Global digital manufacturing platform provider Shapeways, Inc, New York City, USA, has announced the completion of its business combination with Galileo Acquisition Corp. The combined company has been renamed Shapeways Holdings, Inc, with common stock and public warrants are expected to begin trading on the NYSE on September 30, 2021, 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.
“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,” stated Greg Kress, Chief Executive Officer.
“With our best-in-class proprietary software, which digitises 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.”
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 are intended to 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 Greg Kress, will continue to operate the business.