TCT Magazine
Nano Dimension has announced that it is continuing to pursue claims against shareholders Murchinson, Anson, and others. On July 14, 2023, Nano filed a complaint against Defendants Murchinson, Anson Advisors, Boothbay Fund Management, and their affiliates in the Supreme Court of the State of New York.
Nano says the complaint seeks to “redress Defendant’s alleged misconduct”. The alleged misconduct from the Defendant’s include an “improper scheme” to acquire an interest in Nano Dimension.
Nano Dimension’s complaint alleges that the defendants:
- Conspired to obtain a large stake in Nano by working in tandem to manipulate the price for Nano’s ADS.
- Furtively acquired a large, undisclosed interest,
- Improperly took steps to mount a bid for control, dismantle the Company, and distribute its cash for Defendants’ own benefit.
- Launched an illegal takeover campaign and efforts to overthrow the Company’s board and wrest control from its managers, in direct violation of the terms of the Deposit Agreement.
The complaint also alleges that the Defendants conducted a “sham shareholder meeting” on March 20, 2023 according to Nano, in which the companies “purpoted to replace members of Nano’s board of directors with candidates affiliated with Defendants, in breach of the Deposit Agreement.”
Nano Dimension also says the complaint further alleges that the “misconduct” breaches the Deposit Agreement and constitutes “unjust enrichment” under New York law, which it says entitles it to:
- Compensatory and punitive damages in excess of $10,000,000.
- Disgorgement of Defendants’ unjust enrichment; and
- Rescission of Defendants’ holdings of Nano ADS, among other remedies.
Nano Dimension has also asked the New York Court for a preliminary injunction that would, amongst other things:
- Hold in abeyance and decline to give any legal impact the votes Defendants claimed they cast at the purported shareholder meeting they staged in March 2023; and
- Enjoin Defendants from undertaking any efforts to give those votes legal impact (e.g., by giving credit to the election or attempting to seat purportedly elected directors).
Nano Dimension’s request for a preliminary injunction is set for argument on July 28, 2023.
