SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

For the month of: July 2022 (Report No. 2)

 

Commission file number: 001-37600

 

NANO DIMENSION LTD.

(Translation of registrant’s name into English)

 

2 Ilan Ramon

Ness Ziona 7403635 Israel

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F          Form 40-F 

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulations S-T Rule 101(b)(1):_____

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulations S-T Rule 101(b)(7):_____

 

 

 

 

 

 

CONTENTS

 

On July 11, 2022, Nano Dimension Ltd. (the “Company”) entered into a Deed of Variation of Share Purchase Agreement (the “Amendment”) to the Share Purchase Agreement by and among the shareholders of Global Inkjet Systems Ltd. (“Selling Shareholders” and “GIS,” respectively) and the Company, dated January 4, 2022 (the “SPA”).

 

The Amendment provides for the following: the Selling Shareholders who together held more than half of the shares sold pursuant to the SPA have agreed to bring forward the payment of such sums in consideration for a discount and change in payment terms of the full amounts which might otherwise be payable (the “Proposed Variation”). According to the Proposed Variation, the deferred consideration of £1,000,000 (approximately $1,190,000) of the Selling Shareholders shall be replaced with £750,000 (approximately $892,500), to be paid on March 31, 2023, under similar terms, as opposed to the original date of April 1, 2024. Additionally, an earn-out consideration that the Selling Shareholders may be entitled to will be reduced from up to £7,000,000 (approximately $8,330,000) to up to £5,500,000 (approximately $5,950,000). The amended earn-out consideration is no longer subject to meeting certain revenues and gross profit performance targets in the fiscal year ending on March 31, 2023 and therefore will be paid on the foregoing amended dates without any remaining conditions, except for the Selling Shareholders that are members of the management team of GIS. The consideration for each member of the management teams is conditioned on their remaining employed by the Company until March 31, 2023.

 

This Report on Form 6-K is incorporated by reference into the registration statements on  Form F-3 (File No. Nos. 333-255960, 333-233905, 333-251155, 333-252848, 333-251004 and 333-249184) and Form S-8 (File No. 333-214520 and 333-248419) of the Company, filed with the Securities and Exchange Commission (“SEC”), to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Exhibit No.    
10.1   Deed of Variation of Share Purchase Agreement, by and among Nano Dimension Ltd., the Selling Shareholders Representative (on behalf of the Selling Shareholders) and Nicholas Campbell Geddes, dated July 11, 2022.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Nano Dimension Ltd.
  (Registrant)
     
Date: July 14, 2022 By: /s/ Yael Sandler
  Name:  Yael Sandler
  Title: Chief Financial Officer

 

 

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Exhibit 10.1

 

EXECUTION VERSION

 

DATED July 11, 2022

 

NANO DIMENSION LTD.

 

AND

 

THE SELLING SHAREHOLDERS’ REPRESENTATIVE (ON BEHALF OF THE SELLING SHAREHOLDERS)

 

AND


NICHOLAS CAMPBELL GEDDES

 

DEED OF VARIATION OF SHARE PURCHASE AGREEMENT

 

Taylor Vinters

Merlin Place

Milton Road

CAMBRIDGE

CB4 0DP

 

Tel: 01223 423444

Fax: 01223 423944

 

Email: sian.scanlon@taylorvinters.com

 

Our Ref: SES/452275.2

 

30312018v8

 

 

 

 

DEED OF VARIATION

 

INDEX

 

CLAUSE   PAGE
PARTIES   1
BACKGROUND   1
AGREED TERMS   2
1 DEFINITIONS AND INTERPRETATION   2
2 VARIATION TO DEFERRED CONSIDERATION   2
3 VARIATION OF EARN-OUT CONSIDERATION   2
4 PROVISIONS RELATING TO NICHOLAS GEDDES   3
5 CONTINUATION   4
6 GENERAL   4
7 GOVERNING LAW AND JURISDICTION   4

 

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THIS DEED is dated                                   2022

 

PARTIES

 

1NANO DIMENSION LTD., a company incorporated and registered in Israel with company number 520029109 whose registered office is at 2 Ilan Ramon Street, 7403635, Ness Ziona, Israel (the “Purchaser”);

 

2TAYLOR VINTERS LLP, a limited liability partnership registered in England and Wales with registered number OC343503 whose registered office is at Merlin Place, Milton Road, Cambridge CB4 0DP, acting as the Selling Shareholders’ Representative (the “Selling Shareholders’ Representative”); and

 

3NICHOLAS CAMPBELL GEDDES of Street Farmhouse, The Street, Lidgate, Suffolk, CB8 9PW (“NG”).

 

BACKGROUND

 

1The Purchaser and various individuals (the “Selling Shareholders”) are party to a share purchase agreement dated 4 January 2022 pursuant to which the Selling Shareholders sold the entire issued share capital of Global Inkjet Systems Ltd to the Purchaser (the “SPA”).

 

2The SPA contains various provisions governing the payment of further sums to the Selling Shareholders. The Purchaser has proposed to bring forward the payment of such sums in consideration for a discount and change in payment terms of the full amounts which might otherwise be payable (the “Proposed Variation”) as it wishes to change the role carried out by NG.

 

3Selling Shareholders who together held more than half of the shares sold pursuant to the SPA have agreed to the Proposed Variation, and accordingly the Selling Shareholders’ Representative (acting pursuant to sections 9.10(a), 9.12(a) and 9.12(e) of the SPA) has entered into this Deed along with the Purchaser to give effect to the Proposed Variation.

 

4NG is a party to this Deed for the purposes of agreeing to the arrangements for the payment of his Relevant Proportion of the Earn-Out Consideration on the basis set out in clause 4.1 below.

 

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AGREED TERMS

 

1DEFINITIONS AND INTERPRETATION

 

Unless otherwise provided for expressly in this Deed, terms used in this Deed shall bear the meanings ascribed to them in the SPA.

 

2Variation TO Deferred Consideration

 

2.1With effect from the date of this Deed the provisions of the SPA are hereby amended as follows:

 

2.1.1the figure of GBP 1,000,000 in the definition of Deferred Consideration shall be deleted and replaced with the figure of GBP 750,000;

 

2.1.2section 2.02(h) shall be deleted and replaced with the following:

 

Deferred Consideration Purchaser shall pay the Selling Shareholders the amount constituting the Deferred Consideration on 31 March 2023, based on their Relevant Proportion. Notwithstanding anything to the contrary herein, no Deferred Consideration shall be paid to a Selling Shareholder who is a member of the Management Team, unless such Selling Shareholder was engaged by the Company until (and including) March 31, 2023, unless the engagement of such Selling Shareholder was terminated by Company, other than for Cause, or has otherwise resigned for Good Reason.”

 

3Variation of Earn-Out Consideration

 

3.1With effect from the date of this Deed the provisions of the SPA are hereby amended as follows:

 

3.1.1the definition of Earn-Out Consideration shall be amended to “shall mean GBP 5,500,000”;

 

3.1.2in section 2.02(b) the figure of GBP 7,000,000 shall be deleted and replaced with the figure of GBP 5,500,000;

 

3.1.3section 2.02(b)(2) shall be deleted and replaced with the following:

 

“Subject to Closing, the Purchaser shall pay GBP 4,500,000 of the Earn-Out Consideration to the Selling Shareholders on 31 March 2023.”;

 

3.1.4in section 2.02(d) the words “the last day of the respective Earn-Out Period to which such portion of the Earn-Out Consideration pertains” shall be deleted and replaced with the words “(i) in the case of the EBITDA Earn-Out Period, 31 March 2022 and (ii) in the case of the remaining Earn-Out Consideration, 31 March 2023”;

 

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3.1.5sections 2.02(b)(3) and 2.02(g) shall be deleted and replaced with the words “Reserved”;

 

3.1.6in sections 2.02(e) and 2.02(f) references to Earn-Out Consideration shall be read as references to the EBITDA Based Earn-Out Consideration;

 

3.2With effect from the date of this Deed:

 

3.2.1any references in section 2.04 of the SPA to “Earn-Out Consideration” shall be read as references to the EBITDA Based Earn-Out Consideration; and

 

3.2.2the Selling Shareholders (acting by the Selling Shareholders’ Representative) hereby release the Purchaser from the obligations and covenants set out in section 2.04 of the SPA in relation to the Earn-Out Consideration only (but not, for the avoidance of doubt, in respect of the EBITDA Based Earn-Out Consideration).

 

3.3With effect from the date of this Deed the definition of Good Reason shall be amended by the deletion of the text from and including the phrase “(vi)”.

 

4Provisions relating to NICHOLAS GEDDES

 

4.1With effect from the date of this Deed a new section 2.02(j) shall be inserted as follows:

 

“(j) notwithstanding the provisions of Section 2.02(d) and 2.02(h), the Relevant Proportion of the Earn-Out Consideration to be paid to Nicholas Geddes pursuant to section 2.02(b)(2) (as amended by this Deed) shall be paid (i) GBP 521,770 on 30 June 2023, (ii) GBP 347,847 on 30 June 2024 and (iii) GBP 434,808 on 30 June 2025, provided in relation to each such payment that he remains engaged by the Company (or any member of the Purchaser’s Group) on the relevant payment date, unless he was terminated by the Company (or other member of the Purchaser’s Group, as the case may be), other than for Cause, or has otherwise resigned for Good Reason.”

 

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4.2NG agrees to the terms of clause 4.1 above and consequently the payment to him of his Relevant Proportion of the Earn-Out Consideration being paid on a different basis to the other Selling Shareholders.

 

5CONTINUATION

 

5.1The SPA shall remain in full force and effect subject only to the changes effected by this Deed.

 

5.2In case of any conflict between the terms of the SPA and the terms of this Deed, the latter shall govern and prevail. All other terms of the SPA shall apply, mutatis-mutandis.

 

6GENERAL

 

6.1This Deed may be executed in any number of counterparts, each of which will be deemed to be an original and all of which together will constitute one and the same instrument. A signature to this Deed delivered by facsimile or in PDF, as a scan copy or in a similar format by electronic mail will be sufficient for all purposes between the parties.

 

6.2All or any provision of this Deed may be deleted, varied, supplemented, terminated or otherwise changed in any way on the same basis as provided in the SPA.

 

7GOVERNING LAW AND JURISDICTION

 

7.1This Deed (including any dispute, claim or controversy arising out of, in connection with or relating to this Deed) shall be governed by, and construed in accordance with the laws of England and Wales, without giving effect to conflicts of laws principles that would result in the application of the law of any other state.

 

7.2This Deed (including any dispute, claim or controversy arising out of, in connection with or relating to this Agreement) shall be subject to the exclusive jurisdiction of the English Courts and the parties irrevocably agree that any proceedings in respect of such claim or matter may be brought only in such court.

 

THIS DEED has been executed and delivered as a deed on the date stated at the beginning of it.

 

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EXECUTED AS A DEED by
NANO DINENSION LTD.
acting by a director in the presence of:

)

)

)

/s/ Yoav Stern
    Name: Yoav Stern
       
Witness signature:   /s/ Tamir Chagal
Witness name:   Tamir Chagal
Witness address:   28 HaArba’a St. HaArba’a Towers, Northern Tower
    35th Floor, Tel-Aviv, Israel
Witness occupation:   Advocate

 

EXECUTED AS A DEED by
TAYLOR VINTERS LLP
acting by a member in the presence of:

)

)

)
/s/ Sian Scanlon
    Name: Sian Scanlon
       
Witness signature:   /s/ Hanna Beaumont
Witness name:   Hanna Beaumont
Witness address:   16a Hilton Road
    Fenstanton, PE28 9L
Witness occupation:   Insurance Broker

 

EXECUTED AS A DEED
NICHOLAS CAMPBELL GEDDES

in the presence of:

)

)

)
/s/ Nicholas Geddes
    Name: Nicholas Geddes
       
Witness signature:   /s/ James Barker
Witness name:   James Barker
Witness address:   23 Mountbatten Drive
    Biggleswade
    SG180JJ
Witness occupation:   HR Manager

 

 

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