It was April 24, 2024. The stock had just touched DKK 52 an all-time high six days earlier. My company, Shape Robotics, had raised DKK 35 million from investors at DKK 35 per share. We had just moved to the Nasdaq Main Market. Revenue was growing faster than almost any other company on the exchange. Everything looked like the beginning of something historic.

Then I found out what had been happening behind my back.

Lars Topholm, a managing director at Carnegie Investment Bank, had written a private analysis note pitching Shape Robotics to a select group of insiders without disclosing that he personally owned shares in the company. His colleagues had primed institutional investors. The stock pumped. Then, within 24 hours of Topholm emailing the company chairman with a concern letter CCing a man named Martin Bundgaard the selling began.

Over the next six weeks, 532,000 shares were quietly sold into the market. DKK 21 million extracted. Zero public disclosure. The market had no idea. And when the last seller finished, Carnegie withdrew as our advisor two days later.

Meanwhile, a state fund called EIFO had told us privately that it was pulling our loan guarantees. We disclosed it 17 months later. By then the stock was at DKK 1.58. Our market cap had gone from DKK 785 million to DKK 30 million. 4,800 shareholders had lost most of their money.

A newspaper ran 17 articles in three weeks calling me a fraud and the journalist who wrote the worst one messaged me the same morning it went live to say the share has dropped 30.

A court declared my company bankrupt without ever properly notifying us. And I had to fight back with my own money, my own lawyers, and a Substack.

Then the Eastern High Court three judges, unanimous annulled the bankruptcy.

This is that story. And I have the charts to prove it.

The Hook

Shape Robotics makes Fable a modular robotics system used in schools across Europe to teach kids programming, problem-solving, and creative thinking. I became CEO in May 2024, building on a company that had grown from DKK 0.8 million in early revenue to a DKK 302 million market leader.

The company started on Nasdaq First North in June 2020 at DKK 9.80 per share. By November 2023, it had gained 242% and earned a spot on the Nasdaq Main Market what the Danish press called the stock elite.

I did not co-found Shape Robotics. What I did was co-found StoryKids with Elena Pasat an educational content company based in Romania. Shape Robotics acquired it, and that acquisition became the fuel for the revenue growth that drove the stock from DKK 10 to DKK 52. I built the Romanian operation that made everything work. Then I became CEO of the parent company.

The story of Shape Robotics is the story of that stock chart. It rose on real revenue, real schools, real growth. Then it was destroyed not by the business failing, but by things that happened outside the business, in boardrooms and email chains the market never saw.

Here is what happened to the stock, from IPO to suspension.

The Anatomy of a Disaster

What you are looking at is five and a half years of a company’s life, compressed into a single line. The rise from DKK 9.80 to DKK 52 is real. The revenue that justified it is real. The fall from DKK 52 to DKK 1.58 a 97% collapse is also real. But the reasons for the fall are not what the market was told.

The business did not fail. Revenue in Q4 2024 hit DKK 125 million. Q1 2025 showed 100% year-on-year growth. The numbers were good. The stock was collapsing anyway. That is not how markets are supposed to work. When the business is growing and the stock is dying, you have to ask what does someone know that the market doesn’t? The answer, in this case, is quite a lot.

Markets only work when everyone gets the same information at the same time. That is not what happened here. For months sometimes years critical facts were known to a small group of people while ordinary shareholders traded in complete ignorance.

The chart below shows the gap between when events actually occurred and when the market first learned about them. These are not small gaps. They are not rounding errors. They are structured, documented delays some of which the Danish Financial Supervisory Authority has now formally confirmed as violations of European market law.

What They Knew and When You Found Out

The worst gap is the Carnegie note. Lars Topholm circulated his private analysis in early March 2024 projecting a theoretical share price of DKK 46.7 to DKK 131.3. It went to a broad internal email group at Carnegie and to several external persons. The general public received nothing. That note, and the undisclosed conflict of interest it concealed, were not public knowledge for 20 months.

The second-worst gap is EIFO. In June 2024, the Danish Export and Investment Fund formally notified Shape Robotics that it would not renew our loan guarantees because the rules said EIFO only supports unlisted companies, and we had just moved to the Main Market. The lenders began demanding early repayment. The company was under acute financial pressure. The market did not know any of this until November 28, 2025 17 months later. When the disclosure finally came, the stock crashed 53% in a single day.

The third gap is less known but just as serious. On July 1, 2025, Shape Robotics appeared before an enforcement court and declared its inability to pay outstanding debts. That is a significant event in any company’s life. It was not disclosed. The market continued trading the stock for 13 more months without knowing.

This is the section I have the most documentation for. And it is the section that the Danish financial regulator has now officially validated. In early March 2024, Lars Topholm distributed his back of envelope analysis inside Carnegie and to a select group of external contacts. The note opened Are you looking for an idea for micro cap, where there is a theoretical possibility of a three-four times higher share price over the coming years?

Topholm had purchased 3,500 shares in December 2022 at approximately DKK 28.60. He told no one. The Finanstilsynet later confirmed this was a material conflict of interest that he was legally required to disclose under Article 20(1) of the EU Market Abuse Regulation. He did not disclose it. The note was never a public filing. Retail investors received nothing. The stock climbed. Shape Robotics completed a DKK 35.4 million private placement at DKK 35 per share on March 12, 2024. Six days after the new shares started trading, the stock hit DKK 52 the all-time high.

Then, on April 24, 2024, Topholm sent a private email to the company’s chairman. He said he was writing as a concerned shareholder and nothing else not in any Carnegie role. The email attacked our CFO. It compared our company unfavorably to Chemometec which, in Danish financial circles, is widely understood to mean sell. Topholm CC’d one person on that email Martin Bundgaard, who held 318,311 shares and had no official role at Shape Robotics whatsoever. Within 24 hours of that email, the selling began.

The Coordinated Dump

Over the following six weeks, the network executed its exit. Bundgaard sold all 318,311 shares a 100% exit. Sundvaenget Invest, the vehicle of Soren Bendixen, sold 206,284 shares. Topholm sold his 3,500 shares on April 26 the same day Sundvaenget Invest dumped 94,927 shares. Same day. Zero coordination on paper.

None of these sellers were registered insiders of Shape Robotics. No Market Abuse Regulation notifications were filed. The VP Securities registry updated silently. The market had no idea. The total extracted approximately DKK 21 million. Average price approximately DKK 40 per share.

On June 4, 2024, Bendixen completed his exit the last Aerbio-connected seller out of the stock. On June 6 exactly two days later Carnegie sent a withdrawal letter and formally ended its advisory relationship with Shape Robotics. The mission was complete. The market did not learn any of this until I published it on Substack in December 2025 18 months after the fact.

On April 7, 2026, the Finanstilsynet Denmarks financial regulator issued a formal reprimand against Lars Topholm under MAR Article 20(1). Market abuse confirmed.

The Divergence

Here is the part that should make you angry, if the rest of it hasn’t already. While the stock was falling while the insider network was exiting and the hidden EIFO bomb was ticking the business was growing. Not modestly. Dramatically.

Revenue in Q1 2024 was DKK 34.9 million. By Q4 2024, it was DKK 125 million. That is a 258% increase in a single year. Q1 2025 came in at DKK 69.8 million double the year before. The full-year 2024 result hit DKK 302 million, exactly on the guidance we had given the market. Adjusted EBITDA reached DKK 25 million. The business was performing. The stock went from DKK 52 to DKK 1.58.

If this were a company that missed its numbers, you could explain the collapse. Companies that miss targets get punished. That is how markets are supposed to work. But that is not what happened. Every quarterly report confirmed the trajectory. Every guidance number was met or exceeded. The fundamentals were not the problem. The problem was information.

The market did not know about the private note. It did not know about the coordinated selling. It did not know about EIFO. It did not know about the enforcement court. When good companies collapse for no visible reason, the invisible reason is almost always hidden information held by people who traded on it. The chart below shows the divergence. Watch the two lines move in opposite directions.

The Destruction

DKK 755 million. That is what was destroyed between the all-time high on March 18, 2024 when the market cap hit approximately DKK 785 million, fueled in part by a private analysis note that retail investors never saw and the all-time low on December 22, 2025, when the market cap fell to approximately DKK 30 million. 4,800 shareholders. Every one of them holding a stock that collapsed for reasons they were not told until it was too late.

The final chapter of the destruction was written by a newspaper. Finans.dk, owned by JP/Politikens Hus, published zero articles about Shape Robotics in the five and a half years between our IPO in June 2020 and November 2025. Zero. Then, eight days after I filed the formal market abuse complaint against Lars Topholm and Carnegie, the first article appeared. Over the following three weeks, 17 articles were published.

The most damaging article ran on December 16, 2025. It stated that I had been charged with gross fraud in Romania. It described the alleged crimes as established facts. The stock dropped more than 30% that morning. That same day, the journalist who wrote the article sent me a message the share has dropped 30.

The article was defamatory. The day before publication, I personally warned the journalist that the information was factually incorrect. He responded in writing You have some valid points, Mark. They published anyway. What the article called fraud charges were in fact preliminary Romanian court proceedings non-final, under appeal, arising from my own whistleblower testimony about other people’s conduct. The civil court had explicitly rejected the forged invoice claims the article described as proven.

Finans.dk’s editor-in-chief later admitted to the Danish Press Council that the article was built to a large extent on information that Mark Abraham himself presented to the Romanian anti-corruption authorities. In other words my testimony against corrupt actors was repackaged as a confession. A EUR 14 million defamation lawsuit has been filed against Finans.dk and its journalists. Shape Robotics has also stated publicly that one of the individuals named in the Topholm complaint has a close family member holding an important position at Finans.dk a connection that was never disclosed to readers. The timing of the campaign, which began eight days after the Carnegie complaint was filed, speaks for itself.

The Evidence

Every claim I make has a date, a document, and a classification. Public or private. Disclosed or hidden. Regulatory filing or private email. I am not asking you to take my word for it. I am asking you to read the record. The table below contains every significant event in this story, sorted by date, with its information type and the evidence behind it. Search it. Sort it. Find the gaps. The gaps are the story.

What Happened Next

On January 6, 2026, a court in Copenhagen declared Shape Robotics bankrupt. I was not there. Neither was any representative of the company. Because we were never lawfully notified the hearing was happening. The bankruptcy petition had been filed by a Swedish trade finance company called Treyd AB in November 2025. The court clerk tried to serve it by sending an email to the private address of a board member who had already resigned a member who never forwarded it to management. The hearing proceeded in our absence. The decree was issued. Trading on Nasdaq was suspended.

I appealed with my own money. On March 5, 2026, the Eastern High Court three judges, unanimous annulled the bankruptcy decree. The ground was simple the petition had never been lawfully served on the company, as required under Danish procedural law. The bankruptcy was void. It should never have happened.

Nasdaq took another seven to ten days to acknowledge the court’s decision. During the 59 days of trusteeship, the court-appointed administrator issued zero company announcements to the market, cancelled an extraordinary general meeting that would have activated a EUR 15 million financing facility, and wrote down DKK 199 million in book-value assets to zero. The stock remained suspended throughout. It still is.

On April 7, 2026, the Finanstilsynet issued its formal reprimand against Lars Topholm confirming, under binding regulatory authority, that market abuse occurred in March 2024. Criminal complaints have been filed. Civil proceedings against Carnegie are being prepared. The EUR 14 million defamation lawsuit against Finans.dk is pending in Romania.

On April 14, 2026 two days from now Shape Robotics holds an Extraordinary General Meeting. Shareholders will vote on the path forward. Among the items on the agenda a proposed company rename to Phase Education A/S, subject to shareholder approval. The fight for every shareholder who lost money in this story is just beginning.

Go Deeper

The full investigation, evidence, and ongoing case documentation - wildceo.live

The full investigation site - wildceo.live/evidence

The evidence wall - wildceo.live/egm

EGM April 14, 2026 - wildceo.live/sagen

The full case - wildceo.live/konkurs

Bankruptcy overturned - wildceo.live/finans-dk-sagen

EUR 14M vs Finans.dk - wildceo.live/carnegie-sagen

Carnegie and the DFSA ruling

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Updated April 12, 2026. The fight continues.