The lion’s den: Investors are insolvent themselves
Startups that appear in the show Die Höhle der Löwen often have a hard time afterwards. Now even the two jurors and investors Georg Kofler and Ralf Dümmel have had to file for bankruptcy. Your company Social Chain is insolvent. The financial regulator Bafin had previously uncovered grievances.
DHDL investors: Social Chain is insolvent
In the Vox show The Lion’s Den, fresh start-ups appear who want to sell part of their company to investors for money. Although some of the investors are convinced of the concept and transfer funds, the startups often have a difficult time afterwards. Quite a few have to file for bankruptcy over time. Now, with Social Chain, it even has that Company of the two jurors Georg Kofler and Ralf Dümmel met.
The listed company is insolvent after around one and a half years. The company’s board of directors has come to the conclusion that “no positive continuation prognosis” no longer existsaccording to a statement (source: Munich Stock Exchange). Apparently the plan to increase the share capital by issuing 4.5 million new shares failed.
Social Chain also states that a major investor in the company is its payment obligations were not met. It is no longer “sufficiently likely” that the short-term financial needs can be covered.
In a statement Kofler apologizes “to everyone”who have to accept losses in the course of insolvency. He always believed in the plans and was “honestly excited” about the possibilities. The former head of ProSieben is now stepping down as CEO.
The deals at The Lion’s Den don’t always go as planned:
Social Chain: Bafin found irregularities
Social chain was recently also the subject of Investigations by the financial supervisory authority Bafin. This had found incorrect postings of almost 60 million euros in the consolidated financial statements for 2021. Apparently, the company had misrepresented loans from a bank and payments from stock sales.
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