Nano Dimension and activist investor Murchison complete overhaul to board; CEO exits

Nano Dimension (NNDM) and the activist investor Murchison reached an agreement to overhaul Nano's board of directors and the CEO position.

Following a July 17 agreement, CEO and director Dave Stehlin, board chairman Robert Pons, and directors Joshua Rosensweig and Andrew Sriubas have all resigned from the company's board of directors and all of their positions at Nano. In turn, Nano appointed three new directors to the board, including Moshe Rozenbaum, Eliezer Eli Tarlow and Paul Fruchthandler.

"All parties wish to thank all those who shared their views over the past months and look forward to the Company moving ahead on a smooth path toward realizing value for all shareholders," Nano said in a statement.

The Israel-founded Nano, which is currently based in Massachusetts, develops advanced modes of 3D printing, which can be used to fabricate printed circuit boards and other electronic devices used in a wide range of industries.

The Toronto-based Murchison, which holds 7.4% of Nano's outstanding shares, has been critical of Nano's leadership and major business decisions for several years now. Last month, Murchison called Nano's proposed acquisitions of Infinite Epigenetics for $890M "not only a poor business decision, but also inconsistent" with the understanding on which Nano raised capital from shareholders.

Earlier this year, the board rejected Murchinson's bid to replace three directors, including the CEO, while in 2022 the investor recommended a buyout that valued the company at roughly $995M.

In its most recent financial results, Nano reported a Q1 GAAP per share loss of $0.34. Its net loss was $69.7M, which included $40.4M of impairment, up from a loss of $25.5M year-over-year. However, revenue doubled from last year to $29.7M. Nano also withdrew its 2026 guidance due to uncertainty surrounding potential monetization actions and strategic alternatives, including possible mergers or other transactions.