What's Going On With Desktop Metal Shares Friday?

Desktop Metal, Inc. DM stock is trading higher on Friday after the company announced that the Delaware Court of Chancery granted the company’s motion for an expedited trial in its lawsuit against Nano Dimension Ltd.

The Details: The lawsuit centers on Desktop’s claim that Nano breached the merger agreement between the parties by failing to use reasonable best efforts to obtain regulatory approval and close the merger as soon as reasonably possible.

In late December, Nano responded to Desktop’s claims, stating that it believes the lawsuit is without merit. Trial is currently scheduled for the week of Feb. 24.

Desktop also announced that it has filed a second lawsuit against Nano that names Markforged Holding Corporation as another defendant. The lawsuit alleges that Nano’s agreement to acquire Markforged, if completed, would breach the merger agreement between Desktop and Nano.

Specifically, it would breach Nano’s agreement to avoid acquisitions that could significantly increase the risk of a governmental order blocking or materially delaying the completion of the merger between Desktop and Nano. Desktop seeks to block the merger between Nano and Markforged until its merger with Nano is finalized.

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DM Price Action: At the time of writing, Desktop Metal stock is trading 12.4% higher at $3.02, according to data from Benzinga Pro.

Image: 5846648 from Pixabay.