3D-printing pioneer Shapeways is not any extra, as the corporate has entered chapter — with all belongings liquidated instantly, and its doorways closed for good.
“After contemplating all strategic options,” the corporate said in its submitting to the Securities and Alternate Fee (SEC) this week, “Shapeways Holdings, Inc. ceased operations and filed a voluntary petition for aid below the provisions of Chapter 7 of Title 11 of the USA Code, 11 U.S.C. §101 et seq. Every of the Firm’s subsidiaries additionally ceased operations and filed voluntary petitions for chapter aid.”
Shapeways is not any extra, having filed for chapter on the identical day its whole workers depart. (📷: Shapeways/SEC)
The transfer is sudden: the corporate’s chief govt officer Greg Kress, chief monetary officer Alberto Recchi, and chief working officer Andy Nied all tendered their resignations with speedy impact — together with the whole board of administrators. “Such resignations should not the results of any disagreements with the corporate concerning the corporate’s operations, insurance policies, or practices,” the submitting claims.
Based in 2007 as a spin-off from Royal Philips Electronics, Shapeways turned a serious participant within the fast prototyping market — permitting these with out entry to high-end 3D printers to ship information off to be printed. Even these with entry to commercial-grade printers might have discovered the corporate’s companies tempting, with help for extra unique supplies together with food-safe ceramics and metals. Designs may be uploaded to the Shapeways Market, permitting others to put orders for on-demand manufacturing.
The corporate’s recognition noticed it ship greater than 20 million objects globally by 2021 — attracting curiosity from buyers who proposed a merger with a special-purpose acquisition firm, Galileo Acquisition, to type Shapeways Holdings. That merger and the itemizing on the New York Inventory Alternate (NYSE) that adopted, nevertheless, seems to have been the precursor to the corporate’s downfall — a inventory value plummet triggering its delisting and transfer to the Nasdaq change.
The corporate’s market continues to be accessible, however there’s no person on the helm to course of orders. (📷: Shapeways)
The chapter comes as Shapeways discovered itself unable to pay money owed together with, however not restricted to, a promissory word valued at $669,500 from 3DP Customized Producer. Those that have orders excellent at Shapeways, sadly, will discover themselves behind the queue for redress — and, given the size of the corporate’s money owed and the pace at which its belongings have been liquidated, are unlikely to be made complete.
On the time of writing, the Shapeways web site was nonetheless operational — however readers are suggested to not place any orders.