Why Nano Dimension Stock Was Sinking This Week
3D printing company Nano Dimension (NASDAQ: NNDM) probably can't wait for the weekend to come. Its stock took some significant hits over the past few days in response to a court ruling and management's reaction to it. As a result, the shares were trading down nearly 22% week to date as of early afternoon Friday, according to data compiled by S&P Global Market Intelligence.
That judgment was handed down on Monday, and it set the tone for the rest of the week. A Delaware Court of Chancery judge ruled that Nano Dimension was obligated to move forward with its deal to acquire a peer company, Desktop Metal (NYSE: DM).
In July, concurrent with the release of its second-quarter 2024 results, Nano Dimension announced it had agreed to buy Desktop Metal for as much as $183 million in cash. However, in what was apparently a case of (would-be) buyer's remorse, Nano Dimension tried to retreat from the arrangement, and not surprisingly, Desktop Metal filed a lawsuit over its conduct regarding the deal.
Source Fool.com
