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Israel's Nano Dimension Spikes on $70M Deal for DeepCube

Nano Dimension rose after it definitively agreed to buy the machine-learning and deep-learning company DeepCube for $70 million.

Nano Dimension  (NNDM) - Get Free Report rose on Tuesday after it said it definitively agreed to buy the machine-learning and deep-learning company DeepCube for $70 million of cash and stock.

At last check Nano Dimension shares were trading 8.8% higher at $7.23. The stock touched a 52-week high $17.89 on Jan. 26.

The Ness Ziona, Israel, 3D-printing company said in a statement it would pay $40 million cash and $30 million of American depositary shares for DeepCube, Tel Aviv.

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The stock is subject to standstill agreements for various periods of as long as three years after closing. The deal itself is expected to close within a few days, subject to customary conditions.

DeepCube technology applies algorithms to improve data analysis and deployments of advanced deep-learning-based artificial-intelligence systems, Nano Dimension said.

DeepCube is led by Chief Executive Michael Zimmerman. It was founded by Chief Technology Officer Eli David and Executive Chairman Yaron Eitan. Both are also directors of Nano Dimension. 

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