Ammo Varejo filed to IPO in 2021, then stopped filing; CVM fined its IR chief R$40,000

In July 2021 Ammo Varejo — the bed, bath and table retail arm of Minas Gerais textile group Coteminas, operator of the MMartan, Santista and Artex brands — filed for an IPO with Brazil securities regulator, XP leading. The prospectus was confident: 1.4 million active customers, up 37.5% year over year, 233 physical stores, expansion capital for logistics and company-owned shops. The offering never materialized. Ammo stayed a registered, non-trading public company (companhia incentivada) — a status that carries the full periodic disclosure calendar of a listed issuer.

The filings rotted. CVM records show the first 2023 quarterly report arrived four months late; the second and third quarterlies were delivered on 18 September 2024 — thirteen months past due. Audited 2023 financial statements due 31 March 2024 landed on 25 January 2025, about ten months late. The three 2024 quarterlies were never delivered at all.

In May 2024 the cascade came. On 6 May the CEO, CFO/IR director and a third executive left, and Josué Christiano Gomes da Silva — head of the controlling Coteminas group and president of industry lobby Fiesp — took over as CEO and IR director personally. Two days later Coteminas filed for judicial protection with debts initially tallied at R$2 billion. On 17 May 2024 CVM suspended Ammo public-company registration for more than twelve months of missed obligations; in 2025 Ammo itself entered judicial recovery, and on 23 May 2025 the registration was cancelled.

The verdict came on 14 July 2026. CVM's Collegiate, following commissioner Marina Copola's vote, fined former IR director Luiz Sundfeld R$40,000 for the late 2023 financial statements, and issued formal warnings to board chair Josué Gomes and board member João de Paula for failing to call the annual shareholders' meeting for fiscal 2023 — a corporate chore the company simply skipped. Other charges against the former executives and current directors were dismissed. Penalties can still be appealed to the financial system's appeals council with suspensive effect.

R$40,000 fine for the IR director, warnings for the chairman; registration suspended 2024, cancelled 2025; company in judicial recovery

The IPO died but the registration survived, and with it the full disclosure calendar; management treated the obligations of a registered issuer as optional once there was no offering to prepare.

The IR function was hollow: quarterly reports slipped four months, then thirteen, then stopped entirely, while audited annuals landed ten months past the legal deadline.

The controlling group answered by installing its own head as CEO and IR director in May 2024 — which did not restart compliance; it inherited a collapsed function amid the group judicial recovery.

The board skipped its most basic statutory duty: no annual shareholders' meeting was called for fiscal 2023, the mechanism by which accounts are approved and directors are held to account.

A public-company registration is a standing obligation, not a trophy. When the IPO window closes the filing calendar does not, and a controlling shareholder taking the CEO seat exempts no one.

Ammo's public-company registration, suspended in May 2024, was cancelled outright in May 2025, and the company followed its parent into judicial recovery — creditors were still wrangling over the Coteminas plan, valued at R$1.48 billion after cuts from R$2 billion, into mid-2025, with more than ten thousand creditors on the list. The CVM convictions of July 2026 remain open to appeal with suspensive effect. The case is a marker for Brazil's pipeline of IPO-era registrations that never listed: the regulatory duty persists at full strength whether or not the offering ever comes.