SCHEDULE: Oramed Boosts Nano Dimension Stake, Citing Management Dissatisfaction

Oramed Pharmaceuticals Inc. has increased its beneficial ownership in Nano Dimension Ltd. to 5.2%, expressing strong dissatisfaction with the issuer's management and strategic direction.

Summary

• Oramed Pharmaceuticals Inc. filed an Amendment No. 1 to its Schedule 13D regarding its beneficial ownership in Nano Dimension Ltd.
• Oramed now beneficially owns 10,942,087 Ordinary Shares of Nano Dimension, representing 5.2% of the outstanding class.
• The percentage is based on 210,334,767 Ordinary Shares outstanding as of October 14, 2025.
• Oramed acquired an aggregate of 1,425,000 Ordinary Shares in open market purchases on February 17 and 18, 2026, expending approximately $2,800,500 (excluding commissions).
• Funds for these purchases were derived from Oramed's general working capital.
• Oramed sent a letter on February 19, 2026, to an affiliate of Nano Dimension, reiterating dissatisfaction with Nano Dimension's management.
• Oramed communicated its intent to further engage with Nano Dimension regarding its performance, strategic direction, shareholder value, and governance.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a negative development for Nano Dimension's current management due to explicit shareholder dissatisfaction, but it could be a positive catalyst for long-term shareholder value if Oramed's engagement leads to effective strategic changes.

Positives

• Oramed Pharmaceuticals Inc. is actively engaging with Nano Dimension's management to address performance, strategic direction, shareholder value, and governance, which could lead to positive changes for shareholders.
• The reporting person, Oramed, has not been involved in any criminal or significant civil proceedings in the last five years, indicating a clean legal record.

Negatives

• Oramed Pharmaceuticals Inc. has expressed strong dissatisfaction with Nano Dimension Ltd.'s management.
• The filing indicates potential conflict or disagreement between a significant shareholder and the company's current leadership.

Risks

• Potential for ongoing conflict between a significant shareholder (Oramed) and Nano Dimension's management, which could create uncertainty.
• Risk of management distraction due to activist investor engagement.
• Uncertainty regarding Nano Dimension's future strategic direction and governance if Oramed's demands are not met or if a proxy fight ensues.

Future Outlook

Oramed Pharmaceuticals Inc. intends to further engage with Nano Dimension Ltd. regarding its performance, strategic direction, shareholder value, and governance, suggesting potential future actions aimed at influencing the company's direction.

Management Comments

• Oramed Pharmaceuticals Inc. reiterated its dissatisfaction with the Issuer's management.
• Oramed Pharmaceuticals Inc. communicated an intent to further engage with the Issuer regarding its performance, strategic direction, shareholder value and governance.

Industry Context

StockSavvy.ai notes that activist investor filings like this Schedule 13D amendment are common in industries where companies may be perceived as underperforming or mismanaged. Oramed's move signals a growing trend of shareholders taking a more proactive stance in demanding changes from company boards and management, particularly in the technology and pharmaceutical sectors where innovation and strategic pivots are critical for value creation.

Comparison to Industry Standards

• StockSavvy.ai observes that a 5.2% stake is a significant position for an activist investor, often sufficient to demand board representation or influence strategic decisions, comparable to stakes taken by firms like Starboard Value or Elliott Management in their initial activist campaigns against companies perceived as undervalued.
• The direct communication of "dissatisfaction with management" and intent to "further engage" aligns with standard activist playbooks seen in cases such as Carl Icahn's engagement with Xerox or Bill Ackman's involvement with Procter & Gamble, where public and private pressure is applied to drive change.
• The use of general working capital for share purchases is a common funding mechanism for such investments, indicating Oramed's confidence in the potential for value realization at Nano Dimension.

Corporate Governance

Stakeholder Impact

• Shareholders: Potential for increased shareholder value if Oramed's activism leads to improved performance and governance, but also potential for short-term volatility due to uncertainty surrounding the activist campaign.
• Management: Increased pressure and scrutiny on current management and the board of directors.
• Employees: Potential for strategic shifts or operational changes that could impact employees, depending on the outcome of Oramed's engagement.

Next Steps

• Oramed Pharmaceuticals Inc. intends to further engage with Nano Dimension Ltd. regarding its performance, strategic direction, shareholder value, and governance.

Key Dates

Recommendation

The filing indicates significant shareholder dissatisfaction and an intent for activist engagement, creating uncertainty for Nano Dimension Ltd. While this could be a catalyst for positive change, the immediate impact and the nature of future engagement are unclear. A seasoned investor would likely hold to monitor the developments of Oramed's activism and assess the potential for management or strategic shifts before making a definitive buy or sell decision.

Keywords

Nano Dimension, Oramed Pharmaceuticals, Schedule 13D, Activist Investor, Shareholder Activism, Corporate Governance, Strategic Direction, Shareholder Value, Ordinary Shares, SEC Filing