Online thrift store Enjoei suspended the contract to acquire the online trading platform Gringa, after the financial value of the right of withdrawal option for shareholders exceeded the limit provided for in the agreement.
Enjoei stated that it intends to resume discussions and studies with Gringa’s shareholders in search of alternatives for the business combination.
Gringa, founded in 2020 by Fiorella Mattheis, also known for her work as an actress, is an online platform that acts as an intermediary in the resale of luxury items. Enjoei announced the deal, in cash and shares, in December 2021.
The information on the suspension of the contract was disclosed by Enjoei on Friday night, in a material fact.
Enjoei said that the right of withdrawal by shareholders, the option that investors have to leave the corporate structure of a company due to a transaction, totaled more than R$ 1.5 million, led to the failure to comply with one of the suspensive conditions. of the operation provided for in the contract.
The right of withdrawal offered Enjoei’s shareholders who were not in favor of the deal around R$2.51 per share, according to a document dated April 14, released after the transaction was approved at a shareholders’ meeting.
Enjoei’s share closed at R$2.19 on Friday and accumulated a fall of around 23% in the year. This Monday, it showed a low of 4.1% in the first trades.
Source: CNN Brasil
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
