Nano Dimension Ltd., a leader in Digital Manufacturing solutions, today announced that its subsidiary, Desktop Metal, Inc., has filed for bankruptcy protection under Chapter 11 of the Bankruptcy Code.

The decision to file for bankruptcy protection was made by Desktop Metal’s independent Board of Directors, who conducted a process to explore available strategic alternatives and address Desktop Metal’s significant liabilities and liquidity needs stemming from decisions made by its prior management.

Ofir Baharav, Nano Dimension’s CEO said: “We are safeguarding our financial strength and preserving our position as the best capitalized company in our ecosystem. This is what enables the Company’s to pursue strategic opportunities from a position of maximum strength—and that is exactly what the Company’s shareholders should expect from us.”