GAME OVER Day 11 Two-Zero. The Courts Work.
Shape Robotics Live March 20, 2026
This afternoon I learned from press reports and from shareholders who were present in the courtroom that the Maritime and Commercial High Court of Denmark, Sø- og Handelsretten, granted a five-month adjournment for the renewed bankruptcy proceedings ordered by Østre Landsret. Five months of time. The single most valuable resource we lacked. The court acknowledged what we have been saying from day one — proper legal service has not yet taken place. The regulations are clear. The procedure exists to protect the rights of every party. And the Danish judiciary, today, protected ours.
I was not present. I have not been summoned. I have not been served. I learned about the outcome the same way the public did — after the fact. Because that is exactly the point — you cannot hold a hearing about someone without first telling them it is happening.
Two hearings. Two victories. Perfect score.
What Happened in Court
From what I have been told by those present, six lawyers from Denmark’s largest law firms showed up this morning to argue that Shape Robotics AS should be declared bankrupt again. The same firms. The same arguments. The same establishment pressure that has defined this case from day one.
On the other side — one shareholder. Bo, who walked into the courtroom on his own initiative and presented a memorandum explaining how 4,800 creditors and retail investors view this situation. The judge — an experienced, professional jurist — allowed him to speak. She listened. She understood. And then she ruled.
Five months. A serious, considered decision by a judge who clearly grasped the extraordinary circumstances of this case.
According to those who attended, the former trustee — and I am told these were the exact words chosen by the judge herself — was referred to as “the former trustee” throughout the proceedings. Not “the trustee.” Not “the estate administrator.” The former trustee. Because that is what Teis Gullitz-Wormslev of Kromann Reumert is. History.
The Erhvervsstyrelsen Petition
But winning in court was only half of today’s work. While the establishment was still processing the ruling, we had already moved on the next front.
We learned that there is an attempt underway to have Shape Robotics AS deregistered — compulsorily dissolved — through Erhvervsstyrelsen, the Danish Business Authority. The logic, if you can call it logic, goes like this — the company has no board, no auditor, no annual report. Therefore it must be dissolved under Selskabsloven § 225.
Let me explain why this argument is not just wrong — it is obscene.
Shape Robotics AS has no board because the trustee cancelled the Extraordinary General Meeting that was scheduled for January 22, 2026 — the very meeting where a new board would have been elected and EUR 15 million in equity financing from IRIS Capital would have been approved.
The company has no auditor because the trustee holds all financial records in an unauthorized escrow and has refused to return a single document since the High Court annulled the bankruptcy on March 5.
The company has no annual report because you cannot file an annual report without accounting records, bank statements, or the funds to pay an auditor.
Every single deficiency that could trigger dissolution was caused by the former trustee. Not by negligence. Not by mismanagement. By deliberate sabotage of a company that was — and remains — commercially active with contracted revenue exceeding EUR 47 million.
We filed today a formal petition with Erhvervsstyrelsen requesting protection against dissolution, a minimum 90-day compliance period from actual receipt of company property, and written confirmation of the granted deadline.
The complete petition — 228 pages including all 10 supporting annexes — is attached to this article.
The EGM Sabotage — The Central Issue
I want every reader to understand the chain of causation, because it is the single most important fact in this case.
On December 19, 2025, Shape Robotics announced that IRIS Capital Investment — a French investment company — had committed to an equity line facility of up to 15,000,000 shares, approximately EUR 15,000,000 in available capital. The terms were extraordinary — convertible loan, 95% minimum daily VWAP, 36-month maturity, unrestricted use of proceeds, cancellable at any time at no cost. The company controlled the timing, the volume, and the minimum price.
An Extraordinary General Meeting was planned for January 22, 2026. The purpose was twofold — approve the IRIS facility and elect new board members, bringing the company into full compliance with every requirement under Selskabsloven § 225.
Then the trustee cancelled it. No Nasdaq market disclosure. No explanation to shareholders. No reason given to the 4,800 creditors whose financial interests depended on that meeting taking place.
If the trustee had not cancelled the EGM, Shape Robotics would today have EUR 15,000,000 in its bank account. It would have a properly constituted board of directors. It would have an appointed auditor. It would have filed its annual report. It would be in full compliance with every single requirement of the Danish Companies Act.
The sole reason the company cannot comply is that the former trustee — whose appointment was ruled unlawful by Denmark’s own High Court — systematically destroyed the company’s ability to do so.
And now they want Erhvervsstyrelsen to finish the job by dissolving it.
To dissolve Shape Robotics now would be the final act in a chain of destruction that began with an unlawful bankruptcy, continued with a trustee who stripped the company of everything it needed to function, and would conclude with the Danish Business Authority rewarding the wrongdoer and punishing the victim.
We asked Erhvervsstyrelsen a simple question in our petition — is that the role of the Danish Business Authority?
The Company Is Alive
While six lawyers were arguing for our death this morning, here is what was actually happening at Shape Robotics:
The company is receiving new orders for its STEM and AI educational robotics products. Revenue is being generated. Customers are placing orders. Products are being shipped. The subsidiary network in Romania, Poland, and the Nordics is operating. The Bechtle framework agreement, worth EUR 32 million for Polish public schools, is active. IRIS Capital reconfirmed its commitment on March 11, immediately after the annulment.
This is not a paper entity. This is a functioning European EdTech company with a Nasdaq listing, shipping products to customers today.
What They Are Trying And Why It Will Fail
The playbook is transparent. Having lost in the High Court and lost again today in the Maritime Court, the establishment is now trying to achieve through administrative channels what it could not achieve through the judiciary.
If you cannot bankrupt a company through the courts, try to dissolve it through the trade registry.
This is the definition of fait accompli. Create the conditions for failure, then point to the failure as proof that the company should be shut down. Cancel the EGM, prevent the board election, block access to funds, hold the documents hostage — and then file a complaint that the company has no board, no auditor, no annual report.
We have preempted every single one of these moves. The Erhvervsstyrelsen petition was filed within hours of today’s court victory. The court petition was filed yesterday. The criminal complaint is active. The demand letters are served. The bailiff proceedings are initiated.
Next week we will begin organizing the EGM. We have more than enough shares. The IRIS facility is ready. The moment we receive our documents and funds back, we will bring Shape Robotics into full compliance within weeks, not months.
I understand from those present that the court may reach out to me regarding the return of company property — we will of course cooperate fully
A Note on Finans.dk
I understand that a certain Danish financial publication today suggested we are “avoiding bankruptcy.” I have thought about this characterization, and I find myself thinking of Franz Kafka.
In Kafka’s world, the accused is guilty because he is accused. The trial exists not to determine guilt but to confirm the accusation. The procedure is the punishment. The outcome was decided before the case was heard.
We are not avoiding bankruptcy. We are following the law. We are exercising rights that are protected by the Danish constitution, by EU regulation, and by the fundamental principles of justice that every democratic society holds sacred.
If using the legal system to defend yourself is “avoidance,” then every defendant who ever won an acquittal was also “avoiding conviction.”
The difference between Kafka’s world and ours is that Denmark has real courts with real judges who make decisions based on evidence. Today proved it.
Five Months of War
Let me be direct with everyone who follows this story.
We have won two major battles. We have not won the war.
The next five months will be difficult. The establishment will continue to fight on every front — legal, administrative, media. They will try to exhaust us financially, procedurally, emotionally.
But we have something they do not. We have the truth, documented and published for the world to see. We have 4,800 creditors whose interests align with ours. We have investors who believe in the fundamentals. We have courts that function. And we have five months of time — the one resource we needed most.
This weekend, we rest. On Monday, we go back to work.
Attachments
https://drive.proton.me/urls/QBWTVSFZAR#wVva1w4KoMmU
The complete Erhvervsstyrelsen petition — 228 pages, including all 10 annexes — is attached to this article. As always — full disclosure. Nothing redacted. Nothing hidden.
Bilag 1 — Østre Landsret ruling — unanimous annulment of bankruptcy
Bilag 2 — Criminal complaint under Retsplejeloven § 535
Bilag 3 — Formal demand letter to all partners of Kromann Reumert
Bilag 4 — CVR extract confirming CEO reinstatement
Bilag 5 — Creditor Information No. 2 — trustee’s DKK 0 valuation
Bilag 6 — Nordea unauthorized escrow deposit — DKK 3,722,813.18
Bilag 7 — Court petition to Sø- og Handelsretten — 19 March 2026
Bilag 8 — Bechtle framework agreement — EUR 32,000,000
Bilag 9 — IRIS Capital Letter of Intent — EUR 15,000,000
Bilag 10 — Lov L20 — new trustee impartiality rules
Read them. Share them. The truth is not afraid of daylight.
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Mark Robert Abraham
CEO — Sole Director, Shape Robotics AS
March 20, 2026
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GAME OVER — Day 11
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