-
- News
- Books
Featured Books
- pcb007 Magazine
Latest Issues
Current IssueThe Growing Industry
In this issue of PCB007 Magazine, we talk with leading economic experts, advocacy specialists in Washington, D.C., and PCB company leadership to get a well-rounded picture of what’s happening in the industry today. Don’t miss it.
The Sustainability Issue
Sustainability is one of the most widely used terms in business today, especially for electronics and manufacturing but what does it mean to you? We explore the environmental, business, and economic impacts.
The Fabricator’s Guide to IPC APEX EXPO
This issue previews many of the important events taking place at this year's show and highlights some changes and opportunities. So, buckle up. We are counting down to IPC APEX EXPO 2024.
- Articles
- Columns
Search Console
- Links
- Events
||| MENU - pcb007 Magazine
Nano Dimension’s President & CEO Invests in the Company
August 5, 2020 | Nano Dimension Ltd.Estimated reading time: 4 minutes
Nano Dimension Ltd., a leading Additively Manufactured Electronics (AME)/PE (Printed Electronics) provider, announces that Yoav Stern, who joined the company as president and chief executive officer in January 2020, is purchasing from the Company a Series A warrant to buy up to 6,880,402 of the Company’s ADSs for an aggregate exercise price of $5,160,302. The cost of the warrant is $150,000. The warrant will vest over a period of two and a half years and will have a term of seven years.
Simultaneously with his investment, Mr. Stern is forfeiting options to purchase 29,050,000 Ordinary Shares (pre-reverse split, or 581,000 on a post-reverse split basis) of the Company, previously granted to him under the Nano Dimension Ltd. Employee Stock Option Plan (2015).
Additional investment by Mr. Stern may occur in the future, at any time after the initial closing date of the warrant transaction, and so long as Mr. Stern is employed by the Company or is a member of the Company’s board of directors. Mr. Stern may invest an additional amount up to $50,000 to buy Series B Warrants. The exercise price per ADS under the Series B Warrant will be the average of the daily volume weighted average price of the ADSs for the 10 consecutive trading days ending on the trading day that is immediately prior to the date of the applicable notice to purchase the Series B Warrants.
In a statement to the Company’s shareholders, Mr. Stern commented: “My investment was proposed by me six months ago when I joined the Company, but regulatory circumstances requested shareholders’ approval, which was granted on July 7, 2020. It is important for me to align my interests with my partners, the shareholders of Nano Dimension, by becoming an investor like them. In addition, it is as important to me to demonstrate my commitment to our devoted employees and forfeit all of my stock options so that they will be available for allocation to present and future teams, rather than myself.
Suffice it to say, that the structure of my investment, which limits me from selling its entirety for at least two and a half years, is an indication of my conviction in the tremendous mid-and-long term upside in the value of the Company.”
“The a posteriori question stemming from the suffix of the statement above relates to business prognosis for the short term. As I have stated in our last conference call on May 14, 2020, the revenue for Q2-2020 is expected to be close to zero. The Covid-19 effects are specifically cardinal as they relate to abrupt “hold-backs” on capital expenses. This is true even for our prospects and customers that slowly start to operate again (mostly in China and Europe, much less in the United States). In my foray into an M&A search, with active help of Needham and Co., I can assure you that these phenomena are shared by the vast majority of the companies which I have inspected, out of approximately 50 companies that we have researched over the last 45 days. This is the bad news.
The good news is that contrary to most others in the 3D-printed electronic industry, and thanks to your support, we are positioned in the best possible way with enough cash that enables flexibility.
We have made a decision in Nano Dimension: If millions of dollars will be spent on go-to-market and sales and marketing to increase revenue dramatically in the short term, it will be a waste of time and money. The temporary-yet-prolonged effects of the corona pandemic is a fact, and the will of understandably confused and/or careful customers to invest in breakthrough, new prototyping and fabrication technologies of unique PCBs is dramatically hampered. We at Nano Dimension, cannot stop the tsunami. But we have enough air to dive under it and emerge in the mid-term as even clearer winners. Potentially, maybe with a few other, “last men standing” effect.
We have already taken the following steps over the last 45 days:
1. Working assumptions have changed.
a. We now assume that short-term negative economic effects of Covid-19 will not subside until at least the end of Q1/2021.
b. We assume that any efforts and resources in sales and marketing will not show substantial enough results in the next 12 months.
2. The long-term effect on our industry will be an increase demand for technology like ours, which enables prototyping and short-runs production of Hi-PEDS (High-Performance Electronic Devices) on-the-ground in the West, at prices and time-to-market that are competitive or superior to traditional multi-billion dollar PCB manufacturing industry in the Far-East.
3. Temporarily (assuming three to four quarters), we have change priority: Only lightly investing in the commercial side of the business (sales and marketing). Simultaneously, we are accelerating our product and technology development, improving our competitive position.
4. We intend to emerge with three breakthrough product roadmap achievements:
- Early 2021: DragonFly PIK (Performance Improvement Kit) Machine.
- Short Term: DragonFly MARK (Manufacturing And Reliability Kit Incorporating advanced industrial/commercial materials’ specs).
- Mid-Term: Next-Gen machine
I believe Nano Dimension will emerge out of the Covid-19 saga with a reinforced competitive market position and hence, growth potential will possibly manifest itself faster than expected.
Suggested Items
American Made Advocacy: What About the Rest of the Technology Stack?
05/14/2024 | Travis Kelly -- Column: American Made AdvocacyThose of us who have been in the industry for any length of time know America manufactures very little of the world’s supply of microelectronics. This happened over decades and was invisible or ignored by policymakers as companies shipped both their ideas and their production to Asia—and made a good profit in the process.
Korean Semiconductor Industry Titans Back DEEPX in Series C Funding Round
05/13/2024 | PRNewswireDEEPX, a prominent AI semiconductor technology startup under the leadership of CEO Lokwon Kim, is delighted to announce the successful conclusion of its Series C funding round, amassing $80.5M (KRW 110B).
Real Time with… IPC APEX EXPO 2024: Transitioning Into Automation With DIS
05/08/2024 | Real Time with...IPC APEX EXPOPublisher Barry Matties and DIS Sales Director Jesse Ziomek discuss the company's shift toward automation, tackling issues such as limited floor space and integration costs while showcasing the advantages their SAM automation system has to offer. Also discussed are workforce challenges and return on investment considerations. As Jesse states, "DIS's goal is to offer solutions for smaller shops," and underscores the user-friendly, no-integration-costs aspect of their system.
Governor of Virginia Visits Zollner
05/06/2024 | Zollner Elektronik AGIn the course of our business activities with Virginia Economic Development and the recent investments made in Leesburg and Danville, a visit with personal exchange followed on April 30, 2024.
Merlin Flex invests in New Schmoll Direct Imaging System
04/30/2024 | Merlin Flex LtdMerlin Flex has fully installed and commissioned its 2nd Schmoll MDI Direct Imaging system. This new machine includes a twin bed, 4 head system which enhances Merlin Flex’s direct imaging capability for its 1.4M long flexible circuits.