[SCHEDULE 13G/A] Shapeways Holdings, Inc. Common Stock SEC Filing

Rhea-AI Filing Summary

Schedule 13G disclosure for Shapeways Holdings, Inc. (SHPW) reports that Balyasny Asset Management and affiliated entities, together with Dmitry Balyasny, may be deemed the beneficial owner of 500,000 securities described in the filing as warrants exercisable into common shares held directly by Atlas Diversified Master Fund, Ltd. (ADMF). The filing states that by virtue of management and ownership relationships, BAM and its affiliates may exercise voting and dispositive power over these securities. The document shows 0.94% in several tables but later states approximately 7.03% based on 6,616,465 shares outstanding as of April 5, 2024, creating an explicit discrepancy in percent-owned figures.

Positive

• Clear identification of reporting persons and their ownership chain (BAM, BAM GP, BAM Holdings, Dames, and Dmitry Balyasny)
• Disclosure of 500,000 securities (described as warrants exercisable into common stock) and that they are held by ADMF
• Certification that the securities were acquired and are held in the ordinary course of business and not to influence control

Negative

• Conflicting percent-owned figures: several tables show 0.94% while Item 4 states approximately 7.03% based on 6,616,465 shares outstanding as of April 5, 2024
• No statement in the filing clarifying whether the reported warrants have been exercised or the current exercised share count
• Lack of reconciliation between table percentages and Item 4 prevents clear assessment of materiality under >5% thresholds

Insights

Financial Analyst

TL;DR: Reporting of 500,000 warrants by Balyasny is a routine disclosure but contains a material percentage discrepancy that requires clarification.

The filing clearly identifies 500,000 warrants exercisable into Shapeways common stock held by ADMF and explains how BAM and affiliated entities may be deemed beneficial owners through managerial and ownership relationships. For investors, the core facts are ownership size and the chain of control: BAM is the investment manager to ADMF and related entities (BAM GP, BAM Holdings, Dames, and Dmitry Balyasny) are reported as holding voting and dispositive power. The filing includes two conflicting percent figures: 0.94% in summary tables and 7.03% in Item 4 based on an outstanding share count of 6,616,465 as of April 5, 2024; this inconsistency affects materiality assessment and should be resolved by the filer.

Corporate Governance Expert

TL;DR: Ownership disclosure is transparent on structure but inconsistent on percentage ownership, limiting immediate governance conclusions.

The submission identifies governance relationships that justify aggregation of beneficial ownership: BAM GP is general partner of BAM, BAM Holdings is sole member of BAM GP, Dames is general partner of BAM Holdings, and Dmitry Balyasny is managing member of Dames. The filing also includes a certification that the securities were acquired and are held in the ordinary course of business and not for the purpose of influencing control. However, the contradictory percentage figures (0.94% vs 7.03%) impede assessment of whether the position crosses regulatory or disclosure thresholds and therefore constrains governance impact analysis until clarified.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

Shapeways Holdings, Inc

(Name of Issuer)

Common Stock, par value $0.0001 per share

(Title of Class of Securities)

81947T110

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 81947T110

1

Names of Reporting Persons

Balyasny Asset Management L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 500,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 500,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

500,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.94 %

12

Type of Reporting Person (See Instructions)

IA, PN

SCHEDULE 13G

CUSIP No. 81947T110

1

Names of Reporting Persons

BAM GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 500,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 500,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

500,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.94 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 81947T110

1

Names of Reporting Persons

Balyasny Asset Management Holdings LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 500,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 500,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

500,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.94 %

12

Type of Reporting Person (See Instructions)

HC, PN

SCHEDULE 13G

CUSIP No. 81947T110

1

Names of Reporting Persons

Dames GP LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 500,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 500,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

500,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.94 %

12

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No. 81947T110

1

Names of Reporting Persons

Dmitry Balyasny

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 500,000.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 500,000.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

500,000.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

0.94 %

12

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Shapeways Holdings, Inc
(b)	Address of issuer's principal executive offices: 12163 Globe Street, Livonia, MI 48150, United States
Item 2.
(a)	Name of person filing: This statement is being filed by (1) Balyasny Asset Management L.P., a Delaware limited partnership ("BAM"), (2) BAM GP LLC, a Delaware limited liability company ("BAM GP"), (3) Balyasny Asset Management Holdings LP, a Delaware limited partnership ("BAM Holdings"), (4) Dames GP LLC, a Delaware limited liability company ("Dames"), and (5) Dmitry Balyasny, a United States citizen (collectively, the "Reporting Persons"). BAM GP is the General Partner of BAM. BAM Holdings is the Sole Member of BAM GP. Dames is the General Partner of BAM Holdings. Dmitry Balyasny is the Managing Member of Dames.
(b)	Address or principal business office or, if none, residence: The principal business address of each of BAM, BAM GP, BAM Holdings, Dames, and Mr. Balyasny is located at 444 West Lake Street, 50th Floor, Chicago, IL 60606.
(c)	Citizenship: (1) BAM is a Delaware limited partnership, (2) BAM GP is a Delaware limited liability company, (3) BAM Holdings is a Delaware limited partnership, (4) Dames is a Delaware limited liability company, and (5) Mr. Balyasny is a United States citizen.
(d)	Title of class of securities: Common Stock, par value $0.0001 per share
(e)	CUSIP No.: 81947T110
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: By virtue of its position as the investment manager of Atlas Diversified Master Fund, Ltd. ("ADMF"), the direct holder of the 500,000 warrants, exercisable into par value $0.0001 per share ("Shares"), reported herein, BAM may be deemed to exercise voting and investment power over such Shares held by ADMF and thus may be deemed to beneficially own such Shares. By virtue of its position as the General Partner of BAM, BAM GP may be deemed to exercise voting and investment power over the Shares held directly by ADMF and thus may be deemed to beneficially own such Shares. By virtue of its position as the Sole Member of BAM GP, BAM Holdings may be deemed to exercise voting and investment power over the Shares held directly by ADMF and thus may be deemed to beneficially own such Shares. By virtue of its position as the General Partner of BAM Holdings, Dames may be deemed to exercise voting and investment power over the Shares held directly by ADMF and thus may be deemed to beneficially own such Shares. By virtue of his position as the Managing Member of Dames, Mr. Balyasny may be deemed to exercise voting and investment power over the Shares held directly by ADMF and thus may be deemed to beneficially own such Shares.
(b)	Percent of class: Each of the Reporting Persons may be deemed to be the beneficial owner of approximately 7.03% of the Shares, based on 6,616,465 Shares outstanding as of April 5, 2024, as reported in the Issuer's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 16, 2024.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Each of the Reporting Persons has the sole power to vote or to direct the vote of 500,000 Shares.
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: Each of the Reporting Persons has the sole power to dispose or to direct the disposition of 500,000 Shares.
	(iv) Shared power to dispose or to direct the disposition of: 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. ADMF, a Cayman Islands exempted company that is an investment management client of BAM, has the right to receive dividends from, or the proceeds from the sale of, the reported securities.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Balyasny Asset Management L.P.

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/10/2025

BAM GP LLC

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/10/2025

Balyasny Asset Management Holdings LP

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/10/2025

Dames GP LLC

Signature:	/s/ Scott Schroeder
Name/Title:	Scott Schroeder / Authorized Signatory
Date:	08/10/2025

Dmitry Balyasny

Signature:	/s/ Dmitry Balyasny
Name/Title:	Dmitry Balyasny / Self
Date:	08/10/2025

FAQ

How many SHPW securities does Balyasny Asset Management report owning?

The filing reports beneficial interest in 500,000 securities described as warrants exercisable into Shapeways common stock.

Do the filers control the reported SHPW securities?

The filing states BAM and affiliated entities may be deemed to exercise voting and dispositive power over the securities by virtue of managerial and ownership relationships.

What percent of SHPW does the filing claim these securities represent?

The document contains two figures: 0.94% in summary tables and approximately 7.03% in Item 4 based on 6,616,465 shares outstanding as of April 5, 2024.

Who is the direct holder of the reported warrants in the filing?

The direct holder of the reported warrants is identified as Atlas Diversified Master Fund, Ltd. (ADMF).

Does the filing state the securities were acquired to change control of SHPW?

No; the certification states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control.