GAME OVER — Day 15 | March 30, 2026 | Written from Bucharest, Romania
This weekend, we didn’t rest.
While the EGM clock ticks down to April 14, while Kromann Reumert sits on DKK 3,722,813 that belongs to Shape Robotics, while Nasdaq continues an unlawful suspension that three Danish courts have now contradicted — we were doing research.
And we found something that changes the entire narrative of this case.
Not for me. I already lived it. I already paid for it — in time, in money, in reputation, in the company’s destroyed market value.
This is for you. For every shareholder who ever wondered: why did the EIFO situation go so wrong, so fast, so completely?
The answer was hiding in a public bankruptcy file. The answer has a name.
The Law They Used Against Me
You know this story if you’ve followed WilCEO since the beginning.
Finans.dk — the business media arm of Jylnds-Posten — ran 17 articles between December 2025 and January 2026 that contributed directly to Shape Robotics’ share price collapsing 87%, from DKK 23.56 to a historic low of DKK 1.58. We have filed a EUR 14 million defamation lawsuit against them for that campaign.
The central weapon in their arsenal was a ference to an insolvency from my past — eight years ago, in Romania, in a company where I was a minority shareholder with limited involvement. EU prospectus regulation and Danish capital markets law require that anyone serving in management at a listed company disclose insolvency involvement going back five years in a listing prospectus.
They used that rule selectively against me
Here is what they didn’t check: whether anyone else on the Shape Robotics board had something to disclose.
What We Found Over the Weekend
His name is Jeppe Frandse
He was Chairman of Shape Robotics from proximately 2021 through April 2025, when he stepped down to Vice Chairman, and then fully resigned in July 2025. He is a seasoned executive. A well-connected Danish businessman. Someone with relationships at EIFO, relationships at Danske Bank, relationships across the Copenhagen business establishment.
I genuinely like him as a person. I’ve said tt before and I’ll say it again.
But here is the fact that changes everythi
Eighteen months before I became CEO of ape Robotics, Jeppe Frandsen was Chairman of a company called Paralenz — and Paralenz went bankrupt.
Paralenz was a Danish underwater action mera manufacturer with 39 employees. It had EIFO guarantees. It had Danske Bank facilities. It went insolvent on October 18, 2022.
EIFO lost north of DKK 25 million. Danskank recovered zero on their loan.
Six months later, Jeppe Frandsen was Chaman of Shape Robotics — a company with the exact same structure. EIFO guarantee. Danske Bank facility. Same lenders. Same chairman. Same structure.
I did not know this when I became CEO iMay 2024.
The Prospectus Obligati: What the Law Required
This is not a technicality. This is the centeof the case.
EU Prospectus Regulation and Danish captal markets law require that any listing prospectus disclose whether members of management have been involved in insolvency proceedings within the past five years. It is a mandatory background check. It exists precisely to protect investors and counterparties — like EIFO — from unknowingly backing the same people who presided over previous failures.
Shape Robotics uplisted from First North Nasdaq Copenhagen Main Market in November 2023. A full prospectus was required and submitted.
Paralenz went bankrupt in October 2022 tirteen months before that uplisting.
That means the Paralenz bankruptcy was quarely inside the five-year mandatory disclosure window at the time of the uplisting prospectus. The chairman’s role in Paralenz’s insolvency was information that belonged in that document as mandatory disclosure — not optional commentary.
It was not disclos
Why This Explains Everything About EIFO
When I first became CEO and started fighng to keep EIFO’s backing, I couldn’t understand their behavior. They weren’t direct. They weren’t confrontational. They didn’t say “we’re leaving.” They built what I now understand as an exit door — a technical structure where the uplisting to Main Market created a clause that allowed them to withdraw their guarantee without ever publicly explaining why.
For months, I believed that was bureaucraic cowardice. Danish discomfort with confrontation.
Now I understand it differently
EIFO knew about Paralenz. They had lost DKK 25 million to a company chaired by Jeppe Frandsen. When the same chairman appeared at Shape Robotics with the same EIFO guarantee, the same Danske Bank facility, the same structure — they said yes publicly. They approved the guarantee. Thy participated.
But privately, they were already scared. Thy had already decided they couldn’t stay. They just couldn’t say it out loud — because saying it would require admitting: “We backed a company chaired by the same man who cost us DKK 25 million, and we did it again.”
So instead they built an exit door and usedhe uplisting as the technical trigger.
The result: Shape Robotics lost its state fiacing. Danske Bank’s risk jumped. The company entered crisis. 70 jobs were threatened. The share price collapsed. And a campaign of 17 defamatory articles finished the job that EIFO’s silent exit had started.
None of this needed to happen. If the prostus had disclosed the Paralenz bankruptcy as the law required — EIFO would have had to make a transparent, documented decision. Either they trust Jeppe Frandsen to chair another EIFO-backed company despite Paralenz, or they don’t. Either way, the decision is visible. Investors can price it. The company can respond to it.
Instead, the decision was hidden. And the st of that concealment was paid by shareholders, employees, and a company that had delivered 76% revenue growth in 2024.
What I Sent to Finans.dk— And What They Didn’t Do
On the same day we compiled this finding,I sent it to Finans.dk. A simple question — the same question they would ask me, did ask me, repeatedly, about a much older and much less direct insolvency involvement fom eight years ago:
“What do you say about the fact that the Cairman of Shape Robotics was Chairman of Paralenz during its bankruptcy — and that this occurred inside the mandatory five-year disclosure window for the November 023 uplisting prospectus?”
They didn’t reply
Finans.dk published 17 articles about Shape Robotics. They dedicated an entire investigative campaign to the company. They had a journalist who messaged me on December 16, 2025 to tell me the share had dropped 30% — demonstrating full awareness that their publications were destroying value.
And when I gave them the most significant governance finding in this entire story — a finding involving mandatory non-disclosure in a regulated listing document — they went silent.
A journalist from Jyllands-Posten — whic owns Finans.dk through JPPolitikens Hus — contacted me separately and expressed interest. We’ll see what comes of that conversation.
This is what selective journalism looks lik.They found the story about me — an eight-year-old insolvency, a minority shareholding, a company I did not control — compelling enough for more than a dozen articles. They found the story about the Chairman — a direct role, a DKK 25 million state fund loss, a mandatory disclosure obligation clearly triggered — not worth a single reply.
The only explanation is that the story serv them when it was about me. And doesn’t serve them when it isn’t.
That, too, will be part of the EUR 14 millindefamation case.
What This Means for theD&O Claim
The Directors and Officers insurance heldy Shape Robotics covers DKK 20–21 million.
D&O insurance exists precisely for situatins like this — where members of management fail to meet their legal obligaions, including disclosure obligations, and that failure causes measurable harm to the company and its shareholders.
A mandatory prospectus disclosure was no made. The omission was inside the five-year legal window. The company went thrugh a liquidity crisis partly caused by EIFO’s undisclosed loss of confidence — confidence rooted in the Paralenz history that was never publicly surfaced.
This is a textbook D&O scenario. This is hy D&O insurance exists.
We are pursuing it. It will be part of the claims being prepared alongside the EGM restructuring. The new board — once elected on April 14 — will have the authority and the mandate to move these claims forward with full institutional weight behind them
Where We Stand — 15 Days to the EGM
The Extraordinary General Meeting is on April 14, 2026 at 14:00 CEST. Fully electronic.
This is the inflection point. Not because te EGM solves everything — it doesn’t. But because it gives the company back its governance architecture: a board with legitimate authority, a mandate from shareholders, and the legal standing to pursue creditors, insurers, and counter-parties with the full weight of institutional process.
On Thursday, we will do the first live Q&A with the proposed new board. Aurel Nein — the one board member who stayed, who bought over DKK 1.25 million of his own money in the middle of the crisis — will be there.
Same format as these live sessions. Same platform. Same hour. This is your chance to meet the people who will run this company after April 14. Ask them anything.
The pattern is complete. The documents are public. The question now is whether enough people show up to finish what we started.
We are 15 days from the EG
We have not come this far to stop n
The crowdfunding campaign at fundshapehase.education is the answer to the strategy of our opponents — Kromann Reumert, Nasdaq’s suspension, the locked escrow — whose precise goal is to make us run out of cash before we can execute.
This is not charity. This is a secured loa
→ 12% annual interest (3% per quart
→ 1 Fable GO 2.5 educational robot delivered per €500 lent
→ Collateralized by DKK 3,722,813 in court-confirmed escrow funds
→ Backed by 960 physical robots in a warehouse in Ruse, Bulgaria
→ Personally guaranteed by me, with unlimited liability
Minimum pledge: €500. Every pledge extesour runway. Every pledge is one more vote that says: this company should not be allowed to die in administrative silence.
Mark-Robert Abr
Founder and CEO, Shape Robotics A/S
Born and living in Romania. Working in Denmark. Documenting what happens when a listed company refuses to die quietly.
Writing in personal capacity | March 30, 2026
