EiDF faced renewed collapse this Tuesday on the second day of trading after a pause that lasted more than four and a half months on BME Growth. The stock’s value dropped dramatically, erasing much of the gains seen on its debut and wiping out a large portion of the market capitalization in a single session. From a price of 29.76 euros per share in April, the closing price settled at 4.05 euros today, leaving the company with a market capitalization that slid from roughly 1.7 billion euros to about 234 million euros by the end of the day.
Early gains gave way to renewed declines as the market digested the latest movements. Analysts had warned the day before that investor confidence appeared to be waning, and the sell orders reflected that sentiment with a substantial imbalance favoring sales—176,303 shares sold versus 67,238 shares bought. The ongoing situation has drawn scrutiny over the company’s governance and procedures, amid a broader controversy that has raised questions about internal controls and business practices. Two auditor reports, initially conducted by PwC and subsequently by Deloitte after the same firm was reengaged to investigate inconsistencies, raised serious concerns about possible falsification of contracts and invoices under the guidance of the CEO, Fernando Romero.
To address the crisis and attempt to restore investor faith, EiDF indicated it would refresh its executive team. Rosemary was brought in as part of a plan to reopen the company’s value to the public. The plan includes a formal runway of up to six months to implement changes and regain approval from the CNMV, the Spanish securities regulator. Yet some market observers caution that the process may cause investors to reallocate capital toward other players in the solar energy sector, including Soltec, Ecoener, and Opdenergy, which are perceived as viable alternatives in the current market environment.
Previously, on April 14, the CNMV suspended EiDF’s listing, alleging the company had failed to disclose information deemed essential to the status of its operations. The regulator argued that critical elements were omitted, affecting the transparency of the company’s disclosures. Last week, the CNMV publicly requested additional information, and the regulator noted that EiDF had taken steps to address the suspension and to align its reporting with the regulator’s expectations. Despite these efforts, the company’s exchange filings continued to be reviewed as part of the ongoing process to satisfy regulatory requirements and restore normal trading conditions.
The most pronounced financial impact of the slide has been on ownership and control within the EiDF group. The founder and chief executive officer remains a major shareholder, controlling 72.1 percent of the company through Prosol Energía. The disruption has also touched other prominent figures connected to the group’s broader ecosystem: Alejandro Alorda, a member of the founding family behind Muebles Kettal, holds 7.6 percent of shares; Sergio Palmeri, founder of ODF, now part of the group, owns about 6.6 percent; and minority shareholders collectively control roughly 13.5 percent. The concentration of ownership underscores how sensitive EiDF’s fortunes are to leadership decisions and governance lapses, and it heightens the urgency for clear, credible reforms to reassure investors and stabilize the share price in the months ahead.