The other day we were echoing the news about the Wi-Fi operator Gowex and the accusations made against this company by a consultant. I don’t know if it was a speculative move on the part of the accusing company or if there was something true in all of it. The news does not stop regarding this case. Not even on weekends with the markets closed.
The founder and CEO finally submitted his resignation and confessed the lack of veracity of the income that the company had obtained in recent years. In short, that the picture that illustrated that article was not real. The document with the confession of the already resigned CEO reached the Court on Sunday, after the companypublished a relevant fact in the MAB in which he admitted that “the Company’s accounts for at least the last four years do not reflect its faithful image”. In the same document, the board of directors assumed that “given the forecast that the Company will not be able to meet its current debts when due, it has agreed to submit a request for voluntary bankruptcy of the Company.”
The showiness of the Gowex case only damages the credibility of the Alternative Stock Market itself, which has been the next piece touched. The MAB is a market dedicated to small-cap companies seeking to expand and that offers these companies “tailor-made regulation, designed specifically for them and costs and processes adapted to their characteristics”. In other words, it is configured as an alternative source of financing for SMEs.
The point is that, in addition to Gowex, there are two other securities suspended from trading. Zinkia, an audiovisual production company, and Bodaclick, a service company for wedding planning. Before them, the Suavitas chain and the companies Nostrum and Negocio were already expelled from this market.
There have already been several companies that have decided to leave hastily of himso as not to compromise their image and not damage the investment processes in which they are immersed. The first to communicate its intention to leave this market was the mobile phone company Masmóvil Ibercom, which (according to an El País report) will request the jump to the Mercado Continuo (the Official Spanish Stock Exchange).
We’ll see how everything evolves. For now, this case is allowing us all to learn a little better about the operation of this alternative market, so unknown to many. Too bad it was for such an apparently unfortunate matter.