Gaucho Group (VINO) Provides Update on Market Activity
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Asserting 2024 Goals, the Company Focuses on Asset Liquidation Expected to Yield USD 10-11 Million
Gaucho Group Holdings, Inc. (NASDAQ: VINO) today announced significant developments in its fight against market malpractices affecting its stock price.
Management believes that certain market participants have intentionally driven the price of its shares down. This deliberate action aims to create an artificially low stock price, which not only harms Gaucho Holdings' stockholders but also provides a gateway for these bad actors to potentially gain significant control over the Company and/or cover any naked short positions. The Company also believes that because of the current valuation, other parties may also be seeking to take majority control of Company shares.
Scott Mathis, CEO and Founder of Gaucho Group Holdings, stated, "We are currently witnessing our stock trading at roughly 10% of the liquidation value of our assets, a clear indication of the disparity between our value and current market perception. This undervaluation is a direct result of manipulative tactics by certain entities looking to exploit our assets in Argentina. However, we remain resolute, bolstered by the steadfast support of our stockholders, to fend off these predatory practices."
The Company recognizes that the evolving political and economic landscape in Argentina is transitioning from being a headwind to potentially creating tailwinds for asset values in the region. In line with this, Gaucho Holdings is committed in 2024 to liquidate significant real estate assets, including Algodon Mansion and two other nonessential properties. This strategic move is expected to generate approximately USD 10 to 11 million, providing the Company with opportunities for dilutive cash growth and potential shareholder dividends or a share buyback.
Following concerns regarding the erratic performance of Gaucho Holdings' stock, the Company has been proactive in retaining the expertise of securities litigation attorney Mark R. Basile, Esq., and his firm, The Basile Law Firm P.C. This strategic move was aimed at investigating potential illegal naked short selling of the Company's common shares, a concern that has plagued the stock for months.
Gaucho Holdings stands firm in its commitment to protect the interests of its stockholders and to uphold the integrity of its stock value against illicit market forces.
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