The price of the German company, Wirecard, jumped 188%, despite the company filing a bankruptcy request last Thursday, after the scandal of the disappearance of $ 2.1 billion from the company. p>
According to Arabeya Net, the company's shares increased by 185.91% by 13:36 GMT, and reached 3.68 euros compared to the opening price of 1.7 euros. p>
And the stock achieved the highest rise in the session by this time by 190% to reach 4.05 euros. This rise came amid large appetite among investors for the company's shares.
Despite the rise in the company's shares today, the share price is still declining by 97% during the current year, as the stock was trading at 140 euros last April , And it reached 100 euros in mid-June.
The jump in the stock was not the first for a losing company’s share, if Hertz Rent A Car shares increased by 100% despite submitting a bankruptcy application.
This phenomenon is called the bounce of a dead cat, and it occurs when the stocks of a troubled company bounce back after falling significantly.
Over the weekend in Europe, The Wall Street Journal said that Wirecard will continue its business despite filing for bankruptcy.
The company said that the decision to proceed with bankruptcy proceedings will be reviewed. She added that a bankruptcy manager would soon be appointed.
In Germany, the bankruptcy manager has an option to complete the company's business as long as there is an opportunity to acquire the company by an investor.
The company has indicated that it is currently studying whether bankruptcy procedures should be carried out on its subsidiaries as well or not.
We have arrested the money, after the disappearance of these funds from the digital payments company, in the scandal that rocked the financial industry in Germany. p>
