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 course.

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 mauro.orru@wsj.com; @MauroOrru94

 

(END) Dow Jones Newswires

June 29, 2020 04:44 ET (08:44 GMT)

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