First Berlin Equity Research has published a research update on tubesolar AG (ISIN: DE000A2PXQD4). Analyst Dr. Karsten von Blumenthal is suspending coverage.

tubesolar AG was only able to place €127,145 of its convertible bond instead of the planned €4.5m. This is not sufficient to cover the short-term financial needs of the company and to avert insolvency. The Executive Board of tubesolar AG has therefore decided today to file an application for the opening of insolvency proceedings with the competent court by the end of next week due to insolvency. We are suspending coverage of the company.