Shapeways Receives Nasdaq Notice Regarding Late Filing of Quarterly Report on Form 10-Q
May 24 2024 - 4:05PM
Shapeways Holdings, Inc. (NASDAQ: SHPW) (“Shapeways” or the
“Company”), a leader in the large and fast-growing digital
manufacturing industry, today announced that it received a notice
(the “Notice”) on May 22, 2024 from the Listing Qualifications
Department of The Nasdaq Stock Market LLC (“Nasdaq”) advising the
Company that it is not currently in compliance with Nasdaq Listing
Rule 5250(c)(1) (the “Rule”), which requires timely
filing of all required periodic financial reports with the
Securities and Exchange Commission (the “SEC”), as a result of the
Company’s failure to file its Quarterly Report on Form 10-Q
for the quarter ended March 31, 2024 (the “Form 10-Q”) within
the prescribed timeframe. The Notice has no immediate effect
on the listing or trading of the Company’s common stock or publicly
traded warrants.
The Notice provides that the Company has until
July 22, 2024, to submit to Nasdaq a plan to regain compliance
with the Rule. If Nasdaq accepts the plan, Nasdaq may grant the
Company an exception of up to 180 calendar days from the due date
of the Form 10-Q, or until November 18, 2024, to regain
compliance. The Company may be able to regain compliance with the
Rule by filing the Form 10-Q with the SEC (and any other
reports required to be filed) before the end of any such exception
period. If the Company fails to regain compliance prior to the
expiration of any such exception period or if Nasdaq does not
accept the plan of compliance, Nasdaq will issue a determination
indicating that the Company is subject to delisting. If that
occurs, the Company may request a hearing before a Nasdaq
Hearing Panel to review the determination. However, there can be no
assurance that Nasdaq will accept such plan or grant an exception
period, that any hearing would be successful, or that the Company
will be able to regain compliance within the deadline or any
exception period that may be granted or maintain compliance with
the other continued listing standards set forth in the Nasdaq
Listing Rules.
About Shapeways
Shapeways is a global leader in digital
manufacturing, combining additive and traditional technologies with
proprietary software solutions designed for other manufacturers and
their customers, reducing costs, and improving supply chains.
Partnering with hundreds of companies engaged in industrial
applications like automotive, medical, and transportation, as well
as aerospace and defense, Shapeways helps them scale their
businesses, solve complex problems in product development, and
achieve critical manufacturing milestones.
With access to a dozen additive technologies,
six conventional manufacturing methods, and hundreds of materials
and finishes, Shapeways ensures production of quality parts with
the right technologies, at the right time, and at the right
cost.
With ISO 9001-compliant manufacturing facilities
in Livonia and Charlotte, Michigan, and Eindhoven, the Netherlands,
Shapeways operates globally and has delivered more than 24 million
parts to more than 1 million customers in more than 180 countries.
For more information, visit www.shapeways.com.
Contact Information
Investor Relations
investors@shapeways.com
Media Relations
press@shapeways.com
Forward-Looking Statements
Certain statements included in this press
release are not historical facts and are forward-looking statements
for purposes of the safe harbor provisions under the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as "believe,"
"may," "will," "estimate," "continue," "anticipate," "intend,"
"expect," "should," "would," "plan," "predict," "potential,"
"seem," "seek," "future," "outlook," and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. All statements, other than
statements of present or historical fact included in this press
release, regarding the Company's SEC filings and the timing
thereof; the potential submission of a plan to Nasdaq and the
potential for Nasdaq to accept such plan or grant the Company an
exception period; the success of any hearing process, and the
Company’s ability to regain compliance with the Nasdaq continued
listing standards, are forward-looking statements. These statements
are based on various assumptions, whether or not identified in this
Current Report on Form 8-K, and on the current expectations of
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on
as, a guarantee, an assurance, a prediction, or a definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of the Company. These forward-looking statements are
subject to a number of risks and uncertainties, including but not
limited to the timing of the Company’s submission of a compliance
plan, Nasdaq’s acceptance of any such plan, and the duration of any
extension that may be granted by Nasdaq; the potential inability to
meet Nasdaq’s requirements; uncertainties associated with the
Company’s preparation of the delayed Form 10-Q and any other SEC
reports; and those factors discussed under the heading "Risk
Factors" in Shapeways’ most recent Form 10-K, most recent Form
10-Q, and other documents the Company has filed, or will file, with
the SEC. If any of these risks materialize or the Company’s
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that the Company does not presently know,
or that the Company currently believes are immaterial, that could
also cause actual results to differ from those contained in
forward-looking statements. In addition, forward-looking statements
reflect the Company's expectations, plans, or forecasts of future
events and views as of the date hereof. The Company anticipates
that subsequent events and developments will cause its assessments
to change. However, while the Company may elect to update these
forward-looking statements at some point in the future, it
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company's assessments of any date subsequent to
the date hereof. Accordingly, undue reliance should not be placed
upon forward-looking statements.
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