Shapeways Will Trade on NYSE Under Ticker
Symbol “SHPW”
Shapeways, Inc. (“Shapeways”) a leader in the large and
fast-growing digital manufacturing industry, today announced the
completion of its business combination with Galileo Acquisition
Corp. (“Galileo”), a special purpose acquisition company.
The combined company has been renamed Shapeways Holdings, Inc.
(the “Company”). Its common stock and public warrants are expected
to begin trading on the NYSE on September 30 under the new tickers
“SHPW” and “SHPW.WS”, respectively. The business combination was
unanimously approved by Galileo’s board of directors and approved
by a vote of Galileo’s shareholders on September 28, 2021 with more
than 99% of the votes cast in favor of the transaction.
Greg Kress, Chief Executive Officer, stated: “We are proud of
what our team has achieved and excited to start our journey as a
public company. Since we announced this transaction earlier this
year, we have delivered strong year-over-year revenue growth and
robust margins as we continue to scale and extend our footprint
across key industries. With our best-in-class proprietary software,
which digitizes the end-to-end manufacturing process, we believe
Shapeways is uniquely positioned to capture a tremendous
opportunity in the global manufacturing market. The opportunities
ahead of us are exciting as we continue to scale across materials,
markets, and technologies, and as we introduce our
software-as-a-service (SaaS) offering. The completion of this
transaction will provide us with the platform to execute on our
growth strategy and drive shareholder value.”
Transaction Overview
Following the business combination and related PIPE investment,
Shapeways will receive $103 million of gross proceeds, including a
$75 million fully-committed common stock PIPE anchored by top-tier
investors including Miller Value, XN, and Desktop Metal. The PIPE
also includes investments from existing Shapeways investors Lux
Capital, Union Square Ventures, INKEF Capital and Andreessen
Horowitz. Proceeds will be used primarily to accelerate the
Company’s additive manufacturing capabilities, accelerate the
rollout of its SaaS offering, expand its material and technology
offerings to extend market reach and grow customer share of wallet,
as well as to provide additional working capital.
Shapeways’ existing management team, led by Chief Executive
Officer Greg Kress, will continue to operate the business.
A more detailed description of the transaction terms will be
provided in a Current Report on Form 8-K to be filed by the Company
with the Securities and Exchange Commission and available at
sec.gov.
Advisors
In connection with the business combination, Stifel is serving
as the exclusive financial and capital markets advisor to Shapeways
and as sole placement agent to Galileo for the PIPE.
EarlyBirdCapital is serving as financial and capital markets
advisor to Galileo. Needham & Company and Craig-Hallum are
acting as capital markets advisors to Galileo. Gunderson Dettmer
Stough Villeneuve Franklin & Hachigian, LLP is serving as legal
advisor to Shapeways, and Ellenoff Grossman & Schole LLP is
serving as legal advisor to Galileo. ICR is serving as investor
relations and communications advisor to Shapeways.
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 more
than 90 materials and finishes, with the ability to easily scale
new innovation. To date, Shapeways has delivered over 21 million
parts to 1 million customers in over 160 countries.
About Galileo
Galileo Acquisition Corp. raised $138 million in October 2019.
Galileo, a blank check company organized for the purpose of
effecting a merger, capital stock exchange, asset acquisition, or
other similar business combination with one or more businesses or
entities. Galileo is led by a serial SPAC sponsor team that has
successfully completed four business combinations prior to the
business combination with Shapeways. Its team is composed by
seasoned dealmakers with diverse nationalities, and M&A,
principal investing and public company operating experience in both
the North American and Western European markets.
Special Note Regarding Forward-Looking Statements
Certain statements included in this press release are not
historical facts and are forward-looking statements for purposes of
the safe harbor provisions under the United States Private
Securities Litigation Reform Act of 1995. Forward-looking
statements generally are accompanied by words such as “believe,”
“may,” “will,” “estimate,” “continue,” “anticipate,” “intend,”
“expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that
predict or indicate future events or trends or that are not
statements of historical matters. All statements, other than
statements of present or historical fact included in this press
release, regarding the Company’s strategy, future operations, and
prospects are forward-looking statements. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of management of the
Company and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied on
as, a guarantee, an assurance, a prediction, or a definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and will differ from
assumptions. Many actual events and circumstances are beyond the
control of the Company. These forward-looking statements are
subject to a number of risks and uncertainties, including changes
in domestic and foreign business, market, financial, political, and
legal conditions; failure to realize the anticipated benefits of
the transaction; the risk that Shapeways has a history of losses
and the Company may not achieve or maintain profitability in the
future; the risk that the Company faces significant competition and
expects to face increasing competition in many aspects of its
business, which could cause the Company’s operating results to
suffer; the risk that the digital manufacturing industry is a
relatively new and emerging market and it is uncertain whether it
will gain widespread acceptance; the risk that the Company’s new
and existing solutions and software do not achieve sufficient
market acceptance, and those factors discussed in Galileo’s
Registration Statement on Form S-4, under the heading “Risk
Factors,” and other documents Galileo has filed, or the Company
will file, with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that the Company does not presently know,
or that the Company currently believes are immaterial, that could
also cause actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect the Company’s expectations, plans, or forecasts of future
events and views as of the date of this press release. The Company
anticipates that subsequent events and developments will cause its
assessments to change. However, while the Company may elect to
update these forward-looking statements at some point in the
future, it specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing the Company’s assessments of any date subsequent to
the date of this press release. Accordingly, undue reliance should
not be placed upon the forward-looking statements.
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Investor Relations investors@shapeways.com
Media Relations press@shapeways.com
Galileo Acquisition (NYSE:GLEO)
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