# EDGAR Filing Document

**Accession Number:** 0001838556
**File Stem:** 0000921895-23-000653
**Filing Date:** 2023-3
**Character Count:** 105410
**Document Hash:** e7f0a826f6fec5a135cb0849020a4ca8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000921895-23-000653.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0000921895-23-000653

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nano Dimension Ltd.
- **CENTRAL INDEX KEY:** 0001643303
- **STANDARD INDUSTRIAL CLASSIFICATION:** PRINTED CIRCUIT BOARDS [3672]
- **IRS NUMBER:** 520029109
- **STATE OF INCORPORATION:** L3
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89872
- **FILM NUMBER:** 23709712

**BUSINESS ADDRESS:**
- **STREET 1:** 2 ILAN RAMON
- **CITY:** NESS ZIONA
- **STATE:** L3
- **ZIP:** 7403635
- **BUSINESS PHONE:** 00-972-73-7509142

**MAIL ADDRESS:**
- **STREET 1:** 2 ILAN RAMON
- **CITY:** NESS ZIONA
- **STATE:** L3
- **ZIP:** 7403635
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Murchinson Ltd.
- **CENTRAL INDEX KEY:** 0001838556
- **IRS NUMBER:** 811321967
- **STATE OF INCORPORATION:** A6

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 145 ADELAIDE STREET WEST
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 4E5
- **BUSINESS PHONE:** (416) 845-0666

**MAIL ADDRESS:**
- **STREET 1:** 145 ADELAIDE STREET WEST
- **CITY:** TORONTO
- **STATE:** A6
- **ZIP:** M5H 4E5

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**SCHEDULE 13D**

(Rule 13d-101)

INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT

TO § 240.13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO

§ 240.13d-2(a)

(Amendment No. 2)<sup>1</sup>

<u>Nano Dimension Ltd.</u>

(Name of Issuer)

<u>Ordinary Shares par value NIS 5.00 per share</u>

(Title of Class of Securities)

<u>63008G203</u>

(CUSIP Number)

MURCHINSON LTD.

145 Adelaide Street West, Fourth Floor

Toronto, Ontario Canada A6 M5H 4E5

(416) 845-0666

ANDREW FREEDMAN, ESQ.

MEAGAN REDA, ESQ.

OLSHAN FROME WOLOSKY LLP

1325 Avenue of the Americas

New York, New York 10019

<u>(212) 451-2300</u>

(Name, Address and Telephone Number of Person

Authorized to Receive Notices and Communications)

<u>March 6, 2023</u>

(Date of Event Which Requires Filing of This Statement)

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box ◻.

*Note:* Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. *See* § 240.13d-7 for other parties to whom copies are to be sent.

1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, *see* the *Notes*).

CUSIP No. 63008G203

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON |
| |  | Murchinson Ltd. | Murchinson Ltd. | Murchinson Ltd. |
| 2 | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ |
|  |  |  |  | (b) ☐ |
| 3 | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |  |
| 4 | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS |
| |  | OO | OO | OO |
| 5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 6 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION |
| |  | Canada | Canada | Canada |
| NUMBER OF |  | 7 | &nbsp;&nbsp;SOLE VOTING POWER | &nbsp;&nbsp;SOLE VOTING POWER |
| SHARES |  |  |  |  |
| BENEFICIALLY |  |  | 6,747,938\* | 6,747,938\* |
| OWNED BY |  | 8 | &nbsp;&nbsp;SHARED VOTING POWER | &nbsp;&nbsp;SHARED VOTING POWER |
| EACH |  |  |  |  |
| REPORTING |  |  | 6,747,939\* | 6,747,939\* |
| PERSON WITH |  | 9 | &nbsp;&nbsp;SOLE DISPOSITIVE POWER | &nbsp;&nbsp;SOLE DISPOSITIVE POWER |
|  |  |  | 6,747,938\* | 6,747,938\* |
|  |  | 10 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER | &nbsp;&nbsp;SHARED DISPOSITIVE POWER |
|  |  |  | 6,747,939\* | 6,747,939\* |
| 11 | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|  |  | 13,495,877\* | 13,495,877\* | 13,495,877\* |
| 12 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 13 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
|  |  | 5.2% | 5.2% | 5.2% |
| 14 | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON |
|  |  | CO | CO | CO |

---

\*Represents American Depositary Shares ("Shares") (each Share represents one Ordinary Share).

CUSIP No. 63008G203

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON |
| |  | Nomis Bay Ltd | Nomis Bay Ltd | Nomis Bay Ltd |
| 2 | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ |
|  |  |  |  | (b) ☐ |
| 3 | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |  |
| 4 | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS |
| |  | WC | WC | WC |
| 5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 6 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION |
| |  | Bermuda | Bermuda | Bermuda |
| NUMBER OF |  | 7 | &nbsp;&nbsp;SOLE VOTING POWER | &nbsp;&nbsp;SOLE VOTING POWER |
| SHARES |  |  |  |  |
| BENEFICIALLY |  |  | - 0 - | - 0 - |
| OWNED BY |  | 8 | &nbsp;&nbsp;SHARED VOTING POWER | &nbsp;&nbsp;SHARED VOTING POWER |
| EACH |  |  |  |  |
| REPORTING |  |  | 4,048,763\* | 4,048,763\* |
| PERSON WITH |  | 9 | &nbsp;&nbsp;SOLE DISPOSITIVE POWER | &nbsp;&nbsp;SOLE DISPOSITIVE POWER |
|  |  |  | - 0 - | - 0 - |
|  |  | 10 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER | &nbsp;&nbsp;SHARED DISPOSITIVE POWER |
|  |  |  | 4,048,763\* | 4,048,763\* |
| 11 | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|  |  | 4,048,763\* | 4,048,763\* | 4,048,763\* |
| 12 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 13 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
|  |  | 1.6% | 1.6% | 1.6% |
| 14 | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON |
|  |  | CO | CO | CO |

---

\*Represents American Depositary Shares ("Shares") (each Share represents one Ordinary Share).

CUSIP No. 63008G203

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON |
| |  | BPY Limited | BPY Limited | BPY Limited |
| 2 | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ |
|  |  |  |  | (b) ☐ |
| 3 | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |  |
| 4 | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS |
| |  | WC | WC | WC |
| 5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 6 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION |
| |  | Bermuda | Bermuda | Bermuda |
| NUMBER OF |  | 7 | &nbsp;&nbsp;SOLE VOTING POWER | &nbsp;&nbsp;SOLE VOTING POWER |
| SHARES |  |  |  |  |
| BENEFICIALLY |  |  | - 0 - | - 0 - |
| OWNED BY |  | 8 | &nbsp;&nbsp;SHARED VOTING POWER | &nbsp;&nbsp;SHARED VOTING POWER |
| EACH |  |  |  |  |
| REPORTING |  |  | 2,699,176\* | 2,699,176\* |
| PERSON WITH |  | 9 | &nbsp;&nbsp;SOLE DISPOSITIVE POWER | &nbsp;&nbsp;SOLE DISPOSITIVE POWER |
|  |  |  | - 0 - | - 0 - |
|  |  | 10 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER | &nbsp;&nbsp;SHARED DISPOSITIVE POWER |
|  |  |  | 2,699,176\* | 2,699,176\* |
| 11 | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|  |  | 2,699,176\* | 2,699,176\* | 2,699,176\* |
| 12 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 13 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
|  |  | 1.0% | 1.0% | 1.0% |
| 14 | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON |
|  |  | CO | CO | CO |

---

\*Represents American Depositary Shares ("Shares") (each Share represents one Ordinary Share).

CUSIP No. 63008G203

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON |
| |  | EOM Management Ltd. | EOM Management Ltd. | EOM Management Ltd. |
| 2 | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ |
|  |  |  |  | (b) ☐ |
| 3 | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |  |
| 4 | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS |
| |  | OO | OO | OO |
| 5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 6 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION |
| |  | Bermuda | Bermuda | Bermuda |
| NUMBER OF |  | 7 | &nbsp;&nbsp;SOLE VOTING POWER | &nbsp;&nbsp;SOLE VOTING POWER |
| SHARES |  |  |  |  |
| BENEFICIALLY |  |  | - 0 - | - 0 - |
| OWNED BY |  | 8 | &nbsp;&nbsp;SHARED VOTING POWER | &nbsp;&nbsp;SHARED VOTING POWER |
| EACH |  |  |  |  |
| REPORTING |  |  | 6,747,939\* | 6,747,939\* |
| PERSON WITH |  | 9 | &nbsp;&nbsp;SOLE DISPOSITIVE POWER | &nbsp;&nbsp;SOLE DISPOSITIVE POWER |
|  |  |  | - 0 - | - 0 - |
|  |  | 10 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER | &nbsp;&nbsp;SHARED DISPOSITIVE POWER |
|  |  |  | 6,747,939\* | 6,747,939\* |
| 11 | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|  |  | 6,747,939\* | 6,747,939\* | 6,747,939\* |
| 12 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 13 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
|  |  | 2.6% | 2.6% | 2.6% |
| 14 | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON |
|  |  | CO | CO | CO |

---

\*Represents American Depositary Shares ("Shares") (each Share represents one Ordinary Share).

CUSIP No. 63008G203

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON |
| |  | James Keyes | James Keyes | James Keyes |
| 2 | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ |
|  |  |  |  | (b) ☐ |
| 3 | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |  |
| 4 | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS |
| |  | OO | OO | OO |
| 5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 6 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION |
| |  | United Kingdom | United Kingdom | United Kingdom |
| NUMBER OF |  | 7 | &nbsp;&nbsp;SOLE VOTING POWER | &nbsp;&nbsp;SOLE VOTING POWER |
| SHARES |  |  |  |  |
| BENEFICIALLY |  |  | - 0 - | - 0 - |
| OWNED BY |  | 8 | &nbsp;&nbsp;SHARED VOTING POWER | &nbsp;&nbsp;SHARED VOTING POWER |
| EACH |  |  |  |  |
| REPORTING |  |  | 6,747,939\* | 6,747,939\* |
| PERSON WITH |  | 9 | &nbsp;&nbsp;SOLE DISPOSITIVE POWER | &nbsp;&nbsp;SOLE DISPOSITIVE POWER |
|  |  |  | - 0 - | - 0 - |
|  |  | 10 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER | &nbsp;&nbsp;SHARED DISPOSITIVE POWER |
|  |  |  | 6,747,939\* | 6,747,939\* |
| 11 | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|  |  | 6,747,939\* | 6,747,939\* | 6,747,939\* |
| 12 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 13 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
|  |  | 2.6% | 2.6% | 2.6% |
| 14 | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON |
|  |  | IN | IN | IN |

---

\*Represents American Depositary Shares ("Shares") (each Share represents one Ordinary Share).

CUSIP No. 63008G203

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON |
| |  | Jason Jagessar | Jason Jagessar | Jason Jagessar |
| 2 | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ |
|  |  |  |  | (b) ☐ |
| 3 | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |  |
| 4 | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS |
| |  | OO | OO | OO |
| 5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 6 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION |
| |  | Republic of Trinidad and Tobago | Republic of Trinidad and Tobago | Republic of Trinidad and Tobago |
| NUMBER OF |  | 7 | &nbsp;&nbsp;SOLE VOTING POWER | &nbsp;&nbsp;SOLE VOTING POWER |
| SHARES |  |  |  |  |
| BENEFICIALLY |  |  | - 0 - | - 0 - |
| OWNED BY |  | 8 | &nbsp;&nbsp;SHARED VOTING POWER | &nbsp;&nbsp;SHARED VOTING POWER |
| EACH |  |  |  |  |
| REPORTING |  |  | 6,747,939\* | 6,747,939\* |
| PERSON WITH |  | 9 | &nbsp;&nbsp;SOLE DISPOSITIVE POWER | &nbsp;&nbsp;SOLE DISPOSITIVE POWER |
|  |  |  | - 0 - | - 0 - |
|  |  | 10 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER | &nbsp;&nbsp;SHARED DISPOSITIVE POWER |
|  |  |  | 6,747,939\* | 6,747,939\* |
| 11 | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|  |  | 6,747,939\* | 6,747,939\* | 6,747,939\* |
| 12 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 13 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
|  |  | 2.6% | 2.6% | 2.6% |
| 14 | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON |
|  |  | IN | IN | IN |

---

\*Represents American Depositary Shares ("Shares") (each Share represents one Ordinary Share).

CUSIP No. 63008G203

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON |
| |  | Chaja Carlebach | Chaja Carlebach | Chaja Carlebach |
| 2 | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☐ |
|  |  |  |  | (b) ☐ |
| 3 | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |  |
| 4 | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS |
| |  | OO | OO | OO |
| 5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 6 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION |
| |  | Switzerland | Switzerland | Switzerland |
| NUMBER OF |  | 7 | &nbsp;&nbsp;SOLE VOTING POWER | &nbsp;&nbsp;SOLE VOTING POWER |
| SHARES |  |  |  |  |
| BENEFICIALLY |  |  | - 0 - | - 0 - |
| OWNED BY |  | 8 | &nbsp;&nbsp;SHARED VOTING POWER | &nbsp;&nbsp;SHARED VOTING POWER |
| EACH |  |  |  |  |
| REPORTING |  |  | 6,747,939\* | 6,747,939\* |
| PERSON WITH |  | 9 | &nbsp;&nbsp;SOLE DISPOSITIVE POWER | &nbsp;&nbsp;SOLE DISPOSITIVE POWER |
|  |  |  | - 0 - | - 0 - |
|  |  | 10 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER | &nbsp;&nbsp;SHARED DISPOSITIVE POWER |
|  |  |  | 6,747,939\* | 6,747,939\* |
| 11 | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|  |  | 6,747,939\* | 6,747,939\* | 6,747,939\* |
| 12 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 13 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
|  |  | 2.6% | 2.6% | 2.6% |
| 14 | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON |
|  |  | IN | IN | IN |

---

\*Represents American Depositary Shares ("Shares") (each Share represents one Ordinary Share).

CUSIP No. 63008G203

---

| | | | | |
|:---|:---|:---|:---|:---|
| 1 | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON | &nbsp;&nbsp;NAME OF REPORTING PERSON |
| |  | Marc J. Bistricer | Marc J. Bistricer | Marc J. Bistricer |
| 2 | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | (a) ☒ |
|  |  |  |  | (b) ☐ |
| 3 | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |  |
| 4 | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS | &nbsp;&nbsp;SOURCE OF FUNDS |
| |  | OO | OO | OO |
| 5 | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 6 | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION | &nbsp;&nbsp;CITIZENSHIP OR PLACE OF ORGANIZATION |
| |  | Canada | Canada | Canada |
| NUMBER OF |  | 7 | &nbsp;&nbsp;SOLE VOTING POWER | &nbsp;&nbsp;SOLE VOTING POWER |
| SHARES |  |  |  |  |
| BENEFICIALLY |  |  | 6,747,938\* | 6,747,938\* |
| OWNED BY |  | 8 | &nbsp;&nbsp;SHARED VOTING POWER | &nbsp;&nbsp;SHARED VOTING POWER |
| EACH |  |  |  |  |
| REPORTING |  |  | 6,747,939\* | 6,747,939\* |
| PERSON WITH |  | 9 | &nbsp;&nbsp;SOLE DISPOSITIVE POWER | &nbsp;&nbsp;SOLE DISPOSITIVE POWER |
|  |  |  | 6,747,938\* | 6,747,938\* |
|  |  | 10 | &nbsp;&nbsp;SHARED DISPOSITIVE POWER | &nbsp;&nbsp;SHARED DISPOSITIVE POWER |
|  |  |  | 6,747,939\* | 6,747,939\* |
| 11 | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON | &nbsp;&nbsp;AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON |
|  |  | 13,495,877\* | 13,495,877\* | 13,495,877\* |
| 12 | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| 13 | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) | &nbsp;&nbsp;PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11) |
|  |  | 5.2% | 5.2% | 5.2% |
| 14 | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON | &nbsp;&nbsp;TYPE OF REPORTING PERSON |
|  |  | IN | IN | IN |

---

\*Represents American Depositary Shares ("Shares") (each Share represents one Ordinary Share).

CUSIP No. 63008G203

The following constitutes Amendment No. 2 to the Schedule 13D filed by the undersigned (the "Amendment No. 2"). This Amendment No. 2 amends the Schedule 13D as specifically set forth herein.

Item 3. <u>Source and Amount of Funds or Other Consideration</u>.

Item 3 is hereby amended and restated to read as follows:

The Shares purchased by Nomis Bay were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 4,048,763 Shares beneficially owned by Nomis Bay is approximately $12,077,430, including brokerage commissions.

The Shares purchased by BPY were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 2,699,176 Shares beneficially owned by BPY is approximately $8,050,946, including brokerage commissions.

The Shares held in the Managed Positions were purchased with working capital (which may, at any given time, include margin loans made by brokerage firms in the ordinary course of business). The aggregate purchase price of the 6,747,938 Shares held in the Managed Positions is approximately $20,128,230, including brokerage commissions.

Item 4. <u>Purpose of Transaction</u>.

Item 4 is hereby amended to add the following:

On March 6, 2023, the Proposing Shareholders released an investor presentation (the "Investor Presentation") and issued a press release (the "Press Release") explaining their view regarding why immediate change is necessary to the Issuer's Board of Directors (the "Board") ahead of the upcoming special general meeting of shareholders of the Issuer convened by the Proposing Shareholders and scheduled to be held on March 20, 2023 (the "Meeting"), with a voting deadline of 12:00 p.m. E.T. on March 13, 2023 for holders of the Issuer's American Depositary Shares, including the share price underperformance, dismal corporate governance practices, lack of accountability and capital allocation missteps which have occurred under the watch of the Issuer's management and incumbent Board. The Proposing Shareholders disclosed actions that may be taken to both increase shareholder value and foster a culture of accountability and transparency at the Issuer and detailed the qualifications of their two independent highly qualified nominees, Kenneth H. Traub and Dr. Joshua Rosensweig, for appointment to the Board by the Issuer's shareholders at the Meeting. The Investor Presentation and Press Release are attached hereto as Exhibits 99.1 and 99.2, respectively, and are incorporated herein by reference.

Item 5. <u>Interest in the Securities of the Issuer</u>.

Items 5 (a)-(c) are hereby amended and restated to read as follows:

The aggregate percentage of Shares reported owned by each person named herein is based upon a denominator consisting of a multiple of (i) 12,907,044 Shares outstanding, as of November 8, 2022, which is 5.0% of the total number of Shares outstanding as reported in the Issuer's Current Report on Form 6-K filed with the SEC on November 8, 2022 and (ii) twenty.

CUSIP No. 63008G203

A. Nomis Bay

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the close of business on March 6, 2023, Nomis Bay beneficially owned 4,048,763 Shares.

Percentage: Approximately 1.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1. Sole power to vote or direct vote: 0<br>
2. Shared power to vote or direct vote: 4,048,763<br>
3. Sole power to dispose or direct the disposition: 0<br>
4. Shared power to dispose or direct the disposition: 4,048,763

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The transactions in the Shares by Nomis Bay since the filing of Amendment No. 1 are set forth in Schedule
A and are incorporated herein by reference.

B. BPY

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the close of business on March 6, 2023, BPY beneficially owned 2,699,176 Shares.

Percentage: Approximately 1.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1. Sole power to vote or direct vote: 0<br>
2. Shared power to vote or direct vote: 2,699,176<br>
3. Sole power to dispose or direct the disposition: 0<br>
4. Shared power to dispose or direct the disposition: 2,699,176

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The transactions in the Shares by BPY since the filing of Amendment No. 1 are set forth in Schedule A
and are incorporated herein by reference.

C. EOM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) EOM, as the investment advisor to each of Nomis Bay and BPY, may be deemed the beneficial owner of the
(i) 4,048,763 Shares owned by Nomis Bay and (ii) 2,699,176 Shares owned by BPY.

Percentage: Approximately 2.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1. Sole power to vote or direct vote: 0<br>
2. Shared power to vote or direct vote: 6,747,939<br>
3. Sole power to dispose or direct the disposition: 0<br>
4. Shared power to dispose or direct the disposition: 6,747,939

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) EOM has not entered into any transactions in the Shares since the filing of Amendment No. 1. The transactions
in the Shares on behalf of each of Nomis Bay and BPY since the filing of Amendment No. 1 are set forth in Schedule A and are incorporated
herein by reference.

D. Murchinson

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Murchinson, as the sub-investment advisor to each of Nomis Bay and BPY and the investment advisor to the
Managed Positions, may be deemed the beneficial owner of the (i) 4,048,763 Shares owned by Nomis Bay, (ii) 2,699,176 Shares owned by BPY
and (iii) 6,747,938 Shares held through the Managed Positions.

CUSIP No. 63008G203

Percentage: Approximately 5.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1. Sole power to vote or direct vote: 6,747,938<br>
2. Shared power to vote or direct vote: 6,747,939<br>
3. Sole power to dispose or direct the disposition: 6,747,938<br>
4. Shared power to dispose or direct the disposition: 6,747,939

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Murchinson has not entered into any transactions in the Shares since the filing of Amendment No. 1. The
transactions in the Shares on behalf of each of Nomis Bay and BPY and through the Managed Positions since the filing of Amendment No.
1 are set forth in Schedule A and are incorporated herein by reference.

E. Mr. Keyes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Keyes, as a director of each of Nomis Bay and BPY, may be deemed the beneficial owner of the (i) 4,048,763
Shares owned by Nomis Bay and (ii) 2,699,176 Shares owned by BPY.

Percentage: Approximately 2.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1. Sole power to vote or direct vote: 0<br>
2. Shared power to vote or direct vote: 6,747,939<br>
3. Sole power to dispose or direct the disposition: 0<br>
4. Shared power to dispose or direct the disposition: 6,747,939

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Mr. Keyes has not entered into any transactions in the Shares since the filing of Amendment No. 1. The
transactions in the Shares on behalf of each of Nomis Bay and BPY since the filing of Amendment No. 1 are set forth in Schedule A and
are incorporated herein by reference.

F. Mr. Jagessar

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Jagessar, as a director of each of Nomis Bay and BPY, may be deemed the beneficial owner of the (i)
4,048,763 Shares owned by Nomis Bay and (ii) 2,699,176 Shares owned by BPY.

Percentage: Approximately 2.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1. Sole power to vote or direct vote: 0<br>
2. Shared power to vote or direct vote: 6,747,939<br>
3. Sole power to dispose or direct the disposition: 0<br>
4. Shared power to dispose or direct the disposition: 6,747,939

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Mr. Jagessar has not entered into any transactions in the Shares since the filing of Amendment No. 1.
The transactions in the Shares on behalf of each of Nomis Bay and BPY since the filing of Amendment No. 1 are set forth in Schedule A
and are incorporated herein by reference.

CUSIP No. 63008G203

G. Ms. Carlebach

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Ms. Carlebach, as the director of EOM, may be deemed the beneficial owner of the (i) 4,048,763 Shares
owned by Nomis Bay and (ii) 2,699,176 Shares owned by BPY.

Percentage: Approximately 2.6%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1. Sole power to vote or direct vote: 0<br>
2. Shared power to vote or direct vote: 6,747,939<br>
3. Sole power to dispose or direct the disposition: 0<br>
4. Shared power to dispose or direct the disposition: 6,747,939

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Ms. Carlebach has not entered into any transactions in the Shares since the filing of Amendment No. 1.
The transactions in the Shares on behalf of each of Nomis Bay and BPY since the filing of Amendment No. 1 are set forth in Schedule A
and are incorporated herein by reference.

H. Mr. Bistricer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Mr. Bistricer, as the Chief Executive Officer and Chief Investment Officer of Murchinson, may be deemed
the beneficial owner of the (i) 4,048,763 Shares owned by Nomis Bay, (ii) 2,699,176 Shares owned by BPY and (iii) 6,747,938 Shares held
through the Managed Positions.

Percentage: Approximately 5.2%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 1. Sole power to vote or direct vote: 6,747,938<br>
2. Shared power to vote or direct vote: 6,747,939<br>
3. Sole power to dispose or direct the disposition: 6,747,938<br>
4. Shared power to dispose or direct the disposition: 6,747,939

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Mr. Bistricer has not entered into any transactions in the Shares since the filing of Amendment No. 1.
The transactions in the Shares on behalf of each of Nomis Bay and BPY and through the Managed Positions since the filing of Amendment
No. 1 are set forth in Schedule A and are incorporated herein by reference.

Item 7. <u>Material to be Filed as Exhibits</u>.

Item 7 is hereby amended to add the following exhibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 Investor Presentation, dated March 6, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2 Press Release, dated March 6, 2023.

CUSIP No. 63008G203

<u>SIGNATURES</u>

After reasonable inquiry and to the best of his knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Dated: March 6, 2023

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Nomis Bay Ltd | &nbsp;&nbsp;Nomis Bay Ltd | &nbsp;&nbsp;Nomis Bay Ltd |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ James Keyes | &nbsp;&nbsp; /s/ James Keyes |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;James Keyes |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Director |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;BPY Limited | &nbsp;&nbsp;BPY Limited | &nbsp;&nbsp;BPY Limited |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ James Keyes | &nbsp;&nbsp; /s/ James Keyes |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;James Keyes |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Director |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;EOM Management Ltd. | &nbsp;&nbsp;EOM Management Ltd. | &nbsp;&nbsp;EOM Management Ltd. |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Chaja Carlebach | &nbsp;&nbsp; /s/ Chaja Carlebach |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Chaja Carlebach |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Director |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Murchinson Ltd. | &nbsp;&nbsp;Murchinson Ltd. | &nbsp;&nbsp;Murchinson Ltd. |
| &nbsp;&nbsp;By: | &nbsp;&nbsp; /s/ Marc J. Bistricer | &nbsp;&nbsp; /s/ Marc J. Bistricer |
|  | &nbsp;&nbsp;Name: | &nbsp;&nbsp;Marc J. Bistricer |
|  | &nbsp;&nbsp;Title: | &nbsp;&nbsp;Chief Executive Officer |

---

---

| |
|:---|
| &nbsp;&nbsp; /s/ James Keyes |
| &nbsp;&nbsp;James Keyes |
| &nbsp;&nbsp; /s/ Jason Jagessar |
| &nbsp;&nbsp;Jason Jagessar |
| &nbsp;&nbsp; /s/ Chaja Carlebach |
| &nbsp;&nbsp;Chaja Carlebach |
| &nbsp;&nbsp; /s/ Marc J. Bistricer |
| &nbsp;&nbsp;Marc J. Bistricer |

---

CUSIP No. 63008G203

**<u>SCHEDULE A</u>**

**<u>Transactions in the Securities of the Issuer Since the Filing of Amendment No. 1 to the Schedule 13D</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;<u>Nature of the Transaction</u> | &nbsp;&nbsp; Amount of Securities<br> <u>Purchased/(Sold)</u> | &nbsp;&nbsp;<u>Price ($)</u> | &nbsp;&nbsp; Date of<br> <u>Purchase/Sale</u> |

---

**<u>NOMIS BAY LTD</u>**

Purchase of Common Stock 27,014 2.5500 02/13/2023 <br> Purchase of Common Stock 30,000 2.5380 02/13/2023 <br> Sale of Common Stock (13,251) 2.9680 02/15/2023

**<u>BPY LIMITED</u>**

Purchase of Common Stock 18,010 2.5500 02/13/2023 <br> Purchase of Common Stock 20,000 2.5380 02/13/2023 <br> Sale of Common Stock (8,834) 2.9680 02/15/2023

**<u>MURCHINSON LTD.</u>**

**<u>(Through the Managed Positions)</u>**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;27014 | &nbsp;&nbsp;2.5500 | &nbsp;&nbsp;02/13/2023 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;18010 | &nbsp;&nbsp;2.5500 | &nbsp;&nbsp;02/13/2023 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;30000 | &nbsp;&nbsp;2.5380 | &nbsp;&nbsp;02/13/2023 |
| &nbsp;&nbsp;Purchase of Common Stock | &nbsp;&nbsp;20000 | &nbsp;&nbsp;2.5380 | &nbsp;&nbsp;02/13/2023 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(13252) | &nbsp;&nbsp;2.9680 | &nbsp;&nbsp;02/15/2023 |
| &nbsp;&nbsp;Sale of Common Stock | &nbsp;&nbsp;(8834) | &nbsp;&nbsp;2.9680 | &nbsp;&nbsp;02/15/2023 |

---

## Exhibit 99.2

Exhibit 99.2

**Murchinson Issues Presentation Detailing Urgent Need for Change at Nano Dimension**

*Highlights Company's Share Price Underperformance, Terrible Corporate Governance and Poor Capital Allocation Under the Current Board Led by Yoav Stern* 

 

*Notes That Shares Have Declined More Than 77% During Mr. Stern's Chairmanship and the Company Currently Has a Negative Enterprise Value of More Than $400 Million* 

 

*Urges Shareholders to Make Their Voices Heard at the Special Meeting on March 20, 2023, and Vote for the Removal of Four Legacy Directors and Appointment of Murchinson's Two Highly-Qualified Independent Nominees – Kenneth H. Traub and Dr. Joshua Rosensweig*

 

*Notes that the Voting Cut-Off Date for ADS Holders is 12:00 p.m. ET on March 13, 2023* 

TORONTO – March [6], 2023 – Murchinson Ltd. (collectively with its affiliates and funds it advises and/or sub-advises, "Murchinson" or "we"), the largest shareholder with approximately 5.2% of the outstanding shares of Nano Dimension Ltd. (NASDAQ: NNDM) ("Nano Dimension" or the "Company"), today issued a presentation outlining why it believes change is urgently needed at Nano Dimension. Shareholders have the opportunity to vote at the upcoming Special General Meeting of Shareholders (the "Special Meeting"), in spite of the Company's efforts to declare the meeting illegal and stop the voices of shareholders from being heard. ADS holders should be mindful that all votes must be received by 12:00 p.m. E.T. on March 13, 2023, and, in any event, should correspond with their bank or broker to ensure their vote is counted.

The presentation is available at: www.SaveNanoDimension.com

Key takeaways from the presentation include:

&nbsp;&nbsp;&nbsp;&nbsp;· **The Company has drastically underperformed during Yoav Stern's Chairmanship.** Nano Dimension shares have declined by *<u>more than 77%</u>* since Mr. Stern was appointed
Chairman in 2021 <sup>1</sup> . Further, the Company currently has a negative enterprise value
of *<u>more than $400 million **<sup>2</sup>**</u>* – reflecting investors'
concern regarding the current Board and management team's continued destruction of value. The bottom line is that *<u>the longer the Stern-led Board remains in place, the greater the risk of further value erosion</u>* .

&nbsp;&nbsp;&nbsp;&nbsp;· **The Stern-led Board has overseen terrible corporate governance and failed to hold management accountable.** The Board has apparently rallied behind Mr. Stern by supporting *<u>drastic entrenchment measures</u>* aimed at preventing the voices of shareholders from being heard. In response to Murchinson's special
meeting request, the Board has: 1) launched a smear campaign against its biggest shareholder to avoid addressing the concerns about the
Company's extremely poor governance and track record, 2) adopted a poison pill against the express will of shareholders, 3) filed a dilutive
registration statement to issue nearly 52 million new shares and 4) commenced litigation in an attempt to declare the Special Meeting
illegal and deprive shareholders of their right to vote at the legally scheduled Special Meeting. Adding insult to injury, most of the
Company's staggered Board, including Mr. Stern, were appointed and *<u>have never been put to a vote by shareholders due to apparent manipulations of the director class system</u>* .

&nbsp;&nbsp;&nbsp;&nbsp;· **Mr. Stern's Chairmanship has been characterized by a series of damaging capital allocation missteps.** The Board has continually failed to hold management accountable for its *<u>ill-advised acquisition strategy, poor integration of those acquisitions and significant cash burn</u>* . We believe that Mr. Stern has used this string
of acquisitions to mask the underperformance of the Company, touting 2022 as a year of tremendous growth in the business when
the fact is that almost all of the so-called growth came from expensive acquisitions while the legacy business experienced virtually no
growth.

------

<sup>1</sup> From March 11, 2021 to January 22, 2023 when Murchinson sent the Company the special meeting demand.

<sup>2</sup> As of March 1, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;· **Murchinson is seeking to establish accountability and transparency and ensure the Board prioritizes protecting value for ALL shareholders.** Murchinson is calling a special meeting and
has put forward four proposals, including removing *<u>four legacy directors</u>* and replacing them with two highly-qualified, truly
independent nominees – Kenneth H. Traub and Dr. Joshua Rosensweig. These two individuals are corporate governance experts with demonstrated
track records of improving company performance to benefit all shareholders, and we believe they can be instrumental in helping *<u>right the ship at Nano Dimension.</u>* 

&nbsp;&nbsp;&nbsp;&nbsp;· **Murchinson believes a refreshed board can meaningfully enhance value.** There are numerous *<u>actions outlined in our presentation</u>* that Murchinson believes could be immediately
proposed and advocated for by the new directors to benefit Nano Dimension and all of its shareholders. It is also clear that based on
its track record, the Board, as currently constructed, should not be the one making future strategy and capital allocation decisions,
and that *<u>every day that passes without change in the boardroom increases the chance of further value destruction</u>* .

\*\*\*<br>

As a reminder, Murchinson previously announced that a Special Meeting will be held at the offices of its outside Israeli counsel, Goldfarb Seligman, Law Offices, at Ampa Tower, 98 Yigal Alon Street, Tel Aviv 6789141, Israel, on Monday, March 20, 2023, at 16:00, Israel time. The record date for the Meeting is February 20, 2023. Murchinson has also filed a Notice of the Meeting and Related Proxy Materials for the Meeting with the U.S. Securities and Exchange Commission ("SEC"). If you have any questions about voting or need assistance, please contact our proxy solicitor, Okapi Partners LLC, at (212) 297-0270 or toll free at (844) 202-7428.

**Additional Information and Where to Find It**

In connection with the Meeting, Murchinson will make available to the Company's shareholders of record a proxy statement describing the various proposals to be voted upon at the Meeting, along with a proxy card or voting instruction form enabling them to indicate their vote on each matter. Murchinson has also furnished copies of the proxy statement, the proxy card and voting instruction form to the SEC as exhibits to the Schedule 13D amendment we filed with the SEC, which may be obtained for free from the SEC's website at www.sec.gov, as well as at the following website: www.SaveNanoDimension.com.

\*\*\*<br>

**<u>About Murchinson</u>**

Founded in 2012 and based in Toronto, Canada, Murchinson is an alternative asset management firm that serves institutional investors, family offices and qualified clients. The firm has extensive experience capturing the best returning opportunities across global markets. Murchinson's multi-strategy approach allows it to execute investments at all points in the market cycle with fluid allocation between strategies. Our team targets corporate action, distressed investing, private equity and structured finance situations, leveraging its broad market experience with a variety of specialized products and sophisticated hedging techniques to deliver alpha within a risk-averse mandate. Learn more at www.murchinsonltd.com.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

This press release contains forward-looking information within the meaning of applicable securities laws. In general, forward-looking information refers to disclosure about future conditions, courses of action, and events. All statements contained in this press release that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the use of any of the words "anticipates", "believes", "expects", "intends", "plans", "will", "would", and similar expressions are intended to identify forward-looking statements. These statements are based on current expectations of Murchinson and currently available information. Forward-looking statements are not guarantees of future performance, involve certain risks and uncertainties that are difficult to predict, and are based upon assumptions as to future events that may not prove to be accurate. Murchinson undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by applicable securities legislation.

**<u>Disclaimer</u>**

The information contained or referenced herein is for information purposes only in order to provide the views of Murchinson and the matters which Murchinson believes to be of concern to shareholders described herein. The information is not tailored to specific investment objections, the financial situations, suitability, or particular need of any specific person(s) who may receive the information, and should not be taken as advice in considering the merits of any investment decision. The views expressed herein represent the views and opinions of Murchinson, whose opinions may change at any time and which are based on analyses of Murchinson and its advisors.

**<u>Contacts</u>**

Longacre Square Partners

Dan Zacchei / Greg Marose, 646-386-0091

dzacchei@longacresquare.com / gmarose@longacresquare.com

or

Okapi Partners LLC

Bruce Goldfarb / Chuck Garske / Teresa Huang, 212-297-0720

info@okapipartners.com

### Attached PDF Documents

**Attachment 1:** `ex991to13da213459002_030623.pdf`

MURCHINSON

# Saving Nano Dimension

Prepared by Murchinson Ltd.
March 2023

# Disclaimer

The materials contained herein (the 'Materials') represent the opinions of Murchison Ltd. (collectively with its affiliates and funds it advises and/or sub-advises, 'Murchison') and are based on publicly available information with respect to Nano Dimension Ltd. ('Nano', 'Nano Dimension', 'NNDM' or the 'Company'). Murchison recognizes that there may be confidential information in the possession of the Company that could lead it or others to disagree with Murchison' conclusions. Murchison reserves the right to change any of its opinions expressed herein at any time as it deems appropriate and disclaims any obligation to notify the market or any other party of any such changes. Murchison disclaims any obligation to update the information or opinions contained herein. Certain financial projections and statements made herein have been derived or obtained from filings made with the Securities and Exchange Commission ('SEC') or other regulatory authorities and from other third-party reports. There is no assurance or guarantee with respect to the prices at which any securities of the Company will trade, and such securities may not trade at prices that may be implied herein. The estimates, projections and potential impact of the opportunities identified by Murchison herein are based on assumptions that Murchison believes to be reasonable as of the date of the Materials, but there can be no assurance or guarantee that actual results or performance of the Company will not differ, and such differences may be material. The Materials are provided merely as information and are not intended to be, nor should they be construed as, an offer to sell or a solicitation of an offer to buy any security.

Murchison currently beneficially owns, and/or has an economic interest in, securities of the Company. It is possible that there will be developments in the future (including changes in price of the Company's securities) that cause one or more funds that Murchison advises and/or sub-advises from time to time to sell all or a portion of their holdings of the Company in open market transactions or otherwise (including via short sales), buy additional securities (in open market or privately negotiated transactions or otherwise), or trade in options, puts, calls or other derivative instruments relating to some or all of such securities. To the extent that Murchison discloses information about its position or economic interest in the securities of the Company in the Materials, it is subject to change and Murchison expressly disclaims any obligation to update such information.

The Materials contain forward-looking statements. All statements contained herein that are not clearly historical in nature or that necessarily depend on future events are forward-looking, and the words 'anticipate,' 'believe,' 'expect,' 'potential,' 'opportunity,' 'estimate,' 'plan,' 'may,' 'will,' 'projects,' 'targets,' 'forecasts,' 'seeks,' 'could,' and similar expressions are generally intended to identify forward-looking statements. The projected results and statements contained herein that are not historical facts are based on current expectations, speak only as of the date of the Materials and involve risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such projected results and statements. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of Murchison. Although Murchison believes that the assumptions underlying the projected results or forward-looking statements are reasonable as of the date of the Materials, any of the assumptions could be inaccurate and therefore, there can be no assurance that the projected results or forward-looking statements included herein will prove to be accurate. In light of the significant uncertainties inherent in the projected results and forward-looking statements included herein, the inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such projected results and forward-looking statements will be achieved. Murchison will not undertake and specifically declines any obligation to disclose the results of any revisions that may be made to any projected results or forward-looking statements herein to reflect events or circumstances after the date of such projected results or statements or to reflect the occurrence of anticipated or unanticipated events.

Unless otherwise indicated herein, Murchison has not sought or obtained consent from any third party to use any statements, photos or information indicated herein as having been obtained or derived from statements made or published by third parties. Any such statements or information should not be viewed as indicating the support of such third party for the views expressed herein. No warranty is made as to the accuracy of data or information obtained or derived from filings made with the SEC by the Company or from any third-party source. All trade names, trademarks, service marks, and logos herein are the property of their respective owners who retain all proprietary rights over their use.

![Murchison logo]() MURCHINSON

2

# Murchinson Overview

*Murchinson is the largest shareholder of Nano Dimension, with approximately 5.2% of the Company’s outstanding shares*

- Founded in 2012 and based in Toronto, Canada, Murchinson is an alternative asset advisor that serves institutional investors, family offices and qualified clients
- The firm has extensive experience capturing value-generating opportunities across global markets
- Murchinson’s multi-strategy approach allows it to execute investments at all points in the market cycle with fluid allocation between strategies
- The team targets corporate action, distressed investing, private equity and structured finance situations, leveraging its broad market experience with a variety of specialized products and sophisticated hedging techniques to deliver alpha within a risk-averse mandate
- The firm’s leaders have a strong track record of successfully identifying mispriced opportunities and restructuring organizations across pharmaceuticals, real estate, shipping and industrials

MURCHINSON

3

# Table of Contents

Executive Summary 5

Why Change is Urgently Needed 6

- Consistent Share Price Underperformance 8
- Corporate Governance Failings 12
- Capital Allocation Missteps 20
- The DeepCube Acquisition 23

Our Proposals and Ideas for Value Creation 29

- Our Four Proposals 30
- Our Nominees 31
- The Directors We Are Targeting for Removal 32

MURCHINSON

4

# Executive Summary

1

Since his appointment as Chairman in 2021, the Yoav Stern-led Board has overseen share price underperformance relative to peers, terrible corporate governance and poor capital allocation

NNDM shares have declined by more than 77% during Mr. Stern's chairmanship and the Company currently has a negative enterprise value of more than $400 million, reflecting investors' concern regarding the current Board and management team's continued destruction of value

2

The Board has continually failed to hold management accountable for its ill-advised acquisition strategy, poor integration of those acquisitions and significant cash burn

We believe that Mr. Stern has used this string of acquisitions to mask the underperformance of the Company. Further, it appears that these businesses have failed to meaningfully grow post-acquisition due to being poorly integrated

3

The Board has apparently rallied behind Mr. Stern by supporting drastic entrenchment measures aimed at preventing the voices of shareholders from being heard

Following Murchison's special meeting request, the Board has 1) adopted a "poison pill," 2) launched a smear campaign against its largest shareholder, 3) filed a dilutive registration statement to issue nearly 52 million new shares (20%) allowing it to place as many shares as possible to company insiders and 4) commenced litigation to deprive shareholders of their right to vote at a legally scheduled special meeting

4

Murchison seeks to restore accountability and ensure the Board prioritizes protecting value for ALL shareholders rather than simply furthering Mr. Stern's self-serving entrenchment

Murchison is calling a special meeting and has put forward four proposals, including to remove four legacy directors (who have never been voted on by shareholders) and replace them with two highly-qualified, independent nominees - Kenneth H. Traub and Dr. Joshua Rosensweig - who we believe will improve corporate governance and right the ship at Nano Dimension

The current Board has lost the trust of shareholders - change is urgently needed in order to restore it

MURCHINSON

5

MURCHINSON

# I. Why Change is Urgently Needed

# The Evidence is Clear: Change is Needed Now

*The Stern-led Board’s reign has been defined by significant share price declines, terrible corporate governance, poor capital allocation, and now an aggressively defensive response to Murchinson’s legitimate demand - aimed at entrenching current directors at all costs*

![img-0.jpeg](img-0.jpeg)

Consistent  
share price  
underperformance

![img-1.jpeg](img-1.jpeg)

Corporate governance failings

![img-2.jpeg](img-2.jpeg)

Capital allocation missteps

![img-3.jpeg](img-3.jpeg)

Repeated  
entrenchment  
maneuvers

*The longer the current Board remains in place, the greater risk to shareholders of further value erosion*

![Murchinson logo]() MURCHINSON

7

# Consistent Underperformance

Under Mr. Stern's Chairmanship, the Company's stock price has suffered significant underperformance

- Since Mr. Stern was appointed Chairman in March 20211, Nano Dimension's stock price has lost 77.7% of its value2

- Nano Dimension historically does not name competitors or peers in its 20-F. However, Mr. Stern explicitly referenced Stratasys (NASDAQ: SSYS) as the only other company in Nano Dimension's industry during the Company's December 1, 2022 conference call

- Since Mr. Stern was appointed Chairman, Nano Dimension has underperformed Stratasys by 27%

![img-4.jpeg](img-4.jpeg)

Murchinson sends special meeting demand to the Company

![img-5.jpeg](img-5.jpeg)

MURCHINSON

1 https://www.globenewswire.com/hi/news-release/2021/03/11/2191251/0/en/Nano-Dimension-Announces-President-CEO-Yoay-Stern-s-Appointment-to-the-Board-of-Directors.html

2 From March 11, 2021 to January 22, 2023 when Murchinson sent the Company the special meeting demand.

8

# Consistent Underperformance (cont.)

- Given Nano Dimension's lack of disclosed peer group, Murchinson has created a peer group following ISS guidelines
- The sample was reduced from the universe of all U.S.-traded stocks as follows3:
  - All U.S.-traded stocks with an 8-digit GICS classification equal to:
    - 45202030 - NNDM's 8-digit GICS classification
    - 20106020 - The 8-digit GICS classification of four of the competitors that SSYS names in its 20-F
- A first filter was applied to only keep companies with a market cap of between 0.25x of the bottom and 4x the top of the bucket to which NNDM belongs (small bucket of $200 million to $1 billion market cap)
- A second filter was applied to only keep companies with annual revenue of between 0.4x and 2.5x the revenue of NNDM. However, since NNDM's (unaudited) annual revenue of $43.6 million falls below the $100 million threshold, the benchmark was scaled up to $100 million
- This process left a list of 24 companies in NNDM's peer set, which experienced a **21% share price decline** since March 2021, while NNDM experienced a **-78% share price decline** in the same period

![img-6.jpeg](img-6.jpeg)

Peers: -21%
NNDM: -78%

![img-7.jpeg](img-7.jpeg)

3 https://www.issgovernance.com/file/policy/latest/americas/US-Peer-Group-FAQ.pdf
The list was filtered to remove duplicate U.S. listings so that only one ticker representing a certain company is left

9

# Assessing the Value Destruction

- While Nano Dimension's total shareholder returns since Mr. Stern was appointed to the Board and named Chairman in March 2021 significantly underperformed the 24 companies in the sample peer group, Nano Dimension's cash balance inflates its stock price
- **A better indication of value destruction can be seen in the Company's negative enterprise value**
- The stock is currently trading at a discount to cash value, which implies a deeply negative Enterprise Value - a result of investors' lack of confidence in the current Board's stewardship of their capital
- Since Mr. Stern joined the Board and was named Chairman in March 2021, the Company's enterprise value has **declined by approximately 117%**

![img-8.jpeg](img-8.jpeg)

MURCHINSON

10

# The Yoav Stern Discount

The Company is currently trading at a significant discount to NAV

- In addition to the enterprise value of Nano Dimension declining by 117%, the discount to NAV has been growing since Mr. Stern was named Chairman in March 2021
- With approximately 260 million shares outstanding, **NAV-per-share is $4.47**
- With NNDM at approximately $2.48 as of Murchinson’s meeting demand, this is **a discount to cash of 44%**
- Notably, approximately 10% of the NAV is tied to Stratasys’ stock price, following what was - in our view - a rash attempt by Mr. Stern to take over Stratasys
- Stratasys responded by adopting a poison pill, which has left Nano Dimension shareholders as the largest owners of the Company’s “only competitor,” according to Mr. Stern

| Nano Dimension NAV ($ in millions) |  |
| --- | --- |
| Cash and cash equivalents 4 | $1,030.0 |
| Cash burn (since Dec 31, 2022) 5 | ($5.4) |
| Investments in securities: |  |
| SSYS Position Value 6 | $111.9 |
| Ex-SSYS 7 | $25.0 |
| Net | $1,161.5 |

![img-0.jpeg](img-0.jpeg)

Besides exposing Nano Dimension to potential anti-trust issues with regulators, how does this impact its incentive to compete with Stratasys?

MURCHINSON

4 As of 12/31/2022, https://www.nand.com/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our/our

5 Assuming $90,000,000/year, in accordance with Stern’s statement on the earnings call from December 1, 2022. Provided for the period until January 22, 2023

6 Using SSYS price of $13.99 on January 22, 2023

7 Investment in Securities was $20,740,000 and $130,707,000 in the end of Q2 and Q3 of 2022, respectively. Subtracting SSYS position value of $115,988,770 as of the end of Q3, the remaining investments value is $23,718,230, an increase of 10% Q4. Applying a more moderate growth rate from the end of Q3 of 2022 to January 22, 2023 goes as in approximately $25,000,000.

8 On 12/7/2023, the company filed a Form S-8 to register 51,888,395 shares received for issuance under the company’s ESOP. Assuming that these shares represent the maximum of 25% of shares outstanding that the company is allowed to issue under the ESOP, implies a total of 259,401,965. Alternatively, in the proxy for the December 13, 2022 Special Shareholders Meeting, the company wrote “12,507,044 ... 5% of the Company’s share capital”, implying a total of 258,140,880.

11

# Corporate Governance Failings

*Most of the Company's staggered Board, including Mr. Stern, were appointed and have never been put to a vote by shareholders due to apparent manipulations of the director class system*

- In Nano's case, this problematic classified structure was also manipulated by the Board, where 10 out of 19 directors in the past 3 years were **never elected**, and 5 out of the 9 current members have **never been put to a shareholder vote**
- Mr. Stern possesses unreasonable power over the Board - his service agreement includes a highly unusual provision that gives him authority to approve any change in the composition of the Board or, if not approved, receive compensation from the Company
- We believe that the entrenched nature of the Board and the control that Mr. Stern has over it results in a lack of true independence, a mere “rubber stamping” of his decisions and the enablement of self-serving actions to the detriment of shareholders
- The Board apparently chooses to protect its allegiance to Mr. Stern over the interests of the Company and its shareholders

*We believe it is time to reshape the Board by removing directors who have never been put to a vote of shareholders - and are seemingly beholden to Mr. Stern - with new, truly independent directors willing to hold management accountable*

MURCHINSON

12

# The Proposals of the December EGM Called by Nano

- In early November 2022, media reports stated that Murchinson made a conditional, non-binding and private offer to buy Nano Dimension for $4 per share, which was rejected by the Board
- Five days later, the Board called a special meeting with an agenda that contained three items:

| Proposal 1 | Proposal 2 | Proposal 3 |
| --- | --- | --- |
| The Board asked to increase the Company's share capital by 300 million shares - even though the Company still had 200 million shares available for issuance under the current allowance | To increase the cap on the indemnity available to directors and executives to "the Company's total aggregate financial capabilities at the time of the indemnification payment (including receipt of third-party loans...)" In other words, the Company is expected to use all its capital and then take loans to cover any future judgement levied on or expense related to the directors' action in this capacity. To put it simply - directors can be sued for malfeasance or negligence, but the company (and thereby the shareholders) will end up footing the bill anyway. And the reason they gave for this proposal? To "attract and retain highly qualified directors and officers" | To change some terms of Mr. Stern's Series B warrants. Mr. Stern was granted 27.7 million of those warrants in 2021 (in return for a paltry investment of just $50,000...) They have an exercise price of $6.16 and expire in 2027. The generous proposal sought to lower the exercise price to $2.46 and shorten the vesting schedule . That was lower than the stock price at the time that the proxy for this special meeting was published, and significantly lower than the Company's cash value of more than $4.00 The sheer size of this benefit to Mr. Stern is in the tens of millions of dollars and, if fully-exercised, mean a dilution of about 10% of all other shareholders |

MURCHINSON

13

# The Proposals of the December EGM (cont.)

- Each of those proposals was designed, in our view, to entrench and enrich the Board and Mr. Stern at the expense of shareholders
- Both leading proxy advisory firms - ISS and Glass Lewis, took a highly negative view of those proposals and recommended against proposals 2 and 3 - with Glass Lewis also recommending to vote against Proposal 1
- The proposals were characterized as “questionable,” “misleading,” “concerning,” and “out of the question”
- Murchinson filed a motion in Israeli court for discovery of the Board’s discussion protocols and the professional opinions and valuations used in the decision process
  - While we eventually withdrew our motion at the court hearing, we did find out through the court proceedings that (1) no professional valuations about the true value of the amended warrants or about the adequacy of the indemnification cap were obtained and presented to the Board and (2) the Board’s discussion protocols did not contain anything material in them that was not disclosed in the proxy statement (we note that all that the proxy statement stated was what subject matters were discussed but did not provide any actual reasons)

A Board that takes such drastic measures with so little professional insight is, in our view, clearly more interested in protecting itself and its chairman than doing the right thing for its shareholders

MURCHINSON

14

# A Vote of No-Confidence From Shareholders

- At the meeting, all three proposals were overwhelmingly rejected by non-interested shareholders - and as usual for Nano, the Company only disclosed to the shareholders that the proposals were simply rejected instead of providing the full numbers of the voting results
- Murchinson obtained those numbers from the Company after the Company initially tried to push back and avoid disclosure. It is important to note that the votes of shareholders who stand to gain from a certain proposal are excluded from the final count. Therefore, although, for example, one can assume that Mr. Stern naturally voted in favor of amending his warrants, we also have the voting results of everyone else on that proposal, as presented in the table below
- The vote of **no-confidence** in December should have sent the Board a loud and clear message that shareholders do not trust its judgment and that proposals in that spirit are unacceptable to shareholders

|  | Proposal 1: Increase of share capital | Proposal 2: Effectively cancelling indemnity cap | Proposal 3: Amend Mr. Stern's warrants |
| --- | --- | --- | --- |
| FOR | 25% | 13% | 6% |
| AGAINST | 75% | 86% | 90% |
| ABSTAIN | 0% | 0% | 5% |

MURCHINSON

15

# Yoav Stern's Entrenchment Agreement

- Mr. Stern's service agreement stipulates that:

*If any change in the composition of the Board of Directors will occurs without the written consent of [Mr. Stern], then [Mr. Stern] can terminate this Agreement*

- As part of this agreement, any termination resulting from this clause awards Mr. Stern:

$600,000 in cash
(equal to his annual salary)

An advance notice of up
to six-month
(at the same salary
amount)

Acceleration of any
unvested warrants which
would have vested
during the 6-month
advance notice period

- Given Mr. Stern has not terminated the service agreement, it stands to reason that he approved all changes to the Board's composition since this service agreement became effective following the annual meeting in July 2020 and therefore any director appointed after July 2020 (currently 5 of the 9 directors, including Mr. Stern himself) was seemingly approved by Mr. Stern

5 of the 9

current Board members have been approved by Mr. Stern

MURCHINSON

16

# Mr. Stern's Disastrous Tenure at Magal

Timeline:

- November 2008 - Magal Security Systems Ltd. Appoints Mr. Stern as acting President
- February 2009 - Mr. Stern is appointed acting President and CEO
- July 2009 - the Chairman of the Board fires Mr. Stern

In the year that followed his dismissal from Magal, Mr. Stern led a group of funds in an attempt to overhaul Magal's Board and re-install himself among its leadership

As part of this fight, Magal published an open letter to its shareholders which responded to the dissident shareholders' claims and was riddled with accusations against Mr. Stern. Some select quotes from that letter:

"During his tenure, Mr. Stern terminated, or caused the termination, of numerous senior employees (some of whom were improperly terminated) and caused an almost irreparable damage in the morale of the remaining employees. During his term in office the employees operated in a hostile environment and were terrified by his managerial style. Suppliers were insulted and the relationships of the Company with its business partners were harmed as a result of his arrogant and erratic behavior."

"After Mr. Stern joined the Company, he clearly indicated to certain employees that his real intention was to cause a management buy-out where the shares of the Company would be purchased at a low price by management."

"[the nominated directors in the proxy fight] are all associated with Mr. Stern as they served together in the Israeli Air Force and some of them have been or are presently his business partners."

"Mr. Stern had recorded conversations with the Company's employees, shareholders and Board members, without their knowledge."

* Mr. Stern has already admitted to attempt a management buyout at one public company. In that context, between the news of Mr. Stern's appointment as CEO and the news that he will be replaced, Magal stock lost 14%. Recall that between the time that Yoav became Nano's Chairman and now, NNDM is down ~70%...

| The price set that Mr. Stern's consultancy agreement over the Company approximately $500,000 (not including, but not limited to, a certain amount of $500,000). | to make up for the 10% equity and that he |
| --- | --- |
| The Shareholders of Magal Security Systems Ltd. | following compensation package should be |
| The share and the premium share of the Company's business partners, LLP, President Group Capital Management and Other, will be sold and were designated to use the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same | the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity |
| BOARD MOMEN'S PROPOSED MANAGEMENT TEAM | the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity |
| The share of the Company's business partners, LLP, President Group Capital Management and Other, will be sold and were designated to use the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same as the same | the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% |
| During his tenure, Mr. Stern's appointment, or caused the termination, of numerous senior employees (some of whom were improperly terminated) and caused an almost irreparable damage in the morale of the remaining employees. During his term in office the employees operated in a hostile environment and were terrified by his managerial style. Suppliers were insulted and the relationships of the Company with its business partners were harmed as a result of his arrogant and erratic behavior." | the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% equity and that he will be replaced by the 10% |

MURCHINSON

17

# History is Repeating - and Shareholders Should Be Wary

- Tellingly, to our knowledge, it appears that Mr. Stern never sued Magal for libel
- There was also a serious exodus of directors at Magal after Mr. Stern took office:
  - Mr. Stern arrived at NNDM in December 2019. Within two months, half the Board left (4 out of 8)
- Mr. Stern tries to bury the Magal episode of his career
  - It’s not in his bio on Nano’s website
  - It’s not in any of his bios in Nano’s filings (in fact, the word “Magal,” or its new name “Senstar,” doesn’t appear anywhere in Nano’s filings)
  - It’s not even on his LinkedIn page

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

Yoav Stern

Chairman of the Board and Chief Executive Officer

Mr. Stern is a seasoned executive with a proven track record of over three decades. He served in executive roles as CEO and Chairman as well as an active band on investor in his team. He has been a member of the company, operating in machine vision, fiber optics, defense tech, communication solutions, aerospace, and nonwired security. Mr. Stern spent most of his business career in the United States, running both public and private companies with global operations. He has built and turned around several international corporations, growing them from a few million dollars to hundreds of million dollars in revenue, most of them traded in US public markets and all of them accompanying multi-disciplinary technologies and operations across 3-4 continents.

Among the companies that Mr. Stern has led, some of which he eventually sold, were Worldstar International Inc., Alderton Industries Inc., NYSE, Inc., Bogen Corporation, and FiberDesign LLC. Through the development of effective strategies and rigorous execution, Mr. Stern implemented methodologies that resulted in organic growth and generated attractive M&A opportunities for scaling up the businesses, ultimately increasing shareholders’ value.

Mr. Stern served a B.S., Degree in Mathematics and Computer Science from THU, an M.A. in International Relations from NYU, as well as a Diploma in Automation and Mechanical Engineering. He is a Graduate of the Art Academy, a U. Colored (Ret.), an IT-TE fighter pilot and an on-S. Squadron Commander.

![img-3.jpeg](img-3.jpeg)

We believe Mr. Stern is doing at Nano exactly what he tried to do at Magal - make his way inside, depress the stock price while stacking the Company with friendlies and eventually take over. This should be a clear warning sign for shareholders

MURCHINSON

18

# A Recurring Lack of Transparency

- Nano Dimension's management has a track record of giving shareholders only partial, self-serving information
- Attempts to confront leadership with hard questions are rebuffed repeatedly
- The Board has failed to direct management to share information objectively or engage in constructive dialogue with shareholders

| Example 1 | Example 2 | Example 3 |
| --- | --- | --- |
| The proxy for the December special meeting failed to mention that the current exercise price of Mr. Stern's Series B warrant is $6.16. All that was mentioned was the new exercise price and not that it would be a 60% reduction from the current price | On the last earnings call on December 1, 2022, Mr. Stern only took questions from representatives of Think Equity (the placement agent in all but one of the equity raises in 2020 and 2021) and of the Edison Group (Nano Dimension's IR firm). No other shareholders on the line, including us, were given an opportunity to pose questions | Mr. Stern was involved in a proxy fight at Magal Security Systems. This extremely relevant information is nowhere to be found in any Nano Dimension filing or its website. In fact, Mr. Stern's stint at Magal (or "Senstar" as it is named today) is completely omitted altogether from his bio |

MURCHINSON

19

# Shifting Strategies, Misallocating Capital

*The Board didn’t stop Mr. Stern from changing Nano Dimension’s business plan immediately after raising more than $1.5 billion from the public*

- Between February 2020 and February 2021, Nano raised more than $1.54 billion by selling shares to the public in 11 separate offerings
- In all 11 prospectuses, Nano’s stated strategy was defined as: “By creating our own installed-based of printers that require our own dedicated inks, we are establishing a “Razor and Blades” business model in which our customers buy the printer first and then continue to purchase the dedicated inks and maintenance over time.”9
- In March 2021, Mr. Stern was appointed to the Board and marked for Chairmanship. Less than a month later, Nano Dimension purchased DeepCube, and the strategy shifted to: “...we intend to fulfill the vision of building more than just a very smart machine, but rather building a network, what we call, smart fabrication network of machines...”10
- In none of the prospectuses used to raise over $1.5 billion in 2020 and 2021 will you find any of the words or terms ‘network,’ ‘deep learning,’ ‘cloud,’ or ‘smart machines’
- Mr. Stern led the raising of the capital under the guise of a much clearer (and evidently, easier to sell) business model

*The Board failed to stop Mr. Stern from hijacking the huge cash balance of the Company to pivot strategies into an area that Nano Dimension previously had zero connection to*

MURCHINSON

9 https://www.sec.gov/Archives/edgar/data/1643303/000121390021009721/ea135799-424b5_nanodimen.htm

10 DeepCube deal call transcript (April 23, 2021)

20

# Capital Allocation Missteps

*Mr. Stern’s Chairmanship has been characterized by a series of misguided acquisitions*

- Since being appointed as Chairman, Mr. Stern led Nano Dimension through a series of questionable acquisitions both in terms of business reason and shareholder value destruction
- We believe that Mr. Stern has used these acquisitions to mask the underperformance of the Company and reinforce his dominance
- Tellingly, on January 24, 2023, Nano Dimension reported preliminary and unaudited 2022 revenue of $43.6 million, which Mr. Stern labeled the highest annual revenue in the Company’s history and emphasized the percentage **increase** in revenue compared to past periods: “*It was 316% above 2021 and over 1,180% above 2020.*” This report did not contain any details about organic growth
- However, based on our analysis, the quote above misrepresents reality in a misleading and self-serving manner
- Using available information about the revenues of Nano Dimension’s legacy business and of the four revenue-generating companies that it has acquired in 2021 and 2022, total 2022 revenue was **just 3.2% higher than 2021**

Nano Dimension Value-Destructive Acquisitions

NANOFABRICA

![img-0.jpeg](img-0.jpeg)

![img-1.jpeg](img-1.jpeg)

![img-2.jpeg](img-2.jpeg)

![img-3.jpeg](img-3.jpeg)

MURCHINSON

21

# Capital Allocation Missteps (cont.)

Mr. Stern's FALSE NARRATIVE of "Revenue Growth"

NanoFabrica

Acquired in April 2021 at a cost of $55 million - $60 million

Post acquisition 2021 revenue from NanoFabrica was $864,000. From the 2021 20-F: "If the acquisition had occurred on January 1, 2021 [Nano Dimension's] pro forma revenue would have been $10,497 thousand...," implying an addition of just $4,000

The actual 2021 total revenue for NanoFabrica (before and after the acquisition) was therefore $0.868 million

Global Inkjet:

Acquired in January 2022 for $20 million - $30 million

On the deal call, Mr. Stern said: "As we wrote in the news release, the revenue, as we discussed, ended in March, was $10 million, 51% of gross margin and revenue expected moving forward this year, their year-end was March 31st and will be, is no less good than this, at least the way it looks now"

Essemtec

Bought in November 2021 for $15.1 million - $24.8 million

Post acquisition 2021 revenue from Essemtec was $6.283 million. From Nano Dimension's 2021 20-F: "If the acquisition had occurred on January 1, 2021, [Nano Dimension's] pro forma revenue would have been $29,662 thousand...," implying an addition of $19.17 million

The actual 2021 total revenue for Essemtec (before and after the acquisition) was $25.452 million

Admatec/Formatec:

Acquired in July 2022 for what Nano described as "a total cash sum of $12.9 million for Admatec/Formatec (net of its cash)"

From the deal announcement: "The business delivered $5.3 million in revenue with a gross margin of 56% in 2021"

If we hold 2021 revenue constant for those four acquisitions (assuming zero growth in all of them, although Essemtec, for example, showed a 48% increase from 2020 to 2021), the 2022 revenue should have been11:

| Acquisition | 2022 Revenue, assuming ZERO growth from 2021 |
| --- | --- |
| Admatec/Formatec | $2,555,616 |
| Global Inkjet Systems | $10,000,000 |
| Essemtec | $25,452,000 |
| NanoFabrica | $868,000 |
| Nano Dimension legacy business | $3,346,000 |
| Total | $42,221,616 |

Revenue for 2022 was only $43.6 million, indicating growth of just 3.2% when factoring for pre-acquisition revenue. This is a far cry from the massive 316% growth Stern claimed to have achieved

After all, buying revenue growth is not the same as building it

MURCHINSON

11 Admatec/Formatec provided to reflect July 2022 acquisition

22

# The DeepCube Acquisition

- In April 2021, Nano Dimension bought DeepCube for a total cost of about $78 million12
- DeepCube was not a 3D printing company. It was not even an additive manufactured electronics (AME) company. Instead, it was a deep learning company with presumably no revenue
- **Why did Nano Dimension buy DeepCube?** We believe a good place to start is with the identity of the two men who founded DeepCube and controlled it at the time of its sale to Nano Dimension - Yaron Eitan and Dr. Eli David

Early 2021 Timeline

![img-4.jpeg](img-4.jpeg)

MURCHINSON

12 Beyond the $70 million stated deal price, the Company disclosed in the 2021 20-F that Eli David got equity (with downside protection) worth another -$7.8 million which were not counted in the deal value. "Post-acquisition compensation cost 892 thousand Ordinary Shares, with a share price protection mechanism for a period of 12 to 36 months, subject to conditions related to the continued employment of Mr. Eli David. These shares were not taken into account as part of the consideration for the business combination. The fair value of those shares, with the share price protection mechanism, was estimated at the transaction date at $7,756 thousand."

23

# The DeepCube Acquisition: A Clear Conflict of Interest

Can anyone seriously believe that when Eli David joined the Board, the decision to buy DeepCube from him and Yaron Eitan was not already made?

It appears that Eli David joined the Board, helped Yaron Eitan and others there make Mr. Stern director and Chairman and a month later, Mr. Stern bought DeepCube from them for an actual cost of almost $78 million

Yaron Eitan was a member of the Compensation Committee which approved Mr. Stern's stupendously generous Service Agreement and warrant awards

Yaron Eitan and Mr. Stern worked together for many years at DVTel

![img-5.jpeg](img-5.jpeg)

MURCHINSON

24

# The Stern-led Board’s Defensive Response: 1/4

- On January 22, 2023, we served the Company with a demand letter for the calling of a special meeting of shareholders
- Although as a >5% shareholder, we have a clear right to demand to call the meeting, and although we have delivered a valid request under applicable law, Nano Dimension left no measure unused in trying to deny us this right and disparage us publicly for trying to exercise it

**THE DENIAL OF THE SHAREHOLDER’S RIGHTS CAMPAIGN**

*Hang on to baseless technical arguments*

**Example:** *The rejection was based, among other things, on the fact that the position confirmation furnished to the Company by our prime broker did not initially specify that NNDM shares are ADSs (although the Company knows very well that this is its only listed security)*

*This is akin to rejecting a proof of address because the address doesn’t mention that you are in fact living on planet Earth*

MURCHINSON

25

# The Stern-led Board’s Defensive Response: 2/4

2

## THE DENIAL OF THE SHAREHOLDER’S RIGHTS CAMPAIGN

*Why respond to the message if you can shoot the messenger?*

- As an example, in a series of what we deem as unprecedented ad-hominem attack, the Stern-led Board went to great lengths to portray us as “a shady hedge-fund”
- Murchinson is an alternative asset manager with a long and remarkable track record. We invest in a wide array of assets and across all geographies. We have been managing hundreds of millions of dollars for close to a decade
- What should cause shareholders concern is that the Company thinks that exercising your rights is contingent on its approval of you. It is black-letter law that a holder of more than 5% of the voting rights in the Company is entitled to call a special meeting
- Being a false and libelous claim aside, Nano ignores the message that shareholders need and deserve a neutral and objective voice on the Board and instead attacks the messenger, trying to deflect shareholders’ attention. It is therefore not surprising that Nano has virtually remained silent on the proposals themselves

MURCHINSON

26

# The Stern-led Board’s Defensive Response: 3/4

3

## THE DENIAL OF THE SHAREHOLDER’S RIGHTS CAMPAIGN

*“If you don’t like what’s being said, change the conversation”*

- • *We called this special meeting in order to reinstate accountability in the boardroom and provide effective oversight of management*
- • *The actions we are taking are to protect and benefit **ALL** shareholders*
- • *Presenting the current Board and Mr. Stern as its leader as protectors of the small shareholder is absolutely ridiculous. It is our view that Mr. Stern knows that we don't intend to take over the Company, yet he repeats his own narrative to deceive shareholders and make it look like preserving the value-destructive status quo is somehow in the best interest of the Company's shareholders*
- • *We urge our fellow shareholders to see through the Board's false narrative and entrenchment tactics and focus on the real facts*

![MURCHINSON logo]() MURCHINSON

27

# The Stern-led Board’s Defensive Response: 4/4

4

## THE DENIAL OF THE SHAREHOLDER’S RIGHTS CAMPAIGN

*Dilute all shareholders to preserve your status*

- • *Much noise and fanfare was given to the poison pill measure adopted by the Company in defense of the imaginary takeover attempt*
- • *Yet, conspicuously little attention (in fact, none at all) was paid to the dilutive registration of almost 52 million new shares for distribution under the Company's ESOP. This is an addition of 20% of the current outstanding shares*
- • *It is our view that the registration of those shares was done with the sole intention of sabotaging this special meeting - be it by claiming that we don't have the 5% required for calling the meeting or by tipping the scales at the vote*
- • *We applied to the Israeli court to seek a TRO that would prevent management from using these ESOP to dilute shareholders. While we eventually withdrew our TRO motion, the Company agreed to the Court's suggestion that it cannot argue that we don't hold the requisite number of shares to call a special meeting due to ESOP dilution*
- • *Since the Company vehemently insisted on not publishing the number of shares it will issue until the meeting, we can all just sit and hope that Mr. Stern will not convince the Board to use the ESOP to place more shares in extremely friendly hands and help him preserve the entrenchment of the Board*

![MURCHINSON logo]() MURCHINSON

28

MURCHINSON

## II. Our Proposals and Ideas for Value Creation

# Our Four Proposals

1

Amend and restate Article 41 of the Company's Articles of Association to expressly allow shareholders to fill vacancies on the Board of Directors of the Company at a general meeting of shareholders

*By amending Article 41, we make it clear that not only the Board (who we believe has manipulated this power thus far) can fill vacancies but also shareholders*

2

Amend and restate clause (f) of Article 42 (Vacation of Office) of the Articles of Association to allow shareholders to remove directors by a simple majority at a general meeting of shareholders of the Company

3

Remove four current directors: Yoav Stern, the Company's CEO and Chairman, Oded Gera, Igal Rotem and Dr. Yoav Nissan-Cohen, in addition to any and all new directors appointed by the Board (if any) following December 19, 2022 and until the conclusion of the special meeting

*Without any Board composition changes, we are concerned that the incumbent Board will continue to take actions to further entrench itself rather than to prioritize the best interests of the Company and its shareholders*

4

Appoint two director nominees: Mr. Kenneth H. Traub and Dr. Joshua Rosensweig, to serve as directors of the Company

*In furtherance of our goal to improve the corporate governance and instill a culture of accountability, we have proposed that the shareholders of the Company appoint two highly-qualified director candidates who have significant experience and proven capabilities as directors*

![MURCHINSON logo]() MURCHINSON

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# Our Independent Nominees

Our highly qualified candidates, who Murchinson identified via a third-party search firm, are truly independent and possess the right mix of capital allocation acumen and corporate governance expertise

![img-0.jpeg](img-0.jpeg)

Kenneth H. Traub

Mr. Traub has a three-decade track record of driving strategic, operational, capital allocation and governance improvements to enhance shareholder value as a senior executive and public company director

✓ Currently Managing Member of Delta Value Group, LLC, an investment management firm, since September 2019 and Managing Member of Delta Value Advisors, LLC, a consulting firm, since October 2020.
✓ Member of the board of directors of Tidewater, Inc. (NYSE: TDW), an international petroleum service company, since 2018.
✓ Previously served as Chairman of DSP Group, Inc. (NASDAQ: DSPG), an Israeli-based global leading provider of wireless chipset solutions, and as Chairman of MRV Communications, Inc. (NASDAQ: MRVC), a supplier of communications equipment with principal operations in Israel.
✓ Served on numerous public company boards and has built a reputation for enhancing corporate governance and advocating on behalf of shareholders.

![img-1.jpeg](img-1.jpeg)

Dr. Joshua Rosensweig

Dr. Rosensweig has more than four decades of experience as a legal professional, with significant experience in corporate governance and enhancing shareholder value as an executive and director at Israel-based public companies

✓ Founder and senior partner of Rosensweig & Co., a boutique law firm.
✓ Between 2012 and 2013, was head of the tax department at Agmon & Co and from 1999 until 2005, served as a senior partner at Gornitzky & Co., where he led the international transactions and taxation practices.
✓ Since 2017, has been serving as a member of the board of directors of Israel Corporation (TASE: ILCO). Previously, Dr. Rosensweig served on the board of directors of Bezeq Israel Telecommunication Corp (TASE: BEZQ) from 2010 until 2018. Additionally, Dr. Rosensweig served on the board of Alrov Properties and Lodgings Ltd. (TASE: ALRPR) from 2010 until 2018.
✓ Has held leadership positions as Chairman of the Board of Directors of First International Bank of Israel from 2003 until 2006 and of Poalim IBI in 2013.

MURCHINSON

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# The Directors We Are Targeting for Removal

*With three classes of directors and the flexibility to reclassify directors at will, the Nano Dimension Board had mastered the art of dodging shareholders' votes and therefore, accountability*

![img-2.jpeg](img-2.jpeg)

Yoav Stern was **appointed** to the Board in March of 2021 as a Class III director13. Class III directors are up for election in the 2023 AGM. However, before the 2022 AGM, Mr. Stern was **re-classified** to Class I, which is next up for election in the 2024 AGM. Even if not re-classified again, Mr. Stern is expected to serve as a director for more than **three years** before being put to a vote by shareholders for the first time.

![img-3.jpeg](img-3.jpeg)

Oded Gera was **appointed** to the Board in April of 2021 as a Class II director14. Class II directors were up for election in the 2022 AGM. However, before the 2022 AGM, Mr. Gera was **re-classified** to Class III, which is next up for election in the 2023 AGM. Even if not re-classified again, Mr. Gera is expected to serve as a director for more than **two years** before being put to a vote by shareholders for the first time.

![img-4.jpeg](img-4.jpeg)

Igal Rotem was **appointed** to the Board in February of 2022 to replace Dr. Eli David15. Dr. David was **appointed** to the Board in January 2021 as a Class II director16. Class II directors were up for election in the 2022 AGM. However, before the 2022 AGM, Mr. Rotem was **re-classified** to Class I, which is next up for election in the 2024 AGM. Even if not re-classified again, Rotem is expected to serve as a director for more than **two years** before being put to a vote by shareholders for the first time.

![img-5.jpeg](img-5.jpeg)

Dr. Yoav Nissan-Cohen was **appointed** to the Board in December of 2022 to replace Yaron Eitan17. Yaron Eitan himself, was **appointed** to the Board in February 202018, and was classified as a Class III director in the special meeting that voted on staggering the Board. The Company had so far not offered any information to its shareholders about which class Dr. Nissan-Cohen is a member of.

MURCHINSON

13 https://www.sec.gov/Archives/edgar/data/1643303/000121390021014824aa137476-6k_nanodimen.htm
14 https://www.sec.gov/Archives/edgar/data/1643303/000121390021022144aa139650e99-1_nanodimen.htm
https://www.sec.gov/Archives/edgar/data/1643303/000121390021022303aa139671e99-1_nanodimen.htm

15 https://www.sec.gov/Archives/edgar/data/1643303/000121390022007884aa155737e99-1_nanodimen.htm
16 https://www.sec.gov/Archives/edgar/data/1643303/000121390021003805aa139650e99-1_nanodimen.htm
17 https://www.sec.gov/Archives/edgar/data/1643303/000121390022007836aa139680e99-1_nanodimen.htm
18 https://www.sec.gov/Archives/edgar/data/1643303/000121390020003458f4021320e99-1_nanodimen.htm

32

# A Refreshed Board Can Enhance Value

Murchinson believes there are numerous actions that could be immediately proposed and advocated for by the new directors to benefit Nano Dimension, including:

Objectively assess the following for each business:

- Projected losses
- Path to profitability
- Strategic position
- Growth prospects
- Cash requirements

Help to formulate go-forward strategy for existing business based on an objective assessment of what exists today, the cash burn and the future prospects

- Make the appropriate changes in the expense level to reflect the optimum strategy for the existing business

Objectively assess each member of the management team and staff and help the Board to determine the appropriate team for the business going forward

Offer a refreshed look about appropriate capital allocation strategy

- Determine cash required for existing business
- Return excess capital to shareholders - through buybacks and/or dividends
- Strict criteria for acquisitions - ROI thresholds required, etc. No transformational transactions that would use a substantial portion of the Company's cash or significant share issuance without shareholder approval
- Consider policy by which Board will not approve any acquisitions using stock when the stock trades below its cash value

Based on its track record, the Board as currently constructed should not be the one making future strategy and capital allocation decisions

MURCHINSON

33

# Enhancing Transparency With Shareholders

1

The current Board and management are incredibly opaque with shareholders and the investment community, which contributes to an inability to adequately assess the business and analysts to provide coverage.

New directors could help dramatically improve shareholder relations

2

Focus on ending the trend of opaqueness on the legacy Board

3

Commit to reporting out to shareholders within 60-days of new directors being seated a cohesive strategy for enhancing value

*Restoring shareholder trust needs to start at the Board level*

![MURCHINSON logo]() MURCHINSON

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# Contact

FOR INVESTORS

Okapi Partners
info@okapipartners.com
(212) 297-0720

FOR MEDIA

Longacre Square Partners
murchinson@longacresquare.com

MURCHINSON

35