Wag! is set to join the Russell Microcap Index at the conclusion of the 2023 Russell indexes annual reconstitution, effective after the US market opens on June 26, according to a preliminary list of additions posted May 19. Membership in the Russell Microcap Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines membership for its Russell indexes primarily by objective, market-capitalization rankings and style attributes. "We're honored to have been identified by Russell to join their ecosystem of Indexes and to be included in the index in 2023," said Wag! CFO, Alec Davidian. Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Approximately $12.1T in assets are benchmarked against Russell's US indexes. Russell indexes are part of FTSE Russell, a leading global index provider.
As previously announced, Nano Dimension (NNDM) will host a conference call on Tuesday, May 30th, 2023 at 9:00 a.m. EDT to discuss its special tender offer to increase its ownership in Stratasys Ltd. (SSYS), as well as the merits of Stratasys' proposed deal with Desktop Metal, (DM) which are being positioned as an alternative to the Company's aforementioned special tender offer. On May 25, 2023, the Company commenced a special tender offer to purchase between 38.8% and 40.8% of the outstanding ordinary shares of Stratasys for $18.00 per share in cash, less any required withholding taxes and without interest. The successful completion of the special tender offer would result in Nano Dimension's beneficial ownership of between 53% and 55% of the outstanding Stratasys shares, inclusive of the approximately 14.2% of Stratasys' outstanding ordinary shares that Nano Dimension currently owns. As previously announced, in conjunction with the special tender offer, Nano Dimension also released an investor presentation further detailing the benefits of the special tender offer to Stratasys' shareholders and the strategic rationale for the tender offer, which was filed as an exhibit to the tender offer statement filed with the U.S. Securities and Exchange Commission by the Company on Schedule TO on May 25, 2023, and which can also be accessed on the investor relations page of Nano Dimension's website. During the investor call, shareholders and markets stakeholders will also learn more about the alternative to Nano Dimension's special tender offer - the Stratasys and Desktop Metal deal that was announced on May 25th, 2023. Nano Dimension will articulate the aspects of the SSYS-DM deal that are problematic from a shareholder's perspective, especially in comparison to the certain all-cash value of Nano Dimension's $18.00 per share offer.
Stratasys (SSYS) announced that its Board of Directors, after consultation with its independent financial and legal advisors, unanimously determined that the partial tender offer by Nano Dimension (NNDM) to acquire ordinary shares of Stratasys for $18.00 per share in cash substantially undervalues the company and is NOT in the best interests of Stratasys shareholders. Accordingly, the Board unanimously recommends that shareholders reject the offer and deliver a Notice of Objection against the offer. Information regarding how to deliver a Notice of Objection can be found at www.NextGenerationAM.com/NanoObjection. As announced on May 25, 2023, Stratasys has entered into a definitive agreement to combine with Desktop Metal in an all-stock transaction, which was unanimously approved by the Stratasys Board.
After Stratasys (SSYS) announced they will merge with Desktop Metal (DM) in an all-stock transaction valuing the combined company at $1.8B, Lake Street said the announcement "appears to be a total desperation move by the company" to prevent Nano Dimensions (NNDM) from launching a public tender offer given that the combination is likely too big for Nano to acquire. The firm believes this combination would never have transpired without the outside pressure from Nano and argues that "now the clean, profitable growth story" behind Stratasys "gets diluted down with the unprofitable business" of Desktop Metal, though it maintains a Buy rating and $21 price target on Stratasys even though it does "not like this transaction."
Stratasys (SSYS) confirmed that Nano Dimension (NNDM) has commenced an unsolicited special tender offer to acquire between 53% and 55% ownership of Stratasys' outstanding ordinary shares for $18 per share in cash. . Consistent with its fiduciary duties, and in consultation with its independent financial and legal advisors, the Stratasys Board of Directors will carefully review and evaluate the Offer to determine the course of action that it believes is in the best interests of the Company and Stratasys shareholders. Stratasys shareholders are advised to take no action at this time pending the Stratasys Board's review and evaluation of the Offer. Stratasys intends to advise shareholders of the Stratasys Board's position regarding the Offer within ten business days by making available to shareholders a Solicitation/Recommendation Statement on Schedule 14D-9, to be filed with the U.S. Securities and Exchange Commission. Earlier Stratasys announced it has entered into a definitive agreement with Desktop Metal (DM) to combine in an all-stock transaction valued at approximately $1.8B. The transaction, which is expected to be completed in the fourth quarter of 2023, is subject to customary closing conditions, including the approval of Stratasys' shareholders and Desktop Metal's stockholders and the receipt of certain governmental and regulatory approvals. .
EF Hutton assumed coverage of Lantern Pharma with a Buy rating and $11 price target. Lantern's "main focus for 2023 and beyond" is primarily on the company's pipeline programs including, LP-300, LP-100, LP-184, LP-284, and its new subsidiary, Starlight Therapeutics. LP-300, in never-smoker patients with NSCLC, is being advanced in Phase 2 clinical development, the analyst tells investors.
Nano Dimension (NNDM) announced that it has commenced a special tender offer to purchase between 38.8% and 40.8% of the outstanding ordinary shares of Stratasys (SSYS) for $18.00 per share in cash, less any required withholding taxes and without interest. The successful completion of the special tender offer would result in Nano Dimension's beneficial ownership of between 53% and 55% of the outstanding Stratasys shares, inclusive of the approximately 14.2% of Stratasys' outstanding ordinary shares that Nano Dimension currently owns. Nano Dimension's all-cash special tender offer represents a premium of 26% to the unaffected closing price as of March 3rd, 2023, a 39% premium to the 60-day VWAP as of March 3rd, 2023, and a 12.5% premium to the $16.00 future target price published by Stratasys' own financial advisor, J.P. Morgan, on March 2nd, 2023. "As we had previously indicated to the Stratasys Board, given their continued refusal to engage in negotiations, we have decided to present our offer directly to Stratasys' shareholders," said Yoav Stern, Nano Dimension's Chairman and CEO. "We believe our offer delivers certain all-cash value to Stratasys' shareholders at a premium in excess of what Stratasys can deliver to its shareholders. We look forward to successfully completing the special tender offer as we continue to execute on our strategic plan to drive value creation for customers and shareholders and to create a preeminent leader in the rapidly growing AM market."
Harmonic (HLIT) announced that it has appointed Walter Jankovic as CFO, effective immediately. He was most recently senior vice president and general manager, datacom business unit, at Lumentum (LITE), a provider of optical and photonic products.