The Disciplinary Committee of Nasdaq Stockholm (the “Exchange”) has found that ELLWEE AB (publ) (the “Company”) has breached the rules of Nasdaq First North Growth Market (the “Rulebook”) and therefore ordered the Company to pay a fine of three annual fees, corresponding to an amount of SEK 366,000.
The Company carried out a partially guaranteed rights issue at the end of 2023. The company announced the outcome of the issue on December 18, 2023. The press release stated, among other things, that the guarantor had subscribed for 78.7 percent of the shares in the issue. On the same day, a three-day payment period for the shares began. The guarantor did not fulfill their guarantee by paying on time, nor did the payment occur within a reasonably close connection to the stipulated payment period. The Company disclosed information about the payment delay only on February 26, 2024.
The Disciplinary Committee notes that information about the guarantor not paying on time, or within a reasonably close connection to the stipulated payment period, constituted inside information according to the EU Market Abuse Regulation, and that the Company did not disclose this inside information as soon as possible.
The Disciplinary Committee notes that the company thereby violated Article 17.1 of the EU Market Abuse Regulation and point 4.1.1 of the Rulebook. The Disciplinary Committee considers the violation to be serious, and therefore a fine shall be imposed. The Disciplinary Committee sets the fine at three annual fees.
The Disciplinary Committee’s decision is available at:
https://www.nasdaq.com/market-regulation/nordic/stockholm/disciplinary/decisions-sanctions
