The Man Who Knew the Rules And Chose to Break Them for Us

This is not a theory. This is a document trail. And it leads to one conclusion.

By Mark Abraham, CEO

Wild CEO — The Journey

Published March 21, 2026

I want to start with three documents. Not theories. Not allegations. Three actual documents, sitting in Nasdaq Copenhagen’s public announcement database right now. You can pull them up yourself. They are numbered 01-2024, 04-2024, and 07-2024. They were published to the Nasdaq market in 2024 by a Nasdaq-listed Danish company called Scandinavian Brake Systems AS (Ticker: SBS). Each one ends the same way.

Yderligere oplysninger: Likvidator, advokat Teis Gullitz-Wormslev — two@kromannreumert.com

His name. His title. His email address. Three times, published to the stock exchange, signing off on formal market disclosures for a listed company under his control.

The date of his last announcement for Scandinavian Brake Systems: December 10, 2024. Thirteen months later, he controlled Shape Robotics AS — a Nasdaq Copenhagen listed company with 4,800 shareholders — and issued zero announcements for 59 days. Not one.

This article is about why that matters, what the law says, what the documents prove, and why every investor in Denmark should be paying attention.

Document 1: Scandinavian Brake Systems — Selskabsmeddelelse No. 01-2024

Published April 3, 2024. Source: Nasdaq Copenhagen / GlobeNewswire.

Teis Gullitz-Wormslev had been elected liquidator of SBS at the Extraordinary General Meeting of December 8, 2023. His first act as the listed company’s de facto management was to publish a full annual report to Nasdaq Copenhagen. The announcement disclosed no revenues in 2023, a DKK 17.5 million write-down following a settlement with Borg Automotive, total receipt of DKK 206.5 million from the SBS Automotive sale, a full-year result of DKK -25.9 million, and a projected final payout to shareholders of DKK 12.8 per share.

He disclosed financial results. He disclosed write-downs. He disclosed expected shareholder distributions. All to the market. All as required by MAR Article 17(1).

His name. His email.

Document 2: Scandinavian Brake Systems — Selskabsmeddelelse No. 04-2024

Published July 9, 2024. Classified as Intern viden (Inside Information). Source: Nasdaq Copenhagen.

This document is the most important of the three. Read it carefully.

During the liquidation, Teis Gullitz-Wormslev discovered that certain VAT and tax filings needed to be corrected. The liquidation work had been more extensive than expected. These complications meant additional costs. As a result, the expected final payout to shareholders changed. From DKK 12.8 per share to DKK 12.3–12.5 per share. A change of DKK 0.30–0.50.

In a company with no operations. In a company that had already sold all its assets. In a company being wound down.

He published a formal market announcement. Classified as inside information. Immediately. Because that is what EU Market Abuse Regulation Article 17(1) requires — material information must be disclosed to the market as soon as possible.

He knew this rule. He applied it here. For DKK 0.30 per share.

His name. His email. Two@kromannreumert.com.

Document 3: Scandinavian Brake Systems — Selskabsmeddelelse No. 07-2024

Published December 10, 2024. Source: Nasdaq Copenhagen / GlobeNewswire.

The final announcement of his liquidatorship. The extraordinary general meeting was held. The liquidation accounts were approved. The final payout was confirmed at DKK 12.3 per share. The company was dissolved. Trading was suspended. The shares were delisted from Nasdaq Copenhagen.

Everything disclosed. To the market. On the same day.

Likvidator, advokat Teis Gullitz-Wormslev — two@kromannreumert.com

December 10, 2024. His last announcement for SBS. Thirteen months later, he took over Shape Robotics.

The Law: What MAR Actually Requires

Before I show you what he did and didn’t do for Shape Robotics, you need to understand the legal framework. Because once you understand it, what happened becomes inexplicable by any innocent reason.

EU Market Abuse Regulation (MAR), Regulation (EU) No 596/2014, Article 17(1):

An issuer shall inform the public as soon as possible of inside information which directly concerns that issuer.

This is not a Danish law. It is EU law. It has direct effect in all member states. It cannot be suspended by a Danish insolvency proceeding. It applies to every companylisted on Nasdaq Copenhagen.

Article 7 of the same regulation defines inside information as information that is precise, non-public, and which if disclosed would be likely to have a significant effect on the prices of the financial instruments.

When a bankruptcy trustee takes control of a Nasdaq-listed company in Denmark,every board obligation transfers to the trustee. Including, without exception, MAR Article 17(1).

Note carefully: in announcement 04-2024, Teis Gullitz-Wormslev himself classified a DKK 0.30 per share change in a winding-down company’s payout as Intern viden (Inside Information) and disclosed it immediately. He understood the standard. He applied it. He wrote the classification in with his own hands.

What He Controlled at Shape Robotics — and What He Did Not Disclose

Shape Robotics AS was declared bankrupt on January 6, 2026. On that day, Teis Gullitz-Wormslev became the sole de facto management of a live, operating Nasdaq Copenhagen-listed company with 4,800 shareholders. During the 59 days that followed, he possessed and acted upon the following information. None of it reached shareholders. None of it reached the market.

1. He wrote DKK 199 million in assets to zero. Book value as of December 31, 2024: DKK 199 million. Including DKK 138 million in subsidiaries across Romania, Finland, Moldova, and Poland. DKK 30 million in receivables. DKK 21 million in development projects — the Fable robots, the Thinken system, the SmartLab products being used in real schools. DKK 8 million in inventory. He valued the entire estate at DKK 3,722,886.77 — the loose cash in the bank accounts. He did this without engaging independent valuers, as required by Konkurslov § 110, stk. 2 — the provision that uses the word “skal” (shall). Nothing disclosed to shareholders.

2. He cancelled the Extraordinary General Meeting of January 22, 2026. That EGM was the mechanism through which shareholders would have voted on activating a committed financing facility from IRIS Capital — a real European growth fund with a real committed term sheet. He cancelled it without shareholder consent, without a market announcement, without any notification to the 4,800 people whose investment it directly affected. Nothing disclosed to shareholders.

3. He effectively destroyed Sanako Oy. Our Finnish subsidiary, acquired six months earlier for EUR 8.6 million, carried a contract pipeline worth up to EUR 40 million. Under his administration, the subsidiary’s operations were disrupted, its contractual position was undermined, and its commercial viability was eliminated — culminating in a bankruptcy filing in Turku. Nothing disclosed to shareholders.

4. He had four insolvency petitions filed against Shape Robotics Romania S.R.L. Our primary operating subsidiary. Romanian counsel was engaged at estate expense. Four separate proceedings launched. Nothing disclosed to shareholders.

5. He blocked all bank accounts and payment services across five countries. Seventy employees lost their jobs. Nothing disclosed to shareholders.

6. He knew from January 19, 2026 that the bankruptcy was under appeal. My lawyer Hans Holme filed the appeal at Østre Landsret thirteen days after the decree, paid from my personal account. The trustee knew. The non-final legal status of the entire bankruptcy — the fact that the legal foundation of his administration was being contested in Denmark’s highest civil court — is itself material inside information under MAR Article 7. Nothing disclosed to shareholders.

7. He filed MAR violation allegations against me. Within 20 days of taking control, he reported to Danish regulatory authorities under Konkurslov § 110, stk. 4, citing possible Market Abuse Regulation violations by Shape Robotics’ former management (me). He did this while writing in his own creditor letter that he had been “unable to obtain necessary information from the company’s director,” and that “the books were not updated as of the date of the bankruptcy.” He couldn’t read the books. He couldn’t get information. But he found time to file what amount to criminal referrals for MAR violations against the same management that had actually been publishing proper company announcements before he arrived. Nothing disclosed to shareholders. By him.

The Scoreboard

Let me put it in a table, so it cannot be misread.

SCANDINAVIAN BRAKE SYSTEMS AS vs SHAPE ROBOTICS AS

Exchange: Nasdaq Copenhagen | Nasdaq Copenhagen

Trustee/Liquidator: Teis Gullitz-Wormslev | Teis Gullitz-Wormslev

Period: Dec 2023–Dec 2024 | Jan 6–Mar 5, 2026

Announcement 01: Annual report, write-downs, guidance | —

Announcement 04: Changed expectations (DKK 0.30/share), classified Intern viden | —

Announcement 07: Final EGM outcome, dissolution, delisting | —

Total 2024: 7 announcements (numbered 01–07) | 0

MAR referrals filed against others: None | Filed against former management

His email on announcements: two@kromannreumert.com (confirmed) | Not present (zero published)

Shareholders informed: Yes — fully, promptly, with inside information classifications | No — for 59 consecutive days

The Industry Confirms It Too

In case anyone argues this is a systemic failure — that trustees simply don’t know they have MAR obligations — here are five other Danish listed companies in insolvency proceedings in the same period, where the appointed trustees did publish market disclosures:

- Odico AS (self-filed, December 2023) — trustee published selskabsmeddelelser

- Seluxit AS (self-filed, February 2024) — trustee published selskabsmeddelelser

- Audientes AS (creditor petition, November 2024) — trustee published selskabsmeddelelser in an involuntary bankruptcy, exactly like ours

- SPARK Technology AS (compulsory dissolution, 2023) — liquidator published selskabsmeddelelser

- LIDDS AB (Sweden, liquidation/bankruptcy, 2024) — trustee published selskabsmeddelelser

Source: Shape Robotics Company Announcement, March 13, 2026

And the parallel case: Aquaporin AS, declared bankrupt February 2, 2026 — during the same period he controlled Shape Robotics. Gullitz-Wormslev was also appointedtrustee there. But Aquaporin’s board had filed voluntarily and published full disclosures before he arrived. The shares were delisted the same day as the bankruptcy order. The board did the MAR work. There was nothing left for him to disclose.

When the board does it before he arrives, it gets done. When the sole responsibility is his — for a live listed company with thousands of shareholders — he goes silent.

The Internal Contradiction That Prosecutes Itself

Here is the sequence you cannot explain away.

January 6, 2026: Teis Gullitz-Wormslev becomes de facto management of a Nasdaq-listed company. MAR Article 17(1) obligations begin. Within 20 days he filesregulatory notifications under Konkurslov § 110, stk. 4 citing possible MAR violations by Shape Robotics’ former management. January 6 to March 5 — 59 days — he publishes zero market disclosures while possessing at least seven categories of material inside information.

He couldn’t read the books. He couldn’t get information. But he filed MAR allegations against me. Based on information he admitted he didn’t have. While committing the exact violations he was reporting.

For Scandinavian Brake Systems: he classified a DKK 0.30 per share change as inside information and published it immediately. For Shape Robotics: he wrote DKK 199 million to zero, killed a EUR 40 million pipeline, destroyed a EUR 8.6 million subsidiary, eliminated 70 jobs — and said nothing to 4,800 shareholders for nearly two months.

The DocuSign: The Question That Has No Answer

On November 28, 2025 — 39 days before any court appointed him — a DocuSign envelope was created by Kromann Reumert associate Albert Mungo Madsen. The document was the settlement agreement between Danske Bank, EIFO, and Shape Robotics. In the Carbon Copy Events section, Madsen designated a recipient. Title: Kurator. Name: Teis Gullitz-Wormslev. Six minutes later, Gullitz-Wormslev opened the envelope.

Kurator is a precise Danish legal term. It means court-appointed bankruptcy trustee. It has no other meaning. It does not appear in settlement agreements. It does not appear in restructuring advice. It exists in one context: when a court has declared a company bankrupt.

On November 28, 2025, there was no bankruptcy. There was no estate. There was no court order. There was only a settlement agreement that was supposed to prevent bankruptcy — in exchange for the DKK 3,725,000 Shape Robotics had just paid.

One question: if this appointment was not pre-planned, how did the trustee’s name and title appear in a document created 39 days before any court appointed him, by his own firm’s associate, in a matter involving his own firm’s banking client?

Kromann Reumert has not answered this. Danske Bank has not answered this. Gullitz-Wormslev has not answered this.

The formal complaints are pending:

- Advokatnævnet (Gullitz-Wormslev and Madsen, filed March 13, 2026) — Retsplejeloven § 126

- Danish police criminal complaint (filed March 15, 2026) — Retsplejeloven § 535

- Sø- og Handelsretten, Case 147665

- Finanstilsynet, J.nr. 25-026876

- Criminal complaint against Nasdaq Copenhagen (filed March 20, 2026) for refusing to comply with the High Court annulment order

The Pump That Started Everything

Before any of this, there was Lars Topholm, then at Carnegie Investment Bank. March 2024. He published a “back of the envelope” analysis projecting three-to-four-times upside on Shape Robotics shares. He did not disclose that he personally owned 3,500 shares in the company. Shape Robotics raised DKK 35 million at DKK 35 per share on the back of his recommendation. Ordinary retail investors bought in at the top. The stock subsequently fell 79 percent. Total shareholder value destroyed: approximately DKK 205 million.

On November 27, 2025 — the day before the DocuSign envelope was created — Shape Robotics filed a formal complaint with Nasdaq Copenhagen about suspected market manipulation and Topholm’s undisclosed shareholding (Company Announcement No. 27-25). The next day: the DocuSign. The trustee’s name. The settlement. The rest of the story.

I am not drawing the connection for you. I am presenting the sequence in the order it occurred. You can draw your own conclusions.

The Three Judges

On March 5, 2026, three judges at Østre Landsret issued Case K 3337/25-F. Unanimous. Simplified digital service could not, as done, be carried out for then-board member Helle Rootzén at her private digital address. The bankruptcy petition was therefore not lawfully served on Shape Robotics AS. The bankruptcy was annulled. The case was remitted for retrial.

I paid for that appeal out of my own pocket. Not company money — frozen. Not investor money — shares suspended. My money. My lawyer, Hans Holme, filed on January 19, 2026. Six creditors — people the company owed money to — co-signed the appeal. Creditors backed the CEO over the trustee. Think about what that tells you.

What This Means for Every Investor in Denmark

Here is the practical danger if you hold shares in a Danish listed SME or growth company. Under current Danish law, a creditor can file a bankruptcy petition. If the petition is served to the wrong address — a former board member’s personal digital account, for instance — your company can be declared bankrupt without its management ever learning about the hearing. The creditor’s own lawyer can be appointed trustee at the same hearing. Denmark has no explicit prohibition.

That trustee has complete control of your listed company. EU MAR applies to him. But apparently no one at Finanstilsynet monitors in real time whether the trustee is actually complying. The trustee can write your company’s assets to zero. He can cancel the AGM. He can destroy subsidiaries. He can block bank accounts. He can eliminate jobs. He can file regulatory allegations against the company’s own management. And he can do all of this without telling the shareholders a single word.

And when the High Court unanimously annuls the bankruptcy and orders everything restored — he can refuse to return the company’s operating funds. All of this happened. Not as a hypothetical. To us. To Shape Robotics. To 4,800 shareholders. On Nasdaq Copenhagen. In 2026. In a country that is supposed to be one of the most transparent and well-regulated markets in Europe.

The Danish Bankruptcy Council acknowledged in a May 2025 reform proposal — still pending while all of this was happening — that the current framework creates structural conflicts for trustees acting where they also represent major creditors. The proposal is still sitting on someone’s desk.

The Scientific Proof

I will state this in the simplest possible terms, backed by primary sources.

Fact 1: EU MAR Article 17(1) requires issuers and those acting as their management to disclose inside information as soon as possible. Source: EUR-Lex, Regulation (EU) No 596/2014

Fact 2: When Teis Gullitz-Wormslev was liquidator of Scandinavian Brake Systems AS (Nasdaq Copenhagen: SBS), he published at least three formal market announcements bearing his personal signature and email (two@kromannreumert.com), including one which he himself classified as inside information over a DKK 0.30/share payout change. The last announcement was numbered 07-2024, confirming seven announcements were published in 2024 during his tenure. Source: Nasdaq Copenhagen public database, GlobeNewswire (directly retrieved)

Fact 3: When Teis Gullitz-Wormslev was trustee of Shape Robotics AS (Nasdaq Copenhagen: SHAPE), he published zero market announcements over 59 days, despite possessing at minimum seven categories of material inside information and having sole management control of the listed issuer. Source: Shape Robotics Company Announcement, March 13, 2026; Nasdaq Copenhagen announcement database

Fact 4: Five other trustees of Nasdaq-listed Danish companies in the same period published MAR-compliant disclosures in analogous situations. Source: Shape Robotics Company Announcement, March 13, 2026

Fact 5: Gullitz-Wormslev filed MAR violation allegations against Shape Robotics’ former management while himself issuing zero disclosures. Source: his own creditor information letter and Shape Robotics Company Announcement, March 13, 2026

Logical conclusion: The non-disclosure at Shape Robotics was not caused by ignorance of the obligation (Fact 2 disproves this). It was not caused by an industry-wide gap (Fact 4 disproves this). It was a deliberate, selective choice to apply the law differently to Shape Robotics than to every other company in his portfolio.

The question the regulators must now answer is: why was Shape Robotics different? The documents suggest one answer: Shape Robotics was the company where Gullitz-Wormslev’s long-standing client was the primary secured creditor, and where every piece of information being suppressed — the zero valuation, the destroyed subsidiaries, the killed financing, the High Court appeal — supported the narrative that the company was worthless and Danske Bank should be paid from the estate.

The Call to Action

To Finanstilsynet (J.nr. 25-026876): You have an open file. The Scandinavian Brake Systems announcements are in Nasdaq’s own database, directly retrievable, personally signed by the same man who issued zero disclosures for Shape Robotics. This is not a legal grey area. This is documented selective compliance with EU law. Investigate it.

To the Advokatnævnet: The SBS record is now public. The comparison between a DKK 0.30/share disclosure classified as inside information and DKK 199 million written to zero in silence is now on the record. It belongs in your file.

To the EU Commission and European financial journalists: MAR Article 17(1) is EU law. A court-appointed trustee administered a Nasdaq-listed company for 59 days, issued zero disclosures, and simultaneously filed MAR allegations against the company’s management. That happened in 2026. In the EU. That is a European story.

To the 4,800 shareholders of Shape Robotics: I have not stopped. The SBS documents were retrieved this week. They confirm what we have always known — he understood the obligation because he performed it elsewhere. What happened to your investment was a choice.

To Teis Gullitz-Wormslev: The three announcements are there. Announcement 01-2024. Announcement 04-2024. Announcement 07-2024. All publicly accessible from Nasdaq Copenhagen’s database. All bearing your name. All bearing two@kromannreumert.com. You classified a DKK 0.30 per share change as inside information and disclosed it immediately. You wrote DKK 199 million to zero and said nothing for 59 days. Both facts are now in the public record. The regulators have them. The journalists have them. The shareholders have them. You knew the rules. You had performed them yourself.

Mark Abraham is the CEO of Shape Robotics AS (Nasdaq Copenhagen: SHAPE).

All claims in this article are based on primary sources. Allegations reflect the content of formal complaints pending before the Advokatnævnet, Danish police, Finanstilsynet, and Sø- og Handelsretten. No findings of misconduct have been issued by any authority as of publication. This article represents the author’s perspective.

Primary Sources — All Publicly Verifiable

SBS Selskabsmeddelelse 01-2024 (Apr 3, 2024): Annual report, DKK 17.5M write-down, DKK 12.8/share guidance. Signed Teis Gullitz-Wormslev, two@kromannreumert.com

SBS Selskabsmeddelelse 04-2024 (Jul 9, 2024): Changed payout expectations DKK 12.8→12.3–12.5/share. Classified Intern viden. Signed Teis Gullitz-Wormslev

SBS Selskabsmeddelelse 07-2024 (Dec 10, 2024): Final EGM outcome, dissolution, delisting. Signed Teis Gullitz-Wormslev

Shape Robotics Company Announcement (Mar 13, 2026): MAR violations statement, five parallel trustee cases

Shape Robotics Company Announcement (Mar 16, 2026): DocuSign evidence, pre-planned trusteeship

Østre Landsret, Case K 3337/25-F (Mar 5, 2026): Unanimous annulment, unlawful service

Finanstilsynet complaint J.nr. 25-026876: Filed Mar 13, 2026

Advokatnævnet complaint (Gullitz-Wormslev and Madsen): Filed Mar 13, 2026 — Retsplejeloven § 126

Criminal complaint (Gullitz-Wormslev, Kromann Reumert, Danske Bank): Filed Mar 15, 2026 — Retsplejeloven § 535

Criminal complaint (Nasdaq Copenhagen): Filed Mar 20, 2026

Sø- og Handelsretten petition, Case 147665: Filed 2026

Shape Robotics Company Announcement No. 27-25 (Nov 27, 2025): Market manipulation complaint re Carnegie/Topholm

EU MAR Regulation (EU) No 596/2014, Articles 7 and 17(1): Legal basis for disclosure obligations (EUR-Lex)

Konkurslov § 110 stk. 2: Mandatory independent valuation (Retsinformation.dk)

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