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Shapeway, a 3D printing platform, moves its listing from the NYSE to the Nasdaq

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Shapeway Transfers Listing from NYSE to Nasdaq
Shapeways Transfers Listing from NYSE to Nasdaq/ Source: 3D Print

Shapeways, a digital marketplace for additive manufacturing (AM) services located in Michigan, has announced that it would be switching its stock exchange listing from the NYSE to the Nasdaq. On August 1, 2023, the firm intends to change its ticker (which will remain “SHPW” for common stock).

A month ago, in an effort to keep the firm’s share price over the $1.00 threshold and prevent delisting from the NYSE, Shapeways completed a 1-for-8 reverse stock split of its common shares. In August of 2022, the NYSE sent Shapeways its first delisting notice.

Why did Shapeway Transfers Listing?

There appears to be no connection between the switch and the Nasdaq’s rule that listed businesses risk delisting if they fail to satisfy the $1.00 closing price criterion for 30 consecutive days. However, the Nasdaq is up about 36% YTD while the NYSE Composite Index is up around 7.5% this year, so transferring to the Nasdaq may help ensure that the floor for Shapeways’ share price remains higher.

Shapeway Transfers Listing from NYSE to Nasdaq
Shapeways Transfers Listing from NYSE to Nasdaq/ Source: 3D Print

In addition, the spread between Nasdaq futures and current prices is substantially wider than that of the NYSE-heavy S&P 500 futures market and its current values. If Shapeways were listed on the tech-focused Nasdaq, it would likely see considerably faster growth.

Chief Executive Officer Greg Kress stated in a press statement that the company is “excited to move to Nasdaq and join many of the world’s leading technology companies as Shapeways continues to push the boundaries of digital manufacturing and software solutions.”

This change should let us take advantage of Nasdaq’s low-priced service while simultaneously giving us a place to increase our visibility in the market, broaden our pool of potential investors, and speed up our expansion. Our dedication to new ideas, satisfied customers, and increased profits for our shareholders are all reflected in this change. Nasdaq’s Global Head of Listings Karen Snow said, “We are glad to welcome Shapeways to the Nasdaq family and look forward to supporting their continued growth and focus on shareholder value.”

Also read: MetaFold Increased funding by $1.78 million for 3D printing

2007 Shapeways was founded as a spin-off of the Dutch business Royal Phillips Electronics. It was one of the first companies to offer a digital platform via which users could sell and purchase 3D printed products on demand. In April of 2021, Shapeways and Galileo Acquisition Corp. announced that they were teaming together to take Shapeways public through the formation of a special-purpose acquisition company (SPAC).

So, although things have been rough since the firm went public, they have staying power and provide a rare example of bridging two very distinct periods of 3D printing. Much of Shapeways’ seeming challenges might likely be attributed to the fact that company joined the public trading market during one of the worst times in recent memory to go public. Two new factories opened in Michigan, tripling the company’s production capacity in the United States and bringing it closer to the crucial Detroit car market.

Since many publicly traded US firms are now overpriced, and yet stocks appear to be entering a new bull market, value investors may want to start paying attention to Shapeways. The corporation may require a clean slate, and a move to the Nasdaq might provide that.Chief Executive Officer Greg Kress stated in a press statement that the company is “excited to move to Nasdaq and join many of the world’s leading technology companies as Shapeways continues to push the boundaries of digital manufacturing and software solutions.”

This change should let us take advantage of Nasdaq’s low-priced service while simultaneously giving us a place to increase our visibility in the market, broaden our pool of potential investors, and speed up our expansion. Our dedication to new ideas, satisfied customers, and increased profits for our shareholders are all reflected in this change. Nasdaq’s Global Head of Listings Karen Snow said, “We are glad to welcome Shapeways to the Nasdaq family and look forward to supporting their continued growth and focus on shareholder value.”

About Manufactur3D Magazine: Manufactur3D is an online magazine on 3D Printing. Visit our Global News page for more updates on Global 3D Printing News. To stay up-to-date about the latest happenings in the 3D printing world, like us on Facebook or follow us on LinkedIn and Twitter.

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