Wirecard Shares Soar as Business Activities Continue Amid Insolvency Filing
By Mauro Orru
Wirecard AG shares soared higher Monday after the company said
Saturday that its business activities are continuing despite its
having filed for insolvency in a court in Munich, Germany.
At 0820 GMT, Wirecard shares traded 170% higher at EUR3.45,
although shares are down 97% in the year to date.
The German fintech company said the decision of whether to open
insolvency proceedings is still under review, adding that a
provisional insolvency administrator should be appointed in due
Wirecard filed for insolvency on June 25, days after revealing
that more than $2 billion in cash missing from its balance sheet
probably doesn't exist.
Wirecard is the first company to file for insolvency in the DAX
30, Germany's premier stock-market index.
The company said it has discussed measures with authorities in
the U.K. after the Financial Conduct Authority froze the operations
of Wirecard Card Solutions, Wirecard's U.K. operation.
Write to Mauro Orru at firstname.lastname@example.org; @MauroOrru94
(END) Dow Jones Newswires
June 29, 2020 04:44 ET (08:44 GMT)
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