Shapeways (NASDAQ:SHPW) stock is falling hard on Wednesday after the 3D-printed products company filed for Chapter 7 bankruptcy.
According to the company’s filing with the Securities and Exchange Commission (SEC), Shapeways has ceased all operations after considering all strategic alternatives. This will require a trustee to take over control of the company to liquidate its assets.
As a result, all of the company’s executive team and board of directors have resigned. This also triggered Events of Default for a $669,500 secured promissory note with 3DP Custom Manufacture, LLC.
What This Means for SHPW Stock
With this bankruptcy filing, Shapeways will likely receive a delisting notice from the Nasdaq Exchange, which will result in the removal of shares of SHPW stock from the exchange.
SHPW stock is seeing heavy trading Wednesday alongside its bankruptcy filing. This has more than 96,000 shares changing hands as investors sell their stakes. That’s well above its daily average trading volume of about 17,000 shares.
SHPW stock is down 52.1% as of Wednesday morning.
Investors will want to stick around for more of the most recent stock market stories today!
We have all of the hottest stock market news moving shares of Zoomcar (NASDAQ:ZCAR) and Vivopower (NASDAQ:VVPR) stock, as well as the biggest pre-market stock movers this morning. You can catch up on all of these matters at the links below!
More Wednesday Stock Market News
- Why Is Zoomcar (ZCAR) Stock Up 52% Today?
- Why Is Vivopower (VVPR) Stock Up 120% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
