Shapeways Will Trade on NYSE under Ticker Symbol “SHPW”
Shapeways, Inc. completes its business combination with Galileo Acquisition Corp. (“Galileo”), a special purpose acquisition company. The Digital manufacturing company had announced its plan to go public on April 30th, 2021.
The combined company has been renamed Shapeways Holdings, Inc. (the “Company”). Its common stock and public warrants are expected to begin trading on the NYSE on [September 30] under the new tickers “SHPW” and “SHPW.WS”, respectively. The business combination was unanimously approved by Galileo’s board of directors and approved by a vote of Galileo’s shareholders on September 28, 2021 with more than 99% of the votes cast in favor of the transaction.
Greg Kress, Chief Executive Officer, stated: “We are proud of what our team has achieved and excited to start our journey as a public company. Since we announced this transaction earlier this year, we have delivered strong year-over-year revenue growth and robust margins as we continue to scale and extend our footprint across key industries. With our best-in-class proprietary software, which digitizes the end-to-end manufacturing process, we believe Shapeways is uniquely positioned to capture a tremendous opportunity in the global manufacturing market. The opportunities ahead of us are exciting as we continue to scale across materials, markets, and technologies, and as we introduce our software-as-a-service (SaaS) offering. The completion of this transaction will provide us with the platform to execute on our growth strategy and drive shareholder value.”
Following the business combination and related PIPE investment, Shapeways will receive $103 million of gross proceeds, including a $75 million fully-committed common stock PIPE anchored by top-tier investors including Miller Value, XN, and Desktop Metal. The PIPE also includes investments from existing Shapeways investors Lux Capital, Union Square Ventures, INKEF Capital and Andreessen Horowitz. Proceeds will be used primarily to accelerate the Company’s additive manufacturing capabilities, accelerate the rollout of its SaaS offering, expand its material and technology offerings to extend market reach and grow customer share of wallet, as well as to provide additional working capital.
Shapeways’ existing management team, led by Chief Executive Officer Greg Kress, will continue to operate the business.
A more detailed description of the transaction terms will be provided in a Current Report on Form 8-K to be filed by the Company with the Securities and Exchange Commission and available at sec.gov.
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