No Offer or Solicitation
This press release is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.
Additional Information about the Transaction and Where to Find It
In connection with the proposed transaction, Desktop Metal intends to file a proxy statement with the SEC. Desktop Metal may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the proxy statement or any other document that Desktop Metal may file with the SEC. The definitive proxy statement (if and when available) will be mailed to stockholders of Desktop Metal. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement (if and when available) and other documents containing important information about Desktop Metal and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by Desktop Metal will be available free of charge on Desktop Metal’s website at https://ir.desktopmetal.com/sec-filings/all-sec-filings.
Participants in the Solicitation
Desktop Metal, Nano and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Desktop Metal is set forth in Desktop Metal’s proxy statement for its 2024 Annual Meeting of Stockholders, which was filed with the SEC on April 23, 2024. Information about the directors and executive officers of Nano is set forth in Nano’s Annual Report on Form 20-F, which was filed with the SEC on March 21, 2024. Other information regarding persons why may be deemed to be participants in the solicitation of Desktop Metal’s stockholders in connection with the proposed transaction and any direct or indirect interests they may have in the proposed transaction will be set forth in Desktop Metal’s definitive proxy statement for its special meeting of stockholders when it is filed with the SEC.
DESKTOP METAL, INC.
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June 30, |
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December
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2024 |
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2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
45,855 |
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$ |
83,845 |
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Current portion of restricted cash |
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215 |
|
|
|
233 |
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Short‑term investments |
|
|
177 |
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|
|
625 |
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| Accounts receivable |
|
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29,507 |
|
|
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37,690 |
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| Inventory |
|
|
84,005 |
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|
|
82,639 |
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| Prepaid expenses and other current assets |
|
|
10,096 |
|
|
|
11,105 |
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| Total current assets |
|
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169,855 |
|
|
|
216,137 |
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| Restricted cash, net of current portion |
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|
612 |
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|
|
612 |
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| Property and equipment, net |
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26,351 |
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35,840 |
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| Intangible assets, net |
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80,390 |
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|
|
168,259 |
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| Other noncurrent assets |
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29,284 |
|
|
|
37,153 |
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| Total Assets |
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$ |
306,492 |
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$ |
458,001 |
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| Liabilities and Stockholders’ Equity |
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| Current liabilities: |
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| Accounts payable |
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$ |
18,089 |
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$ |
18,190 |
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| Customer deposits |
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4,630 |
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5,356 |
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| Current portion of lease liability |
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7,756 |
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7,404 |
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| Accrued expenses and other current liabilities |
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24,891 |
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|
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27,085 |
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| Current portion of deferred revenue |
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9,860 |
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|
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11,739 |
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| Current portion of long‑term debt, net of deferred financing costs |
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|
225 |
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330 |
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| Total current liabilities |
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65,451 |
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70,104 |
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| Long-term debt, net of current portion |
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29 |
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89 |
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| Convertible notes |
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112,930 |
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112,565 |
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| Lease liability, net of current portion |
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20,522 |
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23,566 |
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| Deferred revenue, net of current portion |
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|
1,842 |
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3,696 |
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| Deferred tax liability |
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3,138 |
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3,523 |
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| Other noncurrent liabilities |
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2,739 |
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2,806 |
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| Total liabilities |
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206,651 |
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216,349 |
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| Commitments and Contingencies (Note 17) |
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| Stockholders’ Equity |
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| Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively |
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— |
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— |
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| Common Stock, $0.0001 par value—500,000,000 shares authorized; 33,196,705 and 32,527,742 shares issued at June 30, 2024 and December 31, 2023, respectively, 33,196,705 and 32,527,167 shares outstanding at June 30, 2024 and December 31, 2023, respectively |
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4 |
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4 |
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| Additional paid‑in capital |
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1,923,978 |
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1,908,533 |
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| Accumulated deficit |
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(1,787,763 |
) |
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(1,632,225 |
) |
| Accumulated other comprehensive loss |
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(36,378 |
) |
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(34,660 |
) |
| Total Stockholders’ Equity |
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99,841 |
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|
|
241,652 |
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| Total Liabilities and Stockholders’ Equity |
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$ |
306,492 |
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$ |
458,001 |
|
See notes to condensed consolidated financial statements
