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Nano Dimension Ltd (NASDAQ:NNDM) shares are trading higher Thursday after the company received court approval for its $200 million repurchase plan.
What Happened: Nano Dimension said it received approval from the Israeli court regarding its request to implement a previously announced share repurchase plan of up to $200 million worth of the company's American Depositary Shares over the next year.
The 3D printing company is now authorized to repurchase stock from time to time in open market transactions, privately negotiated transactions or through other legal methods.
The buyback plan does not obligate Nano Dimension to repurchase any specific number of shares. The company may repurchase all or just a portion of the amount, depending on market conditions, share price, trading volume and other factors.
"While large and synergistic M&A – now possible at more reasonable valuations – ground-breaking R&D, and high-returning go-to-market investments are our focus, we also believe there is a strong case to repurchase shares at attractive valuation levels, particularly in light of Nano Dimension shares trading at a discount to net asset value," said Yoav Stern, CEO of Nano Dimension.
See Also: What's Going On With Lithium Americas Corp. Stock?
NNDM Price Action: Nano Dimension shares were up 9.27% at $2.71 at the time of publication, according to Benzinga Pro.
Photo: StockSnap from Pixabay.
Posted In: NNDM
