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Item 1.03 Bankruptcy or Receivership.
On July 2, 2024, after considering all strategic alternatives, Shapeways Holdings, Inc. (the "Company") ceased operations and filed a voluntary petition for relief (the "Bankruptcy Filing") under the provisions of Chapter 7 of Title 11 of the United States Code, 11 U.S.C. §101 et seq. (the "Bankruptcy Code"). The Bankruptcy Filing was filed in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court").Each of the Company's subsidiaries also ceased operations and filed voluntary petitions for bankruptcy relief.
As a result of the Bankruptcy Filing, a Chapter 7 trustee will be appointed by the Bankruptcy Court and will administer the Company's bankruptcy estate, including liquidating the assets of the Company in accordance with the Bankruptcy Code. 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.
Item 2.04 Triggering Events that Accelerate or Increase a Direct Financial Obligation or Obligation under an Off-Balance Sheet Arrangement.
The Bankruptcy Filing triggered Events of Default under certain of the Company's outstanding debt instruments, including the $669,500 secured promissory note dated June 10, 2024, entered into with 3DP Custom Manufacture, LLC as lender, which results in acceleration of the Company's obligations under such instruments.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Concurrent with the Bankruptcy Filing, Greg Kress, the Company's chief executive officer, Alberto Recchi, the Company's chief financial officer, and Andy Nied, the Company's chief operating officer, resigned as executive officers of the Company. Following the Bankruptcy Filing, neither the Company nor any of its subsidiaries have officers or employees.
Concurrent with the Bankruptcy Filing, directors Leslie C.G. Campbell, Raj Batra, Ryan Kearny, Greg Kress, Christine Gorjanc, Alberto Recchi and Josh Wolfe tendered their resignations as members of the Company's board of directors. Such resignations are not the result of any disagreements with the Company regarding the Company's operations, policies, or practices. Each of the directors resigned due to the Bankruptcy Filing, which effectively eliminates the powers of the board of directors. Following the director resignations, neither the Company nor any of its subsidiaries have members serving on their respective boards of directors.
Posted In: SHPW
