Nano Dimension Board Due for Shake Up After Court Ruling

Dow Jones02:15

By Dean Seal

An Israeli court ruled in favor of a Nano Dimension shareholder who has successfully pushed to get two independent directors seated on the board and three other members removed.

Murchinson, which has a 7.1% stake in the Israeli company, said Thursday that the District Court for the Central District in Israel has validated the results of a March 2023 special meeting.

Shareholders overwhelmingly supported Murchinson's proposals to install Kenneth Traub and Joshua Rosensweig to the board, Murchinson said. They have also voted for the removal of Yoav Stern, Yoav Nissan-Cohen and Oded Gera, as well as Igal Rotem, who has already resigned.

Investors also supported an amendment that would let shareholders fill board vacancies, instead of just the board itself, and remove directors at any general meeting by a simple majority. Shareholders previously could only do so at annual meetings with a special majority.

Murchinson said it wants Nano Dimension's board to comply immediately with the court's ruling and engage in good faith on conducting an orderly board transition.

"Resorting to further costly legal maneuvers or other attempts to evade the court decision and the clear will of shareholders would be a dereliction of the board's fiduciary duties to shareholders," Murchinson said.

A representative for Nano Dimension didn't immediately respond to a request for comment.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

November 21, 2024 13:15 ET (18:15 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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