GAME OVER | Day 36: The Door Is Open

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GAME OVER | Day 36: The Door Is Open

Two strategic investors under NDA. A bridge loan before the EGM. The DFSA ruling changed everything — and now the shareholders have their own case to file.

Mark Abraham

Apr 09, 2026

Previous episodes: Day 35: “This Is Not Negligence. This Is a Modus Operandi.” | Day 34: The Regulator Agrees | There Is No “Mild” Version of This | The Man Who Was Not Supposed to Matter | The Man Who Knew the Rules

Day 36 since the Danish High Court unanimously annulled the bankruptcy.

Five days before the EGM.

And today, for the first time since this fight began, I can tell you something I have not been able to say before: there is money on the table.

Two strategic investors. A bridge loan. And what the DFSA changed.

I cannot share names. We are under NDA and will remain so until the deal is formalised. But here is what I can tell you.

We have engaged two strategic investors. The discussions are advanced. I am, at this moment, highly confident that Shape Robotics will secure a bridge loan before the EGM next week — a loan that covers the company’s operating needs for the next one to two months while we execute the reconstruction plan and wait for the IRIS Capital facility.

Why now? Because the DFSA ruling changed everything.

Before 7 April, the Shape Robotics story had two versions. In one version — the version Finans.dk spent seventeen articles constructing — a Romanian CEO ran a company into the ground. In the other version — documented on this Substack, in company announcements, and in court filings — the company was the victim of a pump-and-dump that began with an undisclosed-conflict recommendation by the #1 analyst in the Nordics.

The DFSA confirmed the second version. In writing. In a binding decision.

And now, suddenly, everybody understands the truth of the whole story. The investors we are speaking to understand it. The legal system understands it. The only people still pretending not to understand are the ones who benefited from the first version.

The pump is confirmed. The dump is under investigation.

Let me be precise about what we now know — confirmed, not alleged — and what comes next.

Confirmed: Lars Topholm pumped the price. The DFSA has ruled that his note constituted an investment recommendation under EU law, distributed through Carnegie’s official channels to professional traders and external investors, while he held undisclosed shares. That is the pump. It is no longer disputed. It is a regulatory finding.

Under investigation: The dump — the coordinated selling of approximately 532,000 shares by Topholm’s network between 24 April and 4 June 2024, extracting approximately DKK 21 million at peak prices — is a separate matter. The pump is an administrative violation handled by the DFSA. The dump, if proven, is a criminal matter handled by SØIK (Statsadvokaten for Særlig Økonomisk og International Kriminalitet) — Denmark’s Special Prosecutor for Serious Economic and International Crime.

I have indications — not confirmation, but indications — that the parties involved are being examined.

The inception of the mechanism has been confirmed. The rest will follow.

The door is open for shareholder claims

This is the part I need every shareholder reading this to understand clearly.

The DFSA decision does not just validate Shape Robotics’ corporate complaint. It opens a separate door — for you. Directly.

There are two distinct claims arising from this case:

The corporate claim: Shape Robotics vs. Carnegie Investment Bank. Institutional liability for the conduct of its Managing Director. Loss of market trust, triggered insolvency, loss of contracts in Poland and Romania, destruction of shareholder value. This claim will be initiated by the new board after the EGM on 14 April, led by Alexandru Ambrozie.

The shareholder claim: Individual investors who bought Shape Robotics shares during the pump period — at prices inflated by Carnegie’s undisclosed-conflict recommendation — and who lost money during the subsequent collapse, have a direct civil claim against Carnegie and Topholm. This claim is yours. It is separate from the company’s claim. The company cannot file it for you.

If you bought Shape Robotics shares at or near the DKK 35–52 range during the March–April 2024 period, and you are still holding — or you sold at a loss — you have standing.

A class action or coordinated civil suit should be explored. The DFSA ruling provides the evidentiary foundation. A Danish litigation specialist in securities law can advise on next steps.

The door is open. The regulatory confirmation is in hand. The question is whether shareholders will walk through it.

EGM: four days out

Everything goes as planned.

We have received a significant number of proxy votes. All positive. At this moment, there is no indication that the EGM on 14 April 2026 will not proceed as intended.

The agenda remains:

1. New board elected — Aurel Nețin, Kim Okkola, Alexandru Ambrozie

2. New PIE-approved auditor appointed

3. 100 million shares authorised for IRIS Capital equity line

4. Phase Education A/S confirmed as operational subsidiary

5. Reconstruction plan filed immediately after

If you have not voted yet — vote. The number of shares is irrelevant. What matters is the number of shareholders supporting the cause. Every vote transfers legitimate power to the board. And a board with legitimate power is a very different animal from a CEO sending emails that can be ignored.

Vote at phase.education/egm.

The AI agent is live

One more thing.

I’ve been building something on the side — a project born from the same frustration that drives this Substack: the impossibility of answering the same questions a hundred times a day across five platforms.

There is now a WildCEO AI agent live at wildceo.live.

It has been trained on the full archive — company announcements, court filings, Substack episodes, financial documents, board materials. It is not a generic chatbot. It is a model trained specifically on the Shape Robotics case. Ask it about the DFSA ruling. Ask it about the timeline. Ask it about the claims. Ask it about the EGM.

It will get smarter over time. For now, it knows more about this case than most journalists who have written about it.

Try it. Break it. Tell me what’s missing.

What happens next

11 April — Nasdaq trading resumption demanded. If not: MAR complaint escalation.

14 April — EGM. New board. New auditor. Capital authorisation. The reconstruction begins.

15 April — Reconstruction plan filed. 27% haircut, 80% debt-to-equity, 20% cash over 18 months. 83% friendly creditors.

Post-EGM — Board initiates formal civil proceedings against Carnegie and Lars Topholm. Shareholder claims coordination begins.

This is the last daily episode before Easter. Orthodox Good Friday is tomorrow. I will take a breath — the first in 36 days. We reconvene Tuesday.

If anything develops over the weekend, you will know. Follow the channel. I will post it.

One more thing

I believe in something that may sound strange coming from a CEO of a publicly listed company: I believe the intermediary institutions — the analysts, the brokers, the financial press — are becoming obsolete.

Not because they are bad at what they do. Some of them are excellent. But because the platforms we are using right now — Substack, Bluesky, livestreams, AI agents — allow a direct, unmediated dialogue between a company and its shareholders that no institution can replicate, filter, or distort.

For 36 days, I have spoken to you directly. Every day. Without a press office, without a communications consultant, without a compliance review of what I’m allowed to say. I have told you everything I know, the moment I know it. And you have responded — with votes, with bridge financing leads, with legal expertise, with moral support that kept this fight alive through days when I wondered if it mattered.

It matters. It has always mattered.

The theory of perfect markets assumes perfect information. For the first time, we are close to that.

Happy Easter to the Orthodox among you. Happy Passover to those celebrating. And to everyone else: see you Tuesday.

Q.E.D.