Desktop Metal's stock falls toward 9-month low after 'poison pill' plan terminated
Shares of Desktop Metal Inc. (DM) dropped 1.6% toward a nine-month low in premarket trading Monday, after the 3D printer company said it terminated its shareholder rights plan, also known as a "poison pill," following company's and Stratasys Ltd.'s (SSYS) termination of their merger agreement. On Sept. 28, Stratasys said its shareholders didn't approve the company's merger deal with Desktop Metal, so the companies terminated the $1.8 billion deal announced on May 25. Desktop Metal's stock, which was on track to open at the lowest price seen during regular session hours since Dec. 29, 2022, has tumbled 26.0% over the past three months through Friday, while the S&P 500 has slipped 2.1%.
-Tomi Kilgore
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10-09-23 0849ET
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