Shapeways has ceased operations and filed for bankruptcy ‘after considering all strategic alternatives.
The publicly listed company published a Form 8-K on July 2nd, 2024, detailing that it has filed a voluntary petition for relief under the provisions of Chapter 7 of Title 11 of the United States Bankruptcy Code. Filing for bankruptcy in the United States Bankruptcy Court for the District of Delaware, Shapeways has confirmed each of its subsidiaries have also ceased operations and filed for bankruptcy.
According to the Form 8-K, all Shapeways C-level executives and directors have resigned from their positions, while ‘neither the company nor any of its subsidiaries have officers or employees.’ A Chapter 7 trustee will now be appointed by the Bankruptcy Court to administer the Company’s bankruptcy estate, including liquidating the assets of the Company. Once a Chapter 7 trustee is appointed, an initial hearing for creditors will be scheduled and the Notice of Bankruptcy Case Filing will be sent to known creditors.
Shapeways was founded in 2007, beginning as a spin-off of Royal Philips Electronics in the Netherlands, and quickly becoming the go-to marketplace and service provider for 3D printing. The business model saw customers upload CAD files to the website for Shapeways to print and distribute, while designs could also be sold to other users.
Over the years, Shapeways’ service offering continued to grow, with the company running Selective Laser Sintering, Multi Jet Fusion, Stereolithography, Material Jetting, Binder Jetting and Selective Laser Melting technologies by the end. In April 2021, Shapeways was among those to list on the New York Stock Exchange via a merger with a Special Purpose Acquisition Company. But by 2022, its stock was already in sharp decline. Last year, having been hit with a NYSE noncompliance notice, the company transferred its listing to the Nasdaq stock exchange.
While Shapeways has continued to assess strategic alternatives, its leadership has not been able to find the right solution to take the company forward. After 17 years, Shapeways has ceased operations.
Post by tctmagzine.com