GAME OVER Day 7: The German Front

The bankruptcy was annulled eleven days ago. Today we discovered that the Frankfurt Stock Exchange still believes Shape Robotics is bankrupt. So we filed a complaint with BaFin

Mar 16, 2026

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Today was the day Germany entered the story.

Most shareholders know Shape Robotics from Nasdaq Copenhagen. But there is another exchange — the Frankfurt Stock Exchange, operated by Deutsche Börse — where Shape Robotics has been traded since July 2020, under ticker 50O, in euros. The stock was included in Frankfurt’s Open Market shortly after the Copenhagen IPO, as happens automatically with many Nasdaq Nordic securities. A market maker or trading participant requested the inclusion. The company never applied for it.

This matters because thousands of European investors — German, Polish, Romanian, and others — bought their shares through Frankfurt, not Copenhagen. And those investors have been locked out of their investment since January 6, 2026, without a single word of explanation from Deutsche Börse.

Today, we decided to find out why.

The Email to Frankfurt

This morning, I sent a formal request to Deutsche Börse — to their market supervision unit, their Handelsüberwachungsstelle (HüSt), and their investor relations — demanding the immediate resumption of trading.

The request was simple. The Østre Landsret annulled the bankruptcy on March 5. The company registry at Virk.dk shows Status: Normal. The original reason for the suspension — insolvency — no longer exists. Resume trading.

The response came faster than anything we have experienced in Denmark.

What Deutsche Börse Said

Within two hours, Hans Nordström from Deutsche Börse’s Market Supervision unit replied with a single sentence that is worth quoting in full:

“We will only resume trading in the stock according to the reference market. In this case it is Copenhagen, and the stock is still suspended there.”

Read that again. Deutsche Börse — one of the largest exchange operators in the world — told us that they will not independently verify whether Shape Robotics is actually bankrupt. They will not check the Danish Business Authority. They will not look at the High Court decision. They simply follow Copenhagen.

This is both a problem and a gift.

It is a problem because it means that Nasdaq Copenhagen’s unlawful suspension is not just affecting Danish investors. It is propagating across European exchanges, locking out investors on platforms they have never even heard of. Interactive Brokers shows Shape Robotics with a “CREDIT STATUS CHANGE” alert. CNBC displays a prominent red “TRADING HALTED” banner. Google Finance shows “No data.” TradingView’s last recorded trade is January 7. The entire international financial data ecosystem still believes this company is bankrupt — because Nasdaq Copenhagen refuses to update the record.

It is a gift because Deutsche Börse just admitted — in writing, copied to multiple parties — that they exercise zero independent judgment. They mechanically follow a reference market that is itself under criminal prosecution for non-compliance with a court order. They defer to the very institution we have filed charges against. And now BaFin has this admission on file.

The BaFin Complaint

Hours before the Deutsche Börse response arrived, we had already filed a formal complaint with BaFin — the German Federal Financial Supervisory Authority.

For anyone unfamiliar with BaFin: this is the regulator that rebuilt German financial oversight after the Wirecard scandal. Germany learned, at enormous cost, what happens when regulators trust market operators to police themselves. The legal framework that followed — and the institutional culture that now exists within BaFin — is arguably the most aggressive financial supervision regime in Europe.

Our complaint to BaFin makes the following points:

The continued suspension of Shape Robotics on the Frankfurt Stock Exchange is based on factually false information. The company is not bankrupt. The High Court revoked the bankruptcy on March 5, 2026. The Danish Business Authority confirms Status: Normal. Yet Deutsche Börse maintains the suspension, and every major financial platform in the world displays the company as halted or in credit distress, based on data that is eleven days out of date.

This is not a technical glitch. It is a failure of the information chain that European capital markets depend on. If a court decision annulling a bankruptcy cannot propagate through the exchange system within eleven days, then the system is broken. If Deutsche Börse will not independently verify the factual basis of a suspension — even after being explicitly informed that the reference market operator is under criminal investigation — then the system is not just broken, it is complicit.

We asked BaFin to investigate under the Market Abuse Regulation, specifically Articles 12(1)(c) and 15 — the dissemination of false or misleading information that gives false signals about a financial instrument. We asked them to require Deutsche Börse to independently verify the company’s status. And we asked them to coordinate with the Danish Financial Supervisory Authority, which already has our MAR complaint on file.

The BaFin complaint is 50 pages, bilingual in English and German, with every annex embedded — including the High Court decision, the Virk.dk extract, the Nasdaq suspension notices, and our own company announcements.

The Reply to Deutsche Börse

After receiving the “reference market” response from Hans Nordström, we sent a detailed follow-up — copied to BaFin — asking three specific questions:

First: On what date and on what basis did Deutsche Börse originally suspend trading? Did they receive a formal notification from Nasdaq Copenhagen, or did it happen automatically? Have they received any updates from Copenhagen since January 6?

Second: Has Nasdaq Copenhagen informed Deutsche Börse that the bankruptcy was revoked by the High Court on March 5? Because if they have not, then the entire Frankfurt suspension is based on stale, uncorrected data — and Nasdaq Copenhagen has failed its obligation to keep market infrastructure updated.

Third: If the reference market operator is itself under regulatory investigation and criminal prosecution for unlawfully maintaining a suspension, does Deutsche Börse have an independent duty under MiFID II and the Market Abuse Regulation to verify the facts before perpetuating the suspension?

We also reminded Deutsche Börse that we reserve all rights to hold them jointly liable for damages arising from the continued unjustified suspension. Every day that retail investors across Europe cannot trade their shares in a company that is legally and operationally active is a day of quantifiable harm.

What the Platforms Show Right Now

For tonight’s live session, I checked every major international platform to see how Shape Robotics is displayed to investors. The results are damning:

On CNBC, a red banner reads “TRADING HALTED.” The last trade was January 6. On Interactive Brokers, the stock shows with a “CREDIT STATUS CHANGE” alert and news about “Creditor Settlement Negotiations.” On TradingView, the last recorded price is from January 7. On Google Finance, the chart shows “No data.” On the Deutsche Börse’s own live page, every data field is empty — “No data available.”

None of these platforms say “bankrupt” — but the combination of halted trading, credit alerts, and stale data creates an unmistakable impression of a company in terminal distress. And that impression is false. It has been false since March 5.

This is the information environment that 4,800 shareholders are trapped in. They cannot trade. They cannot get accurate information. And the institutions that are supposed to provide orderly markets are feeding the world a narrative that no longer matches reality.

What This Means for Shareholders

The German front is important for a reason beyond Frankfurt itself. It demonstrates that Nasdaq Copenhagen’s refusal to comply with the High Court decision is not a local Danish problem. It is contaminating the entire European capital market infrastructure. Data feeds, broker platforms, financial terminals, analyst tools — they all rely on the reference market to provide accurate status information. When the reference market lies — or simply refuses to update — the lie propagates everywhere.

This is exactly the scenario that MAR was designed to prevent. And this is exactly why we are now engaging regulators in two jurisdictions, not one.

The Live Session

In tonight’s session with shareholders, I covered the Frankfurt developments in detail. I also discussed:

The situation with Danske Bank, which has not responded to three separate emails requesting restoration of issuer services. Without access to the shareholder registry, the company cannot convene an Extraordinary General Meeting. We are calling on shareholders who collectively hold 5% or more of the shares to exercise their statutory right to demand an EGM directly.

The status of the subsidiaries. In Poland alone, approximately EUR 2.5 million worth of goods are being held by warehouse landlords due to unpaid rent during the bankruptcy period — another direct consequence of the trustee’s 59-day mismanagement.

The press. Today, Danish media reported on our criminal complaints against Nasdaq. For the first time, some of the coverage was genuinely factual — reporting what was filed, without editorial spin. This is progress. In the interview with Finans journalist Jesper Høiberg, he asked whether the High Court had specifically ordered Nasdaq to resume trading. My answer: courts do not issue personalized instructions to every private operator. They issue decisions. Those decisions must be followed. If a convicted person wins an appeal and the prison refuses to open the door, you do not need the court to specifically order the prison to comply. You need the prison to read the law.

The audio and video of the live session are attached below.

The Documents

All documents filed today are attached to this post:

BaFin MAR Complaint — 50 pages, bilingual English/German, with all annexes embedded. Filed with BaFin’s Market Contact Group, Whistleblower Unit, and General Office.

Frankfurt Trading Request — Formal request to Deutsche Börse for immediate resumption of trading, with the High Court decision and Virk.dk registry extract attached.

Deutsche Börse Reply — The one-sentence response from Hans Nordström confirming that Frankfurt blindly follows Copenhagen without independent verification.

Our Follow-Up — The detailed reply to Deutsche Börse, asking the three critical questions, copied to BaFin.

These join the three complaints filed yesterday — the §535 criminal complaint against Kromann Reumert (65 pages), the §535 criminal complaint against Nasdaq Copenhagen (37 pages), and the MAR complaint to the DFSA (69 pages). The full record now exceeds 200 pages of documented evidence.

What Happens Next

BaFin will review the complaint. Deutsche Börse will have to answer the questions we asked — and they will have to answer them knowing that BaFin is watching. The Danish Financial Supervisory Authority already has our complaint. Københavns Byret has the §535 prosecution against Nasdaq.

The net is closing. Every institution that touches this suspension is now on notice. Every day that passes without correction is another day of documented harm, another day of evidence, another day closer to the moment when someone will have to explain why a High Court decision was ignored for weeks while thousands of investors were locked out of their own property.

They thought they could wait us out. They thought we would run out of energy, or money, or legal options.

They were wrong.

Game over.

Mark Abraham

CEO, Shape Robotics A/S

March 16, 2026

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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