Fast Radius Files Voluntary Petitions for Chapter 11 Bankruptcy » 3D Printing Media Network

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Just over a year after defining a SPAC merger to list on NASDAQmanufacturing service provider Fast Radius, Inc. (Nasdaq: FSRD) filed voluntary petitions under Chapter 11 on November 7, 2022. Petitions Add newwere approved by the United States Bankruptcy Court for the District of Delaware allowing the company to continue its operations in the ordinary course, including maintaining payroll and employee health benefits, payment of suppliers for all post-request goods and services, the continuation of all customer programs, and other programs necessary to continue the business without interruption.

While the company will remain active and also seek a bidder, there is no denying that the current state of affairs is dealing a blow to its aspirations and vision to “build the premier cloud manufacturing and digital supply chain company.” over $100 billion, presenting a compelling investment opportunity in Industry 4.0 and next-generation sustainable infrastructure,” as the company said at the time of the SPAC merger announcement.

Fast Radius operates from four locations in Chicago, Atlanta, Louisville and Singapore. In addition to offering traditional/subtractive CNC, injection molding and urethane casting services, Fast Radius is also a major provider of AM capabilities leveraging polymer AM technologies such as high-speed light curing (DLS) , powder bed thermal fusion (MJF), extrusion (FDM), PolyJet and stereolithography (SLA).

“We are pleased to have received approval for the day one motions. This allows us to continue to provide our cloud manufacturing platform to our customers without disruption while maintaining our relationships with our vendors and business partners,” said Lou Rassey, co-founder and CEO of Fast Radius. “We thank our customers for their loyalty and our employees for their challenging world as we manage in the current environment.”

On November 8, Fast Radius commenced legal proceedings to effect one or more strategic transactions and filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the District of Delaware.

The Company has asked the court to establish specific sales and marketing procedures, which include a proposed offer deadline of December 5, 2022. The Company is in active discussions with one or more potential partners and continues to explore and to evaluate strategic alternatives.

“Fast Radius has invested over $200 million in building a first-of-its-kind cloud manufacturing platform. Like cloud computing, we provide a platform of software tools and manufacturing solutions to help engineers design and manufacture commercial-grade parts for a $360 billion market. We have served over 2,000 manufacturer customers and 23,000 software users since 2020,” said Lou Rassey, CEO and co-founder of Fast Radius. “We thank our suppliers and partners for their continued support throughout this process. We also thank our team members for their continued commitment and dedication to serving our customers. »

Ultimately, Fast Radius will continue to operate as a “debtor in possession” under the jurisdiction of the bankruptcy court and pursuant to the applicable provisions of the United States Bankruptcy Code. The Company has filed the customary motions asking the court to allow the Company’s ability to use cash and operating cash flow to support its continued operations throughout this process, including the payment of salaries and employee benefits without interruption. The Company intends to pay suppliers and vendors in full on normal terms for goods and services provided from the date of filing. Fast Radius expects to operate without interruption, including providing customers with the same high-quality products and services they expect and continuing partnerships with its valued suppliers.

“Each year since our inception, Fast Radius has increased our revenue, expanded our customer base and expanded our service offerings. However, recent headwinds in capital markets have inhibited our ability to adequately put in place the necessary capital structure,” Rassey said. “Our Board of Directors deemed this filing an appropriate next step. We continue to believe in the importance of manufacturing innovation and the potential of our cloud-based manufacturing platform. »

Court records and other procedural information are available on a separate website administered by the Company’s notifying agent, Strettoor by calling Stretto representatives toll-free at 1-877-361-4291 or 1-714-384-7055 for calls from outside the United States

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