GAME OVER: Day 3 We Are Fighting Hard — IRIS Back Online
The trustee took DKK 3.7 million that belongs to us. Kromann Reumert put it in escrow. Today Shape announced IRIS Capital is back online. The fight is far from over — and we are winning.
Tonight we went live for almost two hours. The community showed up, asked the hard questions, and I gave straight answers on every single one. This is the full breakdown — no filter, no spin.
Shape Robotics Is Back — And IRIS Capital Is Online
Today Shape Robotics published an official company announcement. IRIS Capital — the equity line that was operational before the bankruptcy and that was deliberately disrupted during the fifty-nine days of the bankruptcy estate — is back online. This is not a small update. This is the financial mechanism that allows us to fund the reconstruction. The shareholders know what this means. The creditors should too.
We asked: where is the money? They put it in escrow.
On March 11, 2026 — the day before this live session — Kromann Reumert filed a formal escrow stipulation. The document is now public. Here is what it says.
During the fifty-nine days they ran the bankruptcy estate, DKK 3,722,813.18 was transferred from Danske Bank and EIFO into the bankruptcy estate’s client account. That money originated from a loan instalment that Shape Robotics had paid to the bank shortly before the bankruptcy was declared — under a settlement agreement that existed between the bank, EIFO, and the company.
When the Eastern High Court annulled the bankruptcy on March 5, the company demanded the money back. Kromann Reumert — the trustee’s own law firm — then placed the entire amount in escrow at Nordea, citing “uncertainty as to who is the rightful creditor.” They have formally waived their right to retrieve it. It sits at Nordea. It cannot be touched without a final judgment, settlement, or binding resolution.
Let that sink in. The trustee’s firm ran the company for fifty-nine days, took DKK 3.7 million that belonged to us, and now that the bankruptcy is annulled, they cannot explain who it belongs to. We can. It belongs to Shape Robotics. And we are going to get it back.
The Bechtle Contract and the 40 Million Euro Question
The community asked whether the Bechtle contract is real and whether it is still valid. The answer is yes on both counts. The contract is worth approximately 40 million euros. It did not disappear during the bankruptcy. It exists. It is an active commercial agreement. It is part of the operational foundation of the reconstruction — alongside the IRIS equity line. Together, they form the financial basis for what comes next.
Can Shape Robotics Resume Trading on Nasdaq?
This was one of the most direct questions of the night. Can we resume trading on Nasdaq Copenhagen? The answer is: yes, that is the plan, and we are working toward it step by step. The company is reinstated on CVR. The bankruptcy is annulled. The legal standing is restored. The next step is engaging Nasdaq Copenhagen formally to discuss the conditions for resuming trading. IRIS Capital being back online is directly connected to that path. You cannot approach Nasdaq without a functioning equity line. We now have one.
The Reconstruction Threshold
For a formal reconstruction to proceed, we need either 25 creditors or 66.7% of the total claim value to vote in favor. The total active claims stand at approximately DKK 479 million. The hostile block is only DKK 23 million. The bulk of the claims — DKK 392 million worth — are contested and being addressed creditor by creditor.
We are in contact with friendly creditors. Negotiations are underway. We need enough of them to move to get over the threshold. It is doable. We are doing it.
The Treyd Question
Someone asked about Treyd — the company that filed the original bankruptcy petition back in November 2025. The same petition that was unlawfully served. The same petition that triggered everything. I have spoken with Treyd. They are interested in withdrawing their claim. The original fuse may not even be lit by the time the case comes back before the Maritime and Commercial Court. That matters legally, and it matters for the reconstruction.
Why Is Kromann Reumert Still Involved?
This is the question I get most often. Here is the straightforward answer.
Teis Gullitz-Wormslev of Kromann Reumert was the court-appointed trustee. Kromann Reumert is the same law firm that Danske Bank retained to handle its legal affairs in relation to the Shape Robotics loan. The same firm. The same people. The trustee who was supposed to act neutrally on behalf of all creditors was operating from inside a firm that was simultaneously serving the interests of the company’s largest creditor.
During those fifty-nine days, DKK 199 million in company assets were written to zero. The settlement agreement with Danske Bank was not honoured. The escrow document — now public — shows that KR received DKK 3.7 million from Danske Bank and EIFO into the bankruptcy account and is now unable to return it cleanly because the bankruptcy itself was annulled. The documentation of what happened inside that estate is being compiled and will be presented in full.
Why Did the Trustee Cancel the EGM?
The Extraordinary General Meeting had been scheduled for January. The trustee canceled it before it could take place. The community pushed me hard on what that means. My answer was direct: I do not know the full reasoning behind that decision, but the result speaks for itself. The meeting that was supposed to determine the company’s future under the bankruptcy was never held. That is a fact. What motivated it is something the trustee will need to answer.
What we know is this: the bankruptcy was annulled by three judges of the Eastern High Court, unanimously, on March 5. Whatever the EGM was supposed to accomplish is now irrelevant. The legal battlefield has shifted.
This Is Part of a Bigger Story
What is happening to Shape Robotics is not an isolated case. Founders and shareholders across Denmark are watching. The Danish insolvency system, as currently operating, gives trustees extraordinary power with limited accountability. When that power is exercised by a firm with undisclosed ties to the dominant creditor, the results are what we have seen: fifty-nine days of asset destruction, DKK 199 million written to zero, DKK 3.7 million in a contested escrow account, and a company that had to fight all the way to the Eastern High Court to get its existence back.
We won that fight. And we are going to win the next one.
This post is part of Wild CEO — The Journey, a series documenting what happens when a CEO refuses to stay silent about corporate misconduct in Scandinavia. Subscribe to follow the story as it unfolds. Share it with anyone who cares about corporate accountability, shareholder rights, and the rule of law.
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Game over.
Mark Abraham
CEO, Shape Robotics AS
March 12, 2026