Shapeways Annouces Receipt of Notice From NYSE of Non-Compliance With Continued Listing Standards

Rhea-AI Summary

Shapeways, Inc. (NYSE: SHPW) received a notice from the New York Stock Exchange on August 17, 2022, for failing to meet the minimum share price requirement of $1.00 over a consecutive 30-day trading period. The company has 6 months to regain compliance, potentially through methods like a reverse stock split, subject to shareholder approval. Failure to comply may lead to suspension and delisting. Currently, there is no immediate impact on stock listing. Shapeways operates in the digital manufacturing sector, serving over 1 million customers globally.

Positive

• Shapeways is actively considering measures to regain compliance with NYSE listing standards, showcasing proactive management.
• The company has a robust customer base, having delivered over 23 million parts to 1 million customers across 180 countries.

Negative

• The company received a formal notice for non-compliance with NYSE's minimum share price requirement, which could lead to delisting.
• If compliance is not achieved within six months, the NYSE may initiate procedures to suspend Shapeways' common stock.

NEW YORK--(BUSINESS WIRE)-- Shapeways, Inc. (NYSE: SHPW) (“Shapeways” or the “Company”), a leader in the large and fast-growing digital manufacturing industry, announced today that it received a formal notice from the New York Stock Exchange (“NYSE”) on August 17, 2022 indicating that the Company was not in compliance with NYSE’s continued listing standards, which requires common stock to maintain a minimum average closing price of $1.00 per share over a consecutive 30-day trading period. The notice has no immediate impact on the listing of Shapeways’ common stock on the NYSE, subject to the Company’s compliance with the NYSE’s other continued listing requirements.

Shapeways intends to respond to the NYSE within ten business days of receipt of the notice of its intent to cure the deficiency and is considering a number of available alternatives to regain compliance, including but not limited to, a reverse stock split, subject to shareholder approval. Pursuant to 802.01C of the NYSE’s Listing Company Manual, Shapeways has a period of six months following the receipt of the notice to regain compliance with the minimum share price requirement. The Company may regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the six-month cure period its common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month. If Shapeways is unable to regain compliance with the $1.00 share price rule within this period, the NYSE may initiate procedures to suspend and delist its common stock.

About Shapeways

Shapeways is a leader in the large and fast-growing digital manufacturing industry combining high quality, flexible on-demand manufacturing powered by purpose-built proprietary software which enables customers to rapidly transform digital designs into physical products, globally. Shapeways makes industrial-grade additive manufacturing accessible by fully digitizing the end-to-end manufacturing process, and by providing a broad range of solutions utilizing 11 additive manufacturing technologies and approximately 100 materials and finishes, with the ability to easily scale new innovation. To date, Shapeways has delivered over 23 million parts to 1 million customers in over 180 countries. To learn more, please visit https://www.shapeways.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220819005074/en/

Investor Relations

investors@shapeways.com

Media Relations

press@shapeways.com

Source: Shapeways, Inc.

FAQ

What does the NYSE notice to Shapeways mean?

The NYSE notice indicates that Shapeways has failed to meet the minimum average closing price of $1.00 over a 30-day period.

How long does Shapeways have to regain compliance with the NYSE?

Shapeways has six months from August 17, 2022, to regain compliance with the $1.00 share price requirement.

What actions is Shapeways considering to meet NYSE requirements?

Shapeways is considering options like a reverse stock split to regain compliance, which would need shareholder approval.

What happens if Shapeways does not regain compliance?

If Shapeways fails to regain compliance within six months, the NYSE may initiate procedures to suspend and potentially delist its stock.

How many customers does Shapeways serve?

Shapeways serves over 1 million customers worldwide.