The Israeli company Nano Dimension has received court approval to buy back its own shares worth $227.5 million. This plan had already been announced in August.
According to CEO Yoav Stern, the company is thus fulfilling a promise to investors that had been put on hold in the meantime due to an expiration of the authorization. Nano Dimension is pleased that the court has approved the extension of the deadline for the buyback program, he said.
Under the program, management is permitted to repurchase American Depository Shares of Nano Dimension in the open market or in private transactions at its discretion. However, there is no obligation to repurchase a fixed share.
Nano Dimension is a developer of 3D printing systems for the electronics industry. The company sees buying back its own shares in the current weak market environment as a way to deploy capital wisely and strengthen its shareholders. Critics had previously criticized the management’s strategy and lack of transparency.