Wallet jacket

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As a corporate shell one is listed corporation referred to their business operations has given up and therefore only their assets (real estate, cash assets) manages (for all types shell company called). An excused coat can also be acquired from insolvent companies. Market jackets can enable third companies to go public and thus represent an alternative to an IPO with a capital increase and a mere listing without a capital increase. This process - a form of reverse takeover - is known as reverse IPO or back door listing .

procedure

New operational business is brought into the shell by the shell buyer. If this is particularly valuable, the shell buyer must first acquire as large a part of the shares as possible in order to avoid losses to the free float . However, a larger free float is also possible if a business of little value is to be expanded through capital increases, which are then co-financed by the other shareholders. Lower costs and obligations are often mentioned as advantages. In addition, the IPO can be processed more quickly using a shell than is the case with classic procedures. Previously, existing loss carryforwards in the shell were also a decisive factor; However, this has been pushed back to very few cases due to the now significantly limited legal offset option.

Mantle speculation

So-called shell speculation, i.e. the expectation that a stock market shell will actually be reactivated, has been a common investment for risk-averse investors for decades. If the shell speculation succeeds, it is not uncommon for winnings to amount to a multiple of the stake. The risk lies in the fact that even for many years the old businessless status of the AG cannot change, the listing is discontinued or the company even becomes insolvent. Experience has shown that only a few of a large number of potential stock exchange jackets are actually adopted as jackets. Again, not all of them are successful.

Dealer of wallets

For a long time, the best- known case of a reactivated wallet in Germany was WCM AG . For a while, the company itself was active as a trader in stock market jackets, and the same applied to SPARTA Beteiligungen AG . Traders of stock market jackets are, for example, advantec Beteiligungskapital KGaA, CFO AG and Instant IPO Holding AG (formerly Carthago Capital AG).

Selection of reactivated wallets from the last few years

Differentiation of the term coat for effective pieces

Conceptually, the shell of the stock exchange is to be distinguished from the shell of the share certificate , which consists of shell and sheet.

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