The Disciplinary Committee of Nasdaq Stockholm (the “Exchange”) has found that Taptravel Nordic AB (publ) (the “Company”) has breached the rules of Nasdaq Stockholm Rulebook for Issuers of Fixed Income Instruments (the “Rulebook”) and therefore ordered the Company to pay a fine of SEK 2,500,000.
On 15 July 2025, the Company disclosed that it had failed to make the interest payment scheduled for 3 July 2025 in accordance with the terms and conditions of its outstanding bonds, and that the failure constituted a breach of the bond terms.
The Disciplinary Committee finds that the Company was certain, around 25 June 2025, that the interest payment could not be made and that, at the latest at that time, the information constituted inside information. The Company was therefore obliged to disclose the information as soon as possible in accordance with Article 17.1 of the EU Market Abuse Regulation (“MAR”), or alternatively to decide on delayed disclosure. However, the Company did not disclose the information until 15 July 2025, i.e. approximately three weeks after the inside information arose and twelve days after the missed payment occurred. Nor did the press release state that the information constituted inside information. The Company has thus breached Article 17.1 of MAR, and consequently Section 3.1 of the Rulebook.
The Disciplinary Committee considers the breaches to be serious and therefore finds that a fine shall be imposed as a sanction. Under the Rulebook, the fine shall amount to no less than SEK 100,000 and no more than SEK 5 million. In view of how financially fundamental the relevant information was for the issuer and its outstanding bonds, the Disciplinary Committee determines the fine to SEK 2.5 million.
The Disciplinary Committee’s decision is available at:
https://www.nasdaq.com/market-regulation/nordic/stockholm/disciplinary/decisions-sanctions
