Gam1983
3D printing service provider Shapeways (NASDAQ:SHPW) filed for Chapter 7 bankruptcy and ceased all operations.
On July 2, 2024, Shapeways (SHPW) and its subsidiaries submitted a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware.
The bankruptcy filing was triggered by Shapeways’ (SHPW) inability to sustain growth and significant financial losses by 2023, despite its early success and a 2021 public listing through a merger with a SPAC.
It was announced that Greg Kress, the company’s CEO, Alberto Recchi, CFO, and Andy Nied, COO, resigned as executive officers.
Seeking Alpha quant rating gave the stock a Strong Sell rating and warned that the stock had decelerating momentum and inferior profitability.
Source: Form 8-K