3D Printing Specialist Shapeways Has Gone Bankrupt — Leaving Prospects Adrift

3D Printing Specialist Shapeways Has Gone Bankrupt — Leaving Prospects Adrift
3D Printing Specialist Shapeways Has Gone Bankrupt — Leaving Prospects Adrift

3D-printing pioneer Shapeways is not any extra, as the corporate has entered chapter — with all property liquidated instantly, and its doorways closed for good.

“After contemplating all strategic options,” the corporate acknowledged in its submitting to the Securities and Change Fee (SEC) this week, “Shapeways Holdings, Inc. ceased operations and filed a voluntary petition for reduction underneath 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 reduction.”

The transfer is sudden: the corporate’s chief government officer Greg Kress, chief monetary officer Alberto Recchi, and chief working officer Andy Nied all tendered their resignations with instant impact — together with the complete board of administrators. “Such resignations are usually not 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 speedy 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 might have discovered the corporate’s providers tempting, with assist 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 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, nevertheless, seems to have been the precursor to the corporate’s downfall — a inventory worth plummet triggering its delisting and transfer to the Nasdaq alternate.

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 dimensions of the corporate’s money owed and the pace at which its property 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.

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