Murchinson (7.1%) Presses Nano Dimension (NNDM) for Board Change, Blasts Yoav Stern’s Value-Destructive M&A, Cash Burn, and Poison Pill

According to Murchinson’s November 13, 2024 presentation, the fund urged shareholders to back its nominees at Nano Dimension’s December AGM, citing years of value destruction under CEO Yoav Stern. It highlighted Nano’s persistent negative enterprise value, over $400 million of failed M&A, ineffective buybacks, governance failures, and insider conflicts. Murchinson warned the company could burn through its cash and risk bankruptcy by 2027 if the status quo continues. To restore accountability and unlock value, it called for electing its director nominees, Ofir Baharav and Robert Pons, who it argued would bring proper oversight, better capital allocation, and governance reforms.