Day 28. April 2, 2026. 12 days to the EGM. Tonight, for the first time, the proposed board of Shape Robotics sat together in front of a live audience and answered every question.
Tonight was not a corporate earnings call. There was no teleprompter, no PR team, no prepared slides. Three men sat in the reconstruction office in Bucharest with a microphone, a laptop, and a two-hour mandate: answer everything.
The Board
Aurel Netin, proposed Chairman. 71 years old. Computer science graduate. Former teacher at the Polytechnical Institute of Cluj-Napoca. Former Secretary of State for IT and Communications in Romania. Sixteen years leading Lenovo in Romania, Moldova, and Bulgaria. Serial entrepreneur. Joined the Shape Robotics board in early 2025. Became interim chairman in November 2025 when the rest of the board resigned.
Alexandru Ambrozie, proposed Board Member. Lawyer for more than twenty years. Specialization: cross-border capital markets, financing, white-collar defense. Former partner at PNSA, one of Romania’s leading law firms. Now running his own practice at ambrozie.law.
Mark Abraham, CEO. The fighter. The narrator. The one who did not stop.
What Aurel Revealed
The Chairman spoke about what he saw from the inside — the period between September and December 2025 when the board collapsed around him.
On the board departures: “I don’t know. Honestly, I don’t know why they left. We had a lot of meetings in the first quarter. We had weekly discussions in September, then monthly. There was some pressure due to a decision to repay our duty for EIFO.”
On the money: Aurel confirmed that when he became interim chairman, he personally decided to buy shares and signed a contract to lend the company funds — EUR 500,000 — to bridge operations until the EGM could be held and the IRIS Capital equity line activated. “My decision, in order to show that I have trust in the company and the company’s future.”
On the Bechtle contract: “Looking at the business plan for 2025, it was obvious that we needed more than EUR 20 million to close all the projects. This was clear in May. Everyone accepted this target. And then there was the opportunity in Poland. It was huge. It is huge.”
The EUR 28 million convertible loan. The EUR 32 million Bechtle framework agreement. The IRIS Capital equity line. All of it was in motion. And then: bankruptcy. On the same day the standstill ended.
“I think it was illegal bankruptcy. And I am very glad that Mark, with his energy, practically fought to reshape it.”
What Alexandru Explained
The lawyer laid out the legal anatomy of the 59-day destruction.
On the curator’s behavior: “Before the bankruptcy, the company had good projects already won, a good pipeline of commercial projects. In only 59 days, the curator decided — without any evaluation, without economic background — that all four subsidiaries have zero value. Guess what? Zero.”
On Sanako Oy, acquired months earlier for approximately EUR 8 million based on an independent valuation: “In only 59 days, the curator decided without any evaluation that the value of this company is zero. And usually, this takes years, not 59 days.”
On the curator’s intent: “It seems that this curator came with a clear mind, with a clear decision to liquidate the company as soon as possible. He instead of valuating the assets, instead of trying to sell the assets, instead of trying to finance the projects — he just considers that all assets are zero value. No distribution to the creditors. No dividend.”
On the documents: “Have you recovered the books of the company? The cash? The money? Documents to understand how the Finnish company was closed? Nothing.”
“He doesn’t have the right to keep the money belonging to the company, keep the documents. Today, you cannot even do accounting.”
On the escrow: “Even after he was revoked, instead of returning the money to the company, he somehow decided to block the money and continue to favor the same creditor — Danske Bank. At the beginning, it was only a speculation. At the end, it is a fact.”
On what comes next: “I think they will start soon discussing with us. Once a new board is appointed, they will discuss with us and try finding solutions, because the damages caused by this situation are huge.”
The audience asked. The board answered.
“Who has the most to gain from this coordinated attack?”
Mark: “We made noise in a very small, concentrated market. Everybody knows everybody in Copenhagen. By going to the pump and dump complaint, we showed a case that happens in many situations in the small-cap and First North markets where strong players liquidate positions from retailers. A retail extraction scheme. We made it public. We brought proof. And that is not something people like.”
“Is it all about old money versus new money?”
Aurel: “I think we have to look at what money is. Old money, new money — I don’t know if it will be enough to cover.”
Mark: “We don’t care about the establishment.”
“Will they mellow down after the EGM?”
Alexandru: “I think they will start discussing with us. You already had a huge win. For the first time, a bankruptcy decision is overturned in Denmark. They don’t know what to do. Once a new board is appointed, they will have to discuss.”
Mark: “After the EGM, we can work. We can push. And there is no way they can delist us or stop us trading because they will lose face. They will lose trust in the whole system.”
“If trading opens again and it drops 90%, is that good or bad?”
Mark: “The market is always right.”
“What about the creditors?”
Mark: “Our plan is to try to discuss with the creditors as fast as possible. There is a lot of contamination coming from subsidiaries in the creditor pool. We have to eliminate that contamination. That is sophisticated legal work.”
Alexandru: “The banks trusted you. They provided the loans. Now they see that you are fighting and already winning. They lost trust in the previous board, not in you. I don’t see why they wouldn’t discuss and agree on a schedule.”
Mark: “Everybody’s alternative was zero. From zero to getting something is infinity. We are the infinity here.”
Tonight we also confirmed: we are actively recovering company assets in Romania. Equipment that was about to be sold at a dump price by a judicial executor has been claimed. A formal bilingual summons was filed today demanding the return of all Shape Robotics assets — identified by 1,794 individual serial numbers and backed by a EUR 1,072,137 Sanako invoice.The reconstruction office is open. The team is working. The EGM is in 12 days.
Days since annulment: 28
Days to EGM: 12
Live session duration: 1h 56min
Board members present: 3 (Aurel, Alexandru, Mark)
Shareholders registered for EGM: 25
Shares voted: 2,856,261 (99.7%)
Company announcements published: 9
Criminal complaints filed: 2 countries
Documents returned by former curator: 1 (creditor list). Zero cash. Zero records.
“All the people on the Titanic were healthy.” — Mark Abraham, signing off.
Tomorrow, we continue. The EGM is April 14. Vote at phase.education/egm. Support at fundshape.phase.education.
— Mark
