On Friday, the company issued a press release in which it said it “would probably file an application for the opening of insolvency proceedings for itself and its subsidiaries on Monday.”
A week earlier, on February 10th, Clean Logistics also announced that Dirk Graszt was to step down as Managing Director and leave the board of directors.
The insolvency move represents the final nail in the coffin of a spectacular decline in the company’s fortunes since last summer.
Back in August, Clean Logistics announced that GP JOULE would take delivery of 5,000 Clean Logistics hydrogen-powered HGVs from over the next five years. The landmark deal was the world’s largest contract for the supply of heavy hydrogen-electric trucks.
The announcement of the huge order saw Clean Logistics’ share price shoot up to €17.60 just a week after it was stable at around €9.50.
However, since then the share price has consistently declined. Before the end of the year, the share price had dipped to just €2.90. The day before the insolvency announcement, shares were trading at €2.24.
The share price then unsurprisingly plummeted again following Friday’s announcement, falling to €0.57.