Observed Signal · Jul 24, 2023 · Insolvency Filing · Source: Trending Topics · Impact: 2/5 · Sentiment: Negative
Social Chain AG Files for Insolvency After Financing Talks Fail
Social Chain AG, the Berlin-listed e-commerce and social media company backed by "Die Höhle der Löwen" investors Georg Kofler and Ralf Dümmel, has filed for insolvency. The board said financing negotiations had failed and a backstop investor defaulted, meaning a positive going-concern prognosis could no longer be maintained. An ongoing capital increase was halted. The company had previously faced a BaFin complaint for booking €50 million from a bank loan and €9 million from share sales as operating cash flow. CEO Georg Kofler and board member Stefan Kiwit resigned with immediate effect. The stock fell below €1, down about 75%, after peaking at €54 in November 2021. Social Chain AG had acquired DS Gruppe in 2021 and had worked with startups including Flasher, Vytal, HistaFood, Clever Cakes and TRIGGin.
High-profile insolvency of a listed social media and e-commerce group in the DACH region, with accounting irregularities and major investor losses; moderate relevance for the AdTech/MarTech industry, no systemic platform impact.
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Key Takeaways & Evidence Grounding
- Social Chain AG filed for insolvency and applied for self-administration on July 24, 2023.
- The board cited failed financing negotiations and a defaulting backstop investor as the reason for no positive going-concern prognosis.
- BaFin had flagged that €50 million from a bank loan and €9 million from a share sale were wrongly booked as operating cash flow.
- Georg Kofler and Stefan Kiwit resigned from their board roles with immediate effect.
- The share price fell below €1, roughly 75% down, after peaking at €54 in November 2021.
Connected Companies & Entities
1 Entity mapped“Georg Kofler, the largest shareholder of Social Chain AG, is a former CEO of ProSieben....”
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