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Eidf implodes (-70%) on his return and more than 1,000 million on the stock market evaporate

Date: June 16, 2024 Time: 01:59:26

EiDF Solar, the Galician photovoltaic company, resumes its trading on the stock market this Monday at BME Growth after four and a half months suspended from listing by the CNMV. It has done so with a record collapse of 69.99%, to 8.93 euros. Trading was blocked throughout the session due to the impossibility of matching buy and sell orders on the stock market in the stock book. However, BME ended up trading 34,827 titles (barely 311,000 euros) in the closing auction at the bottleneck price and will reopen the auction tomorrow with the rest.

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According to BME data, the share stands at 8.93 euros compared to the 29.7 euros at which it was suspended on April 14. At that level, EiDF has lost 1,204 million euros in its stock market valuation on its return to the market.

The stock market crash occurs after EiDF’s scuffle with the CNMV over the way in which Deloitte’s forensic report was published in which accounting irregularities have surfaced that the company is still correcting.

The supervisor wanted to make it clear that the auditor (Deloitte) hired by the other auditor (PWC) has detected false documentation in some of the company’s operations.

EiDF was suspended with a price of 29.7 euros and a market capitalization of 1,721 million euros, which it placed above the value of Ibex 35 companies such as Solaria or Meliá Hotels. The company went public on July 7, 2021 with a reference price of 4.2 euros per share and had risen more than 600%.

The meteoric rise of EiDF had become the group’s main shareholder in one of the largest Spanish fortunes. Fernando Romero, through his estate Prosol Energía, owns 72% of the group’s shares.

* This website provides news content gathered from various internet sources. It is crucial to understand that we are not responsible for the accuracy, completeness, or reliability of the information presented Read More

Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.
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