GAME OVER | Day 20 | The EUR 14 Million Missile
Three announcements. One lawsuit. EUR 13,853,000 filed against Finans.dk. The company they tried to bury is now the one doing the burying.
Wild CEO — The Journey | March 25, 2026
There are days when you do the work quietly, absorbing the hits, filing the papers, answering the emails, watching the clock. And then there are days when you walk into the office, charge the motorcycle battery because it has been sitting too long in the cold, and fire a EUR 13,853,000 lawsuit at the people who tried to destroy you. Today was the second kind of day.
The battery metaphor is not accidental. When a battery sits in a cold garage for too long, it does not die — it goes dormant. The chemistry is still there. The capacity is still there. What it needs is someone to come back, to reconnect the terminals, and to put charge back into the system. A lot of people wrote off this company the moment the word bankruptcy appeared in a Finans headline. They saw the dormancy and called it death. They were wrong about the battery, and they were wrong about us.
I am going to tell you exactly what happened today, what it means, and where we go from here. Because you deserve the full picture — not the version Finans.dk would write if they covered their own crimes, but the one that actually happened. The one with court documents and causal chains and a EUR 14 million claim filed at Tribunalul Ilfov in Romania. The one where the company they tried to bury is now the one doing the burying. Three announcements. Eleven agenda items. One lawsuit. Let’s go.
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Three Announcements. One Direction.
This morning, three formal announcements went out — not blog posts, not social media commentary, but official corporate communications that will sit in the permanent record of everything that follows from here.
The first and most significant is the official call for an Extraordinary General Meeting on April 14, 2026, at 2:00 PM Danish time. The EGM portal is live at phase.education/EGM. Eleven items are on the agenda, and I want you to understand what each of them represents — not bureaucratically, but strategically.
We are electing a new three-person board. Aurel Abraham continues. He has been steady throughout all of this, and steady people are worth keeping. Joining him is a strong legal profile whose presence on the board signals something important — this company intends to litigate its way to justice with the precision of people who understand exactly how the law works. The third appointment is Kim Okola, whose connections spanning Finland and the Middle East are not incidental. They are architectural. We are not rebuilding in one geography — we are building across corridors.
The EGM also covers the amendment of the articles of association to formally establish the three-person board structure. It covers a share increase tied to the IRIS Capital debt-to-equity conversion — which is how EUR 15 million in equity line financing gets activated cleanly. It covers the move of our registered headquarters from Herlev to Copenhagen Kommune. It covers a new auditor, because the old arrangements belong to the old chapter. It covers a name change. And it covers the restructuring of the company as an investment holding company — which, under IFRS 10, has specific accounting implications that matter enormously for how the subsidiary network is consolidated and reported.
Every item on that agenda is a brick in a new wall. Eleven bricks. One foundation.
The second announcement was a formal summary communication to Nasdaq and the trustee — a documented, legal-grade conclusion of our position on their failure to act. I will not dress this up. The trustee’s lack of decisive action during the 59-day period of the defective bankruptcy was a failure. We have now formally told Nasdaq so, in writing, in the kind of language that becomes exhibit material in future proceedings. That letter exists. It is filed. It is real.
The third announcement was the lawsuit. And that is where this episode really begins.
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The Kompromat
On March 25, 2026, we filed a claim of EUR 13,853,000 against Finans.dk at Tribunalul Ilfov in Romania.
The word kompromat comes from Russian intelligence doctrine — it means compromising material, the kind of information that is gathered, weaponized, and deployed not to inform the public but to destroy a target. That is what Finans.dk published about Shape Robotics. Not journalism. Not investigation. Kompromat.
Here is the problem for Finans — the court already ruled. On June 4, 2025, the Romanian civil court issued Sentina Civilă Nr. 3228 in case 48582/3/2017/a23. This is a matter of public record. And what the court found is the opposite of what Finans published. The court explicitly rejected the allegations of fraud. It explicitly rejected the allegations of forged invoices. It explicitly rejected the allegations of misuse of funds. It explicitly rejected the allegations of asset diversion.
What the court did find liability for was bookkeeping non-compliance under Article 169(1)(d). That is an accounting technical violation. It is not fraud. It is not embezzlement. It is not anything resembling what Finans published. Finans took the allegations — the ones the court explicitly rejected — and published them as if they were proven fact. They presented the unfounded as established. They reported the dismissed as confirmed.
That is defamation in its most actionable form. Not the kind that lives in gray zones of editorial judgment. The kind where a court has already done the work of establishing what is true and what is not, and the journalist published the column from the “not” pile. EUR 13,853,000 is what that costs.
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Finans published their stories. The stories created panic — not informed skepticism, not reasoned concern, but panic. The kind of market panic that moves at the speed of headlines and does not wait for court documents. Investors fled. The capital environment around Shape Robotics became toxic. Partners began pulling their due diligence requests. The company, which had real contracts and real products and real revenue, found itself fighting a reputational fire while trying to run a business.
And then the Maritime and Commercial Court — operating in an environment already soaked in that panic, already reading those headlines, already breathing the same poisoned air as everyone else — issued a bankruptcy declaration. With defective service of process. On March 5, 2026, the High Court (Østre Landsret) unanimously annulled it. Unanimously. Every judge who looked at that ruling agreed it should not have stood.
But here is the arithmetic that Finans must now answer for — the company was destroyed for 59 days. Fifty-nine days of receivership, of contracts in limbo, of employees uncertain, of partners pausing, of investors watching. The causal chain runs directly from their publication to the market panic, from the market panic to the judicial environment, from the judicial environment to the defective bankruptcy, and from the defective bankruptcy to the destruction of shareholder value, creditor claims, and commercial relationships.
EUR 11.85 million of the damages claim belongs to the creditors’ estate of Shape Robotics — because those were the people who actually lost money when the chain reaction completed its path. Finans did not just write bad journalism. They lit the fuse.
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We are changing the name to Phase Education AS. Not because we are running. Not because we are hiding. Not because we are ashamed of what we built. We are changing the name because Shape Robotics is now a contaminated term — and we are pragmatists, not martyrs.
You cannot rebuild a company when its name is the first obstacle. You cannot raise capital when the search results are a crime scene that the court already cleared. Phase Education AS is what this company has actually been for years. The robotics products — Fable, the kits, the modular systems — these were always the delivery mechanism for an educational philosophy, not the point of the company itself. The point has always been integrated learning technology.
This is not a retreat. This is a strategic rebirth. And it was always going to happen — the crisis simply accelerated the timeline.
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The Carnegie/Lars Topholm situation involved DKK 205 million in investor losses. That is a textbook pump-and-dump scheme that devastated retail investors who trusted a market that was supposed to be regulated. When I blew the whistle on what was happening, I became a target.
There is an undisclosed conflict of interest at Finans — a family member of the person I reported for market manipulation holds a position at the publication. That conflict was never disclosed. Pressenvænet (the Danish Press Council) has now opened a formal investigation against Finans. The attack on Shape Robotics was not journalism. It was warfare — designed to neutralize a whistleblower by destroying the company he ran.
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April 14 is the EGM. When it passes — and it will pass — we have a new board, a new name, a new share structure, a new auditor, and a new headquarters address. The IRIS Capital equity line is EUR 15 million, structured for activation once the corporate governance changes are in place. The debt-to-equity conversion plan runs alongside this — creditors become equity holders in Phase Education AS.
The Bechtle contract for Polish schools represents over EUR 32 million in committed commercial pipeline. That contract is not hypothetical — it is a framework agreement with a major European technology distributor. It is executing. Orders are coming in. Products are shipping. The subsidiary network in Romania, Poland, and the Nordics is operational. We are not waiting for justice. We are building while we pursue it.
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Where the Money Goes
The EUR 13,853,000 claim is broken into two parts. EUR 11.85 million represents material damages — these belong to the creditors’ estate of Shape Robotics. The people who were holding shares when the bankruptcy was issued. The suppliers who had outstanding receivables. The investors who provided capital under circumstances that Finans manipulated. The material damage claim is their claim. I am the vehicle for prosecuting it. The recovery, if successful, goes to them.
EUR 2 million represents moral damages — the damage to reputation, to dignity, to the intangible but real harm of being publicly accused of fraud by a national financial publication on the basis of allegations a court had already dismissed. After legal costs, that money will be donated to educational causes. I did not enter this fight for personal gain. I entered it for justice.
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Fifty-nine days. That is how long they had us. And now look at where we are. The EGM is called. The board is forming. The equity line is positioned. The name is changing. The contracts are executing. The subsidiary network is running. And today — today we filed a EUR 13,853,000 lawsuit against the publication that started it all.
I charged the motorcycle battery this morning because it has been sitting too long in the cold garage. Sometimes you have to put energy into something that has been sitting still — not because it is broken, but because it needs to know that you are coming back. Phase Education AS is that battery. It has been sitting in the cold under a name that Finans poisoned. On April 14, we turn the key.
Everything we built survives. Everything they manufactured is being dismantled, one court filing at a time.
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Mark Robert Abraham
CEO & Sole Director, Shape Robotics A/S
March 25, 2026
GAME OVER | Day 20
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