Desktop Metal plans September meeting to vote on Stratasys merger
Desktop Metal Inc, based in Burlington, Massachusetts, USA, has announced a special meeting will be held on September 28, 2023, to consider and vote on the previously announced merger agreement with Stratasys Ltd. Only Desktop Metal stockholders on record as of the close of business on July 31, 2023, will be entitled to vote at the special meeting.
The Desktop Metal board of directors is advocating that Desktop Metal stockholders vote for the merger proposal.
“As we first stated back in May, the combination of Stratasys and Desktop Metal unites the polymer strengths of Stratasys with the complementary industrial mass production leadership of Desktop Metal and our breakthrough technologies, such as Binder Jetting,” shared Ric Fulop, Founder and CEO of Desktop Metal.
“The combined company will create the first Additive Manufacturing company that will be at scale — targeted to generate more than $1.6 billion in revenue and more than $300 million of adjusted EBITDA in 2026 at base case, for a targeted pro-forma margin of 20%. Together, we expect to be able to offer customers end-to-end solutions from designing, prototyping, and tooling to mass production and aftermarket operations across the entire manufacturing lifecycle. We remain as committed as ever to our goal of ushering in a new era of AM 2.0, so that it can deliver meaningful sustainability improvements and once-unthinkable innovations,” added Fulop.
If successful, Stratasys and Desktop Metal will combine in an all-stock transaction and Desktop Metal stockholders will receive 0.123 ordinary shares of Stratasys for each share of Desktop Metal Class A common stock.
Stratasys also announced it will hold an Extraordinary General Meeting of Shareholders on September 28, allowing those eligible to vote on the merger.
