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The Disciplinary Committee of Nasdaq Stockholm has found that Brighter AB (the “Company”) has breached the Nasdaq First North Growth Market Rulebook (the “Rulebook”) and therefore ordered the Company to pay a fine of eight annual fees, corresponding to an amount of approximately SEK 1,500,000.
The Disciplinary Committee concludes that the Company on several occasions between 2020 and 2022 has breached Article 17 of the EU Market Abuse Regulation (“MAR”) and the obligation to disclose inside information in a manner that enables a complete and correct assessment of it, by:
- not, in its disclosures of distribution agreements, having included information that the agreements were conditional upon regulatory approvals,
- having disclosed incorrect information about the subscription price for a warrant that the Company intended to issue,
- having disclosed misleading information regarding the terms for employment of the Company’s CEO.
The Disciplinary Committee concludes that the Company, through these violations, consequently also breached item 4.1 of the Rulebook.
The Disciplinary Committee further concludes that the Company did not hold its annual general meeting 2021 within the deadline set out in the Swedish Companies Act, and that the Company thereby breached item 1.3 of the Rulebook.
The Disciplinary Committee takes a serious view of the Company's violations and orders the Company to pay a fine of eight annual fees.
The Disciplinary Committee’s decision is available at:
https://www.nasdaq.com/solutions/decisions-sanctions-stockholm-2022
