Why Nano Dimension Stock Crashed on Tuesday [Yahoo! Finance]
Desktop Metal, Inc. Class A (DM)
Last desktop metal, inc. class a earnings: 11/1 07:31 am
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Source: Yahoo! Finance
results showing an 11% sequential increase in sales, and announced plans to buy rival Desktop Metal (NYSE: DM) for $183 million -- $5.50 per share. Nano Dimension, however, soon developed cold feet on the deal, and tried to back out. By December, the matter was already before the courts, with Desktop Metal suing Nano Dimension for failure to "use reasonable best efforts to obtain regulatory approval as soon as practicable in connection with the merger agreement between the parties," and demanding "specific performance" -- essentially, asking the court to order Nano Dimension to complete the merger, and hand over the cash. Now it looks like Desktop Metal will get its wish, and Nano Dimension stock is down 16.5% through 11 a.m. ET. Desktop Metal's complaint asked the court to force Nano Dimension to petition the Committee on Foreign Investment in the United States ("CFIUS") to approve the merger, and then proceed to close the merger within five days of receiving such approval, "
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