08-19-2022: Shapeways received first notice from NYSE of non-compliance with continued listing standards
This started a two-year process that led the company to bankruptcy
On August 19, 2022, Shapeways – then still one of the global leaders in the 3D printing services market, announced that it had received a formal notice from the NYSE for non-compliance with continued listing standards, which require common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-day trading period.
This event holds symbolic significance in hindsight, as it marked the beginning of a downward spiral that ended in company bankruptcy in July of this year.
The story of Shapeways' downfall is still very fresh, and many people have written analyses and comments on the topic. Therefore, I don't intend to revisit it again – I encourage you to read the history of Peter Weijmarshausen, the co-founder of Shapeways, whose departure marked the beginning of decisions that ultimately led to the company's unfortunate end. Four days ago, we marked the 7th anniversary of Weijmarshausen’s departure from Shapeways.
However, this anniversary has another dimension. After receiving the notice from the NYSE, shortly afterward, other AM companies began receiving similar documents – including Markforged and Desktop Metal. And this topic is still ongoing…
Source: www.businesswire.com