The Disciplinary Committee of Nasdaq Stockholm (the “Exchange”) has found that Flexion Mobile Plc (the “Company”) has breached the rules of Nasdaq First North Growth Market (the “Rulebook”) and therefore ordered the Company to pay a fine of seven annual fees, corresponding to an amount of SEK 2,143,071.
The Disciplinary Committee notes that it is undisputed that the Company has violated the Rulebook on three occasions, as follows:
- The Company did not disclose its annual financial report for 2022 on time.
- The Company did not disclose its annual financial report for 2023 on time.
- The Company did not properly disclose insider information when its update for the fourth quarter of 2023 and results video presentation were published prematurely.
The Disciplinary Committee considers the violations to be serious and of a nature that would normally lead to delisting. The Disciplinary Committee notes that it is undisputed that the violations were at least partly due to reasons beyond the Company's control. According to the Committee, the circumstances are not such that they absolve the Company from responsibility, but they justify that the penalty is instead determined to be a fine. In view of the fact that the Company, despite warnings from the Exchange, has committed repeated violations of the Regulations, two of which are of a similar nature, and the significant delay regarding the publication of the Company's annual financial report for 2022, the Disciplinary Committee sets the fine at seven annual fees.
The Disciplinary Committee’s decision is available at:
https://www.nasdaq.com/market-regulation/nordic/stockholm/disciplinary/decisions-sanctions
