n

\u00a0<\/td>\n\n

\nIllustrative pro-rata price assumes all Stratasys shareholders except Nano tender their aggregate 58.9mm shares and maximum of 25.3mm shares purchased as per Nano tender offer (~40% total shares tendered), leaving 33.6mm shares not purchased (~60% total shares tendered); Calculation based on blended value of shares tendered to Nano at $25 per share and illustrative value of remaining Stratasys shares. The 49% of Stratasys shares illustratively trading as Nano-controlled entity assumes for illustrative purposes a $14.88 unaffected Stratasys share price as of 5\/24\/2023 before announcement of the transaction with Desktop Metal at the upper end and ~40% discount to Stratasys unaffected price of $14.88 implying ~$9 per share at the low end. For the lower end, the ~40% discount to Stratasys unaffected price applied is calculated on the basis of the average 2023 YTD discount of Nano\u2019s share price to its per share value of cash and investments.<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\nThe Stratasys Board reminds its shareholders as to what\u2019s at stake if Nano Dimension Ltd. (\u201cNano\u201d), a company that has destroyed significant shareholder value, gains control of Stratasys through its misleading and coercive campaign:<\/p>\n