Fast Radius Inc., an on-demand manufacturer of metal and plastic parts, has filed for bankruptcy nine months after going public through a merger with a blank-check company, WSJ Pro reported. Shares in the Chicago-based company were down 42% at 17 cents in late-afternoon trading Tuesday after it filed for chapter 11 in the U.S. Bankruptcy Court in Wilmington, Del., late Monday. The stock had been plummeting since Fast Radius was listed through a deal with a special-purpose acquisition company valuing it at $1.4 billion in February. Lou Rassey, Fast Radius’s co-founder, chairman and chief executive, said in a sworn declaration filed with the court that his company had hoped to raise as much as $445 million through the SPAC transaction, but raised only $106 million. “Recent headwinds in the capital markets have inhibited our ability to adequately put in place the capital structure needed,” Mr. Rassey said in a statement. The bankruptcy petition lists assets of $69.3 million and liabilities of $55.2 million as of the end of June. The liabilities include roughly $24 million of secured debt. The company said it plans to keep operating and paying its employees and suppliers normally as it looks to sell its assets in bankruptcy. Fast Radius has 182 employees, down from a workforce of more than 280 before layoffs in June.
