By Connor Hart
Desktop Metal filed suit against Nano Dimension, alleging the 3D-printing company breached its obligation to use reasonable best efforts to obtain regulatory approval during their planned merger.
The suit comes after Nano Dimension agreed to buy Desktop Metal, a metal 3D-printing manufacturer, for up to $183 million in July. Desktop Metal stockholders approved the merger in October, at which time the deal was expected to close during the fourth quarter, pending final regulatory approval.
Filed in the Delaware Court of Chancery, Desktop Metal's suit seeks in part to require Nano Dimension to cooperate in seeking approval by the U.S. Committee on Foreign Investment, and to close the merger within five business days of receiving the committee's approval.
Desktop Metal said the Committee on Foreign Investment's approval is the only remaining regulatory condition to closing the merger. The court has scheduled an expedited hearing for the case on Dec. 30, while an expedited trial is expected to be held in January, it added.
Nano Dimension did not immediately respond to a request for comment.
Desktop Metal previously agreed to merge with 3D-printing company Stratasys, but that deal ultimately fell apart last year after Stratasys received a series of competing buyout offers from Nano Dimension and rival 3D Systems.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 20, 2024 16:52 ET (21:52 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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