Unidentified Participant: Okay. So based on what you just shared where you’re saying that except for Markforged who is doing it right, everybody else is just losing money, and we’re seeing the significant sell-off in major cases as well as the decline in share price of Nano’s peers. Is everybody just running at a capital? And do you foresee bankruptcies coming through like with everybody else except for Markforged and Nano?
Yoav Stern: Nano is definitely not going to any other direction other than growth. Yes, I hope and I think they’re smart enough people. They’re not going to drive it into bankruptcies. They have to drive it into — I’ll give an example. Take Velo 3D. They finished their cash. They announced — they didn’t have a choice so they announced last week that they’re raising convertible debt at $70 million. Their share went down 40%, of course, because it totally labeled. They’ll get the cash. They’re totally non-profitable Velo. They have gross margins ridiculously low, if I remember right now, between 15% to 20% and they don’t have a business model. They have one customer that I think is more than 35% or so from what I know on their business.
Can they finish their cash? So they didn’t go under. They raised money, diluted the share. Share went down from $3 to $1.40 and still going down. That’s a good example. Another example is [indiscernible] much smaller and posted debt is $30 million business, which we know very, very well. And they didn’t do what’s right. They’re getting close to finishing their cash and are desperate. And it’s not easy for them to raise money because they’re a German company with a German corporate law them allowed to raise money at any price, you’re limited by how much discount and [indiscernible] I don’t know if they’ll survive. Desktop Metal finishing their cash within a quarter and a half. 3D. 3D cannot be to Stratasys what they committed in the proposal because they had a bad quarter, they burn the demand also.
So I don’t remember the exact number. They don’t have enough cash to pay now. So I don’t think they will go bankrupt. I think they’re smart enough people that will understand that they need to consolidate.
Unidentified Participant: Great. Thank you very much.
Yoav Stern: Thank you very much.
Operator: [Operator Instructions] Our next question will be a follow-up from Rami Rodge with Private Investor. You may now go ahead.
Unidentified Participant: Hi. Thank you. Following my first question, do we know how the voting is going? How many people are voting so far?
Yoav Stern: So far I think I saw about 30 something million shares voted out of 250 million. But remember, we have 10 days ago. So usually people vote — traditionally vote what have been told by our experts in the proxy solicitation firm, they’re voting usually in the last few days. So I’m not surprised that it’s still low.
Unidentified Participant: Okay. Thank you.
Yoav Stern: Thank you.
Operator: This concludes our question-and-answer session. I would like to turn the conference back over to the company for closing remarks.
Yoav Stern: Let’s just wait for a second and see if a couple of other people may have some latest thoughts about the question to give them an opportunity and then we’ll close it. Okay. It seems like it’s quiet on the Western front. So I will thank you very much all participants. I would also want to invite you. Over the last few months, I’m spending time writing, answering emails to private and — not private investors. Personally, I made it my goal to respond to you as we’re in this not-to-nice process of people saying bad words about other people and people trying to liquidate the Company. So if you wish, I’m sitting it night hours and answering emails to retail investors. Feel free to write me and to call me if you wish, and we have other teams here, other members also of the team that are totally focused on answering the question because our goal when we’re convinced that from 85% of our investors, if we have reached to each one of them, we would have 85% voting for us.
Of course, we can do that, but we’re making our best. So thank you very much everybody, and have a good day.
Operator: The conference has now concluded. Thank you for attending Nano Dimension’s quarterly earnings conference call. You may now disconnect.
