Holaluz, an energy company based in Spain, has had its shares suspended from trading on the BME Growth due to its failure to publish its annual audited financial information on time. According to accounts communicated to BME Growth, the company lost a total of 26 million euros in 2023 compared to 5.1 million in losses in 2022.
Yesterday, BME announced the suspension of trading of Holaluz shares due to this failure. The suspension came into effect at 8:00 a.m. today and for now, the company has not provided any updates on the situation.
Holaluz also announced that representatives from venture capital fund Axon and Geroa pension fund had signed the accounts in disagreement with each other. The company is currently negotiating financing, including a 10 million euro loan from Catalan Institute of Finances and considering presenting a pre-contest creditors’ plan due to the delay in obtaining this funding.
The photovoltaic panel market is facing challenges similar to those faced by Holaluz, with other companies in the sector also struggling with slowdowns in their solar businesses. In November, Holaluz announced an ERE for around 200 workers due to these challenges. Additionally, BME has suspended trading of SolarProfit, a photovoltaic self-consumption group based in Barcelona citing liquidity tensions affecting compliance with payment deadlines as the reason for opening negotiations with creditors to reach a restructuring plan. This situation highlights the challenges faced by companies in the energy sector amidst changing market dynamics.
In conclusion, Holaluz’s failure to publish its annual audited financial information on time has resulted in its shares being suspended from trading on BME Growth and raised questions about its financial stability. The company is currently negotiating financing and exploring alternative ways to address its financial challenges while facing competition from other photovoltaic panel companies that are also struggling with similar issues.