We knew they were going through challenging times ever since they started selling their 3D printing equipment at auction, and today, it’s official, Shapeways has filed for Chapter 7 bankruptcy.
The 3D printing service bureau has been exploring strategic alternatives to overcome its financial difficulties. The bankruptcy filing has caused defaults on several of Shapeways’ existing debt obligations, most notably a $669,500 secured promissory note with 3DP Custom Manufacture, LLC. This filing speeds up the company’s repayment obligations for this and other debt instruments.
As a result, several executives of the company announced their resignation. They include CEO Greg Kress, CFO Alberto Recchi, and COO Andy Nied. The entire board of directors also resigned – Leslie C.G. Campbell, Raj Batra, Ryan Kearny, Greg Kress, Christine Gorjanc, Alberto Recchi, and Josh Wolfe.
Since its founding in 2007, the spin-off of Royal Philips Electronics has quickly become the go-to marketplace and service provider for 3D printing. Over the years, its service bureau has continued to grow until April 2021. It’s hard to say if the merger with Galileo Acquisition Corp. to become a publicly traded AM company is behind this decline but we can’t ignore the fact that many AM companies that went public via a SPAC process are undergoing challenging times right now.
In the case of Shapeways, in 2022, its stock was already in decline. Last year, after receiving a noncompliance notice from the NYSE, the company moved its listing to the Nasdaq stock exchange.
Given the unfruitful strategic alternatives, Shapeways has now shut down its operations after 17 years of activity.
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