Nano Dimension's $890M Infinite Epigenetics merger in doubt after board ousted in Murchinson settlement

Nano Dimension has signed a non-binding term sheet to merge with Infinite Epigenetics, an AI-driven preventive health and diagnostics company, in a deal valued at $890 million. The transaction would end Nano Dimension's decade-long run as an additive manufacturing hardware maker, best known for its DragonFly electronics 3D printing systems. A 30-day exclusivity window for due diligence has already closed, and the deal still requires a definitive agreement plus board, shareholder, and regulatory approval. Complicating matters, the board that negotiated the term sheet has since been replaced following a settlement with activist investor Murchinson Ltd.

Murchinson has pushed for control over Nano Dimension's cash reserves since disclosing a stake in January 2022, after the company built up $1.47 billion in cash against just $811,000 in quarterly revenue by Q1 2021. That mismatch, a legacy of Nano Dimension's 2014 reverse-merger financing on the Tel Aviv Stock Exchange, has made the company as much a battleground over capital allocation as an AM story. With a new board in place, the Infinite Epigenetics deal's fate is now genuinely uncertain rather than a formality awaiting paperwork.