Stratasys shareholders to vote on Desktop Metal merger at upcoming meeting

Stratasys has announced that it will hold an “Extraordinary General Meeting of Shareholders” (EGM) on Thursday, September 28, 2023. Shareholders will vote to approve certain issues in connection with the merger between Stratasys Desktop Metal

In an SEC filing, Stratasys and Desktop Metal CEOs Ric Fulop The CEOs said: “We cannot complete the Merger unless the Desktop Metal stockholders approve the Desktop Metal Merger Agreement proposal and the Stratasys shareholders approve the Stratasys Merger-related proposal. Your vote on all of the matters to be considered at the Stratasys EGM and Desktop Metal special meeting is very important, regardless of the number of shares you own.”

This comes after Stratasys had engaged in discussions with 3D Systems to determine whether the company’s July 13 proposal would result in a “superior proposal” to the Desktop Metal merger agreement. 

According to a SEC filing, representatives from Stratasys and 3D Systems met Stratasys says that it conveyed to 3D Systems areas of concern regarding the transaction and combined company, based on results of Stratasys’ due diligence review.

Stratasys has also informed 3D Systems of its refusal to accept the latest proposal. Stratasys said it had not yet determined whether the latest proposal by 3D Systems is

In the filing, Stratasys says the Board of Directors has not changed their unanimous approval Stratasys said in the filing: “The Stratasys Board of Directors strongly encourages you to vote in favour of the Stratasys Merger-related proposal at the Stratasys EGM, and to thereby enable the value-adding merger with Desktop Metal.”

Read More:

This is the complete timeline (sofar) of Stratasys+Nano

Stratasys, Desktop Metal and a merger worth $1.8 billion

Stratasys & Desktop Metal: What we know so far

7 things we learned from Stratasys & Desktop Metal’s Joint Transaction Investors Call

TCT Interview – Stratasys CEO Yoav Zeif details the strategy behind Desktop Metal merger

3D Systems offers $2 billion for third Stratasys acquisition offer

Stratasys enters discussions with 3D Systems despite Desktop Metal merge agreement

Stratasys has presented three proposals to be voted on at the meeting, listed below, and has recommended that shareholders vote “For” each of the three:

  1. Approval of certain matters to be effected in connection with the Agreement and Plan of Merger, or the Merger Agreement, dated May 25, 2023, by and among Stratasys, Tetris Sub Inc., a wholly-owned subsidiary of Stratasys, or Merger Sub, and Desktop Metal, Inc., a Delaware corporation, or Desktop Metal, pursuant to which Merger Sub will merge with and into Desktop Metal (referred to as the Merger), with Desktop Metal surviving as a direct, wholly-owned subsidiary of Stratasys, including: (i) the issuance of Stratasys ordinary shares, par value NIS 0.01 per share, or Stratasys ordinary shares, to the stockholders of Desktop Metal, in exchange for the shares of Desktop Metal Class A common stock, par value $0.0001 per share, or Desktop Metal Class A common stock, held by them, at a ratio of 0.123 Stratasys ordinary shares per share of Desktop Metal Class A common stock, as consideration under the Merger Agreement; (ii) the adoption of amended and restated articles of association for Stratasys with effect from immediately prior to the effective time of the Merger under the Merger Agreement, which will include an increase of the authorized share capital of Stratasys from NIS 1,800,000, consisting of 180,000,000 ordinary shares, par value NIS 0.01 per share, to NIS 4,500,000, consisting of 450,000,000 ordinary shares, par value NIS 0.01 per share; and (iii) the election of a slate of five designees of Stratasys and five designees of Desktop Metal, as well as the combined company’s chief executive officer, as the members of Stratasys’ board of directors, or the Board, each of whose term will commence on the effective time of the Merger and until the first annual general meeting of the combined company following the one-year anniversary of the effective time, and until the due election and qualification of each designee’s respective successor, or until each such designee’s earlier resignation, replacement or removal.
  2. Subject to the approval of Proposal 1, the approval of the extension of the expiration date of Stratasys’ existing shareholder rights plan for a twelve (12)-month period from its original expiration date, i.e., until July 24, 2024.
  3. The approval of an increase by 2,075,625, upon completion of the Stratasys EGM, and by an additional 1,065,867, upon and subject to completion of the Merger, in the number of Stratasys ordinary shares available for issuance under Stratasys’ 2022 Share Incentive Plan.

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