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Shapeways has successfully completed its merger with Galileo Acquisition Corp, creating Shapeways Holdings, Inc. The new company will commence trading on the NYSE with the ticker symbol 'SHPW' starting September 30, 2021. The business combination was overwhelmingly approved by Galileo's shareholders, with over 99% voting in favor. As part of the merger, Shapeways will receive $103 million in gross proceeds, primarily to enhance its additive manufacturing capabilities and expand its SaaS offerings, positioning itself strategically in the growing digital manufacturing market.
Galileo Acquisition Corp. (NYSE: GLEO) announced a special meeting scheduled for September 28, 2021, to vote on a proposed business combination with Shapeways, Inc., a leader in digital manufacturing. The SEC has declared effective Galileo's registration statement, allowing the meeting to proceed. This merger could yield up to $195 million for Shapeways, including a $75 million PIPE investment, enhancing its manufacturing capabilities and market reach. Shareholders eligible to vote must be on record by August 2, 2021.
Shapeways announced its Q2 2021 results, reporting a 26% revenue increase to $8.8 million, up from $7.0 million in Q2 2020. Gross profit rose 39% to $4.3 million, with gross margins improving to 49% thanks to operational enhancements and a focus on high-value products. Shapeways is set to merge with Galileo Acquisition Corp. (NYSE: GLEO), with expected completion by Q3 2021. The company aims to expand its digital manufacturing capabilities across various sectors, enhancing customer adoption and product innovation.
Shapeways has secured an agreement to be the exclusive 3D printing manufacturer for Armor Bionics, enhancing surgical planning with custom medical models created from patient scans. This partnership aims to reduce surgical time and recovery, offering superior planning capabilities for complex procedures. The collaboration follows Shapeways' announcement of a merger with Galileo Acquisition Corp. (NYSE: GLEO), transitioning to Shapeways Holdings, Inc. after the deal's completion.
Shapeways announced a solid performance for Q1 2021, reporting an 11% increase in revenue to $8.8 million and a 30% rise in gross profit to $4.1 million. Gross margins improved to 47%, up from 40% a year prior, driven by a focus on high-value products and operational enhancements. The company is set to merge with Galileo Acquisition Corp. (NYSE: GLEO), with the combined company expected to be named Shapeways Holdings, Inc., and trade under the new symbol SHPW. This merger is anticipated to close in late summer 2021.
Shapeways is collaborating with Mimaki to enhance full-color 3D printing capabilities, utilizing Mimaki's High Definition Full Color material, offering ten million colors and extensive post-processing options. This partnership is part of Shapeways' merger with Galileo Acquisition Corp. (NYSE: GLEO), expected to close with a pro forma enterprise value of $410 million and over $195 million in net proceeds. Shapeways’ innovative platform aims to provide advanced solutions across various sectors, improving design flexibility and application potential.
Shapeways, Inc. announces its participation in the Needham Technology & Media Conference on May 19 at 8:45 a.m. EDT, available via a provided link. The Company has finalized a business combination with Galileo Acquisition Corp. (NYSE: GLEO), transitioning to Shapeways Holdings, Inc. and adopting the new ticker SHPW. Shapeways provides digital manufacturing services, empowering over one million customers worldwide to create more than 21 million parts across various technologies and materials. The press release emphasizes Shapeways' innovative manufacturing capabilities and strategic growth.
Shapeways, a leader in digital manufacturing, has announced its merger with Galileo Acquisition Corp (NYSE: GLEO), valuing Shapeways at a $410 million pro forma enterprise value. Post-merger, the entity will operate as Shapeways Holdings, Inc. with a new ticker, SHPW. The transaction aims to leverage Shapeways’ proprietary software and expand its market reach across various industries. The merger is set to close in summer 2021, pending shareholder and regulatory approvals. Shapeways has delivered over 21 million parts globally and aims to tap into the growing digital manufacturing market.
