The Shares of Nano Dimensions Ltd. (NASDAQ: NNDM at https://www.webull.com/quote/nasdaq-nndm ) have gone down on 10th June 2020 in volatile trading, after a more than four-fold rocket ride in its prior session. The 3D printing company’s large equity offering was priced at a very high discount. The U.S.-listed stock NNDM, +0.47% fell 3.1% in midday trading, after being down as much as 10.6% and up as much as 43.8% in intraday trading.
Volume swelled to 106.7 million shares. On 9th June 2020, the stock had blasted 341.7% higher on a massive volume of 331.9 million shares the full-day average was just 1.7 million shares after the company and Germany’s Hensoldt announced a new way to use 3D printing to assemble high-performance electronics components. The gain and volume for this company are as easy as recording one-day records for their stock.
10th June 2020 gain came despite the company announcing a registered direct offering of 17.95 million American Depositary Shares, which represented 67% of the shares outstanding, priced at $2.00 per ADS. The gross proceeds from the offering were $35.9 million. Although that is a lot less than the proceeds would have been at Tuesday’s closing price, they were $22.1 million more than what they would have been in the offering priced at Monday’s closing price of 77 cents.
The company said it plans to use the net proceeds for working capital and for other general corporate purposes. The stock’s historic rally comes after a very steady decline over the past five years, which has led to the need to execute a 1-for-10 reverse stock split in October 2019 to regain compliance with Nasdaq listing standards. And in December 2019, the company announced new leadership, as “veteran turnaround executive” Yoav Stern was named chief executive, to succeed co-Founder Amid Dror, who was moved to the role of customer success officer reporting to Stern.
NNDM also named Ofir Baharav as the new chairman of the company. He replaced Avi Reichental who is about to retire. Before this week, the previous record one-day blip up in the stock’s chart was a 101.4% surge on 4.6 million shares on June 11, 2018, when the company announced it achieved U.S. Government Certified Vendor Status, which allows the company to do business with government agencies. The stock has now climbed 30% year to date but has still lost 43% over the past 12 months. In comparison, the Tel Aviv 125 Index TA100, +1.63% has slipped 1.8% over the past year while the S&P 500 index SPX, 1.60% has gained 4.9%. You can visit some stock trading sites if you do not know where to buy stocks online . Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.