Here's Why Nano Dimension Gained 115% Monday
Shares of Nano Dimension (NASDAQ: NNDM) gained more than 100 percent in value Monday morning in reaction to an encouraging development with the Department of Defense and other federal agencies.
What Happened
Israel-based Nano Dimension said Monday that its American subsidiary achieved "vendor status" with the U.S. government. The company can now conduct business directly with multiple government agencies, including the Department of Homeland Security, the company said.
Nano Dimension said it sold one of its DragonFly 2020 Pro 3-D printers to an unnamed U.S.-based global top 10 defense company. The sale marks the customer's second purchase of a Nano Dimension 3-D printed electronics system, the company said.
Why It's Important
"Now, as a recognized U.S. government additive manufacturing supplier for defense projects, our DragonFly 2020 Pro 3-D printer may play a crucial role in projects such as keeping risks down and solving complex design challenges, while speeding the R&D process up significantly," Nano Dimension CEO Amit Dror said in a statement.
What's Next
Nano Dimension's approved status with the U.S. government implies it will be better-positioned to expand relationships with existing customers and "open the door to more and more companies."
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Photo courtesy of Nano Dimension.
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