In a significant move for the 3D printing industry, Desktop Metal, Inc. (NYSE: DM) shareholders have voted to approve the company's acquisition by Nano Dimension Ltd (Nasdaq: NASDAQ:). With 96% of votes in favor, the merger is set to create a powerhouse in digital manufacturing.
While regulatory approvals are pending, the deal is expected to close in the fourth quarter of 2024. Desktop Metal's Founder and CEO, Ric Fulop, highlighted the value for shareholders, emphasizing the need for strong financial foundations in the industry. The merger aims to revolutionize traditional manufacturing through AI and cloud-based technologies.
Nano Dimension recently reported a 21% revenue increase in the third quarter, amidst ongoing acquisition agreements. Desktop Metal, on the other hand, saw a decline in Q2 2024 revenue but improved adjusted EBITDA. The merger remains subject to shareholder approval and other closing conditions.
With Desktop Health's recent developments in the dental 3D printing market, the industry is positioned for growth. InvestingPro data shows Desktop Metal's challenging financial metrics, which likely influenced the shareholder decision. The merger with Nano Dimension could provide the scale needed to address profitability issues and turn the company's fortunes around.
For investors seeking a deeper analysis, InvestingPro offers insights into Desktop Metal's financial situation and market position. Stay tuned for further updates on this transformative merger in the digital manufacturing sector.