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 alternate options,” the corporate said in its submitting to the Securities and Change Fee (SEC) this week, “Shapeways Holdings, Inc. ceased operations and filed a voluntary petition for aid underneath the provisions of Chapter 7 of Title 11 of america 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 go away. (📷: 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 quick impact — together with your complete board of administrators. “Such resignations aren’t the results of any disagreements with the corporate relating to the corporate’s operations, insurance policies, or practices,” the submitting claims.
Based in 2007 as a spin-off from Royal Philips Electronics, Shapeways grew to become a serious participant within the fast prototyping market — permitting these with out entry to high-end 3D printers to ship recordsdata off to be printed. Even these with entry to commercial-grade printers could have discovered the corporate’s providers tempting, with help for extra unique supplies together with food-safe ceramics and metals. Designs is also uploaded to the Shapeways Market, permitting others to position orders for on-demand manufacturing.
The corporate’s recognition noticed it ship greater than 20 million objects globally by 2021 — attracting curiosity from traders 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 Change (NYSE) that adopted, nonetheless, seems to have been the precursor to the corporate’s downfall — a inventory value plummet triggering its delisting and transfer to the Nasdaq alternate.
The corporate’s market continues to be accessible, however there’s no one 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 observe valued at $669,500 from 3DP Customized Producer. Those that have orders excellent at Shapeways, sadly, will discover themselves in the back of the queue for redress — and, given the dimensions of the corporate’s money owed and the velocity at which its belongings have been liquidated, are unlikely to be made entire.
On the time of writing, the Shapeways web site was nonetheless operational — however readers are suggested to not place any orders.