Shape Robotics A/S (the "Company") announces that on 15 March 2026, it has filed a criminal complaint against Nasdaq Copenhagen A/S with the Danish police authorities for intentional non-compliance with the final and binding order of Østre Landsret (the Eastern High Court of Denmark) in Case K 3337/25-F, dated 5 March 2026, pursuant to Retsplejeloven §535, stk. 1.
Shape Robotics A/S
Company Announcement No. 06-26
15 March 2026
ISIN: DK0061273125 | CVR: 38322656
Criminal Charges Against Nasdaq Copenhagen for Non-Compliance with Final Court Decisions
Three complaints filed: (1) Nasdaq Copenhagen - defiance of final High Court order, continued illegal trading suspension; (2) Kromann Reumert / Teis Gullitz-Wormslev - refusal to hand over company property despite court order; (3) Finanstilsynet - 59 days of total market silence, EGM cancelled without shareholder notification, IRIS financing blocked
Shape Robotics A/S (the "Company") announces that on 15 March 2026, it has filed a criminal complaint against Nasdaq Copenhagen A/S with the Danish police authorities for intentional non-compliance with the final and binding order of Østre Landsret (the Eastern High Court of Denmark) in Case K 3337/25-F, dated 5 March 2026, pursuant to Retsplejeloven §535, stk. 1.
A separate criminal complaint has also been filed against the former trustee, Kromann Reumert Advokatpartnerselskab (CVR 62606711) and its attorney Teis Gullitz-Wormslev, for the same offence - refusal to hand over all company property to the restored management despite the final court order.
A formal complaint has been filed with the Danish Financial Supervisory Authority (Finanstilsynet) against the former trustee for systematic violations of the Market Abuse Regulation (MAR) Article 17(1) - zero market disclosures during 59 days of trusteeship over a Nasdaq-listed company, while possessing material inside information that was never communicated to 4,800+ shareholders.
1. The High Court Order
On 5 March 2026, Østre Landsret, sitting as a panel of three judges, unanimously annulled the bankruptcy decree of 6 January 2026 against Shape Robotics A/S (Case K 3337/25-F). The annulment was granted on the grounds that the original bankruptcy petition had not been lawfully served upon the Company or its management.
This is a court order. It is final. It is enforceable. It is not a recommendation. It is not subject to interpretation by a market operator.
Under Konkurslov §29, the Company's management rights were automatically restored upon the annulment. The Company is not bankrupt. No new bankruptcy decree has been issued.
2. Nasdaq Copenhagen's Role: Execute - Not Interpret
Nasdaq Copenhagen is a regulated market operator. Its role, when a court issues an order annulling a bankruptcy, is to execute that order - not to interpret it, not to evaluate it, not to second-guess three High Court judges, and not to substitute its own assessment for the ruling of the court.
The bankruptcy decree was the sole basis for the trading suspension. Nasdaq's own announcement at the time of suspension cited the bankruptcy as the reason. That decree has been unanimously annulled by the highest court to hear the matter. The legal consequence is immediate and automatic: the suspension must be lifted.
Nasdaq retains the authority to impose a new suspension for new, independently justified reasons - but it must first cancel the current suspension, which was based on a bankruptcy that no longer exists. Refusing to do so is not regulatory discretion. It is defiance of a court order.
Instead of executing the court order, Nasdaq Copenhagen has done the following:
(a) Maintained the suspension for 10+ days. Despite the annulment on 5 March 2026, trading in Shape Robotics shares (ISIN DK0061273125) remains suspended as of today, 15 March 2026. More than 4,800 shareholders are unable to trade their shares.
(b) Issued a misleading market announcement on 13 March 2026. Nasdaq published an announcement stating that "The Maritime and Commercial High Court has confirmed that bankruptcy petitions against the company are being processed" and that trading would remain suspended. This announcement failed to inform the market that the previous bankruptcy had been unanimously annulled by the High Court. This is not a neutral statement. It is a misrepresentation of the legal position of the Company.
(c) Confirmed it is interpreting rather than executing. The 13 March announcement demonstrates that Nasdaq has taken upon itself the role of evaluating the legal situation - referring to "bankruptcy petitions being processed" as a basis for continued suspension. This is not Nasdaq's role. The court has ruled. There is nothing to interpret. The bankruptcy was annulled. The suspension must be lifted.
(d) Ignored a formal demand. On 11 March 2026, the Company submitted a formal demand to Nasdaq for immediate resumption of trading. Nasdaq confirmed receipt but has not acted.
A court order is not a suggestion. A regulated market operator does not have discretion to decide whether to comply with a ruling of the High Court. Nasdaq Copenhagen's continued suspension is the intentional defiance of a court order, in direct violation of Retsplejeloven §535, the Danish Capital Markets Act §78(1), and MiFID II Article 52(1).
3. Harm to Investors
The continued suspension directly harms more than 4,800 shareholders who are unable to trade their shares. The Danish Capital Markets Act §78(1) expressly prohibits a trading suspension that would cause "considerable damage to investors' interests." MiFID II Article 52(1) imposes the same obligation.
Every day that Nasdaq maintains this suspension in defiance of the court order, the harm to investors increases.
4. Former Trustee: Refusal to Hand Over Company Property
A separate criminal complaint has been filed against the former trustee, Kromann Reumert (Teis Gullitz-Wormslev), for the same offence under Retsplejeloven §535. The High Court ordered the annulment. The former trustee was obligated to hand over all company property. He has not. The Company's own Kreditorinformation 2 confirms what the trustee held. None of it has been returned.
5. The Trustee Cancelled the EGM, Blocked Financing, and Told Shareholders Nothing
Before the bankruptcy, the Company had secured a committed equity line financing facility from IRIS Capital Investment (Company Announcement 35-25, 19 December 2025). An Extraordinary General Meeting (EGM) was scheduled for 22 January 2026 to authorize the share capital increase required to activate this facility. If the EGM had proceeded, the Company would have received the IRIS funding.
The former trustee cancelled this EGM - without the bankruptcy decision being final, without informing a single shareholder, and without issuing a company announcement. An appeal was pending before Østre Landsret. The trustee knew this. The market was never informed. The non-final nature of the bankruptcy decree was itself inside information that was never disclosed.
On 12 March 2026 - one week after the annulment - IRIS SARL immediately reconfirmed its interest on identical terms (Company Announcement 03-26). This proves beyond doubt that the financing was viable throughout the entire period. The Company lost access to this capital solely because of the trustee's cancellation of the EGM during a non-final bankruptcy proceeding.
Had the EGM not been cancelled, the Company would have had the IRIS funding. Shareholders would not be in this position today.
The former trustee issued one announcement: that the company had entered bankruptcy. After that - zero. For 59 consecutive days, not a single selskabsmeddelelse was published to Nasdaq Copenhagen.
During this period, the former trustee:
(a) Cancelled the EGM that would have activated IRIS financing - without informing the market or any shareholder;
(b) Wrote down DKK 199 million in assets to zero;
(c) Identified DKK 340 million in total liabilities;
(d) Initiated subsidiary insolvency proceedings in multiple jurisdictions;
(e) Never informed the market that the bankruptcy decision was under appeal at Østre Landsret - the non-final nature of the decree was itself inside information;
(f) Filed his own report with authorities regarding suspected MAR violations by former management - while simultaneously committing the same violations himself.
None of this was disclosed to 4,800+ shareholders. The market was kept in complete darkness for nearly two months while the trustee systematically dismantled the company and destroyed the financing that was already in place.
The trustee cannot argue that the trading suspension excused his disclosure obligations. The suspension was caused by the bankruptcy - the very bankruptcy he was administering. He knew the appeal was pending. He knew the bankruptcy could be overturned at any time. And yet he disclosed nothing - not even the existence of the appeal itself.
A formal complaint has been filed with the Danish Financial Supervisory Authority (Finanstilsynet, ref. J.nr. 25-026876).
6. Where the Complaints Have Been Filed
Against | Filed With | Legal Basis |
Nasdaq Copenhagen A/S (CVR 19042677) | NSK, Finanstilsynet, Østre Landsret | Retsplejeloven §535 Capital Markets Act §78 MiFID II Art. 52 |
Kromann Reumert (CVR 62606711) Teis Gullitz-Wormslev | NSK, Finanstilsynet, Advokatnævnet, Østre Landsret | Retsplejeloven §535 Konkurslov §114 stk. 3 |
Teis Gullitz-Wormslev (Kromann Reumert) | Finanstilsynet (J.nr. 25-026876) | MAR Art. 17(1) (EU No. 596/2014) |
7. Reservation of Rights
The Company reserves all rights to claim full damages resulting from the illegal bankruptcy and the conduct of all parties involved.
8. Complaints Attached to This Announcement
All three complaints are attached to this company announcement in full:
(1) Criminal Complaint against Nasdaq Copenhagen A/S - Retsplejeloven §535
(2) Criminal Complaint against Kromann Reumert / Teis Gullitz-Wormslev - Retsplejeloven §535
9. Direct Communication Channels
Due to the former trustee's retention of all company assets and the non-operational company website, the Company communicates through:
Live Q&A (daily, 18:00 CET): https://open.substack.com/live-stream/130792
24/7 updates: https://substack.com/@mevk827
The Company will continue to update the market as events develop.
Mark-Robert Abraham
CEO, Shape Robotics A/S
mark@shaperobotics.com
+40749288688
Strada Tuberozelor 8A, Voluntari, Ilfov 077190, Romania
