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The Disciplinary Committee of Nasdaq Stockholm has found that Atari Inc. (“Atari” or 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 SEK 800,000.
The Disciplinary Committee concludes that Atari, despite being granted an exemption from the normal reporting deadline set out in the Rulebook, still did not disclose its half-yearly financial report for the period April 1 - September 30, 2019 within the new agreed deadline. It is further concluded that the Company did not disclose its annual financial statement for the financial year 2019/2020 within the reporting deadline, extended to four months due to the COVID-19 pandemic, nor its annual report within six months from the end of the financial year. In addition, the Company has not disclosed its half-yearly financial report for the period April 1 - September 30, 2020 within two months from the end of the reporting period.
The Disciplinary Committee also concludes that the Exchange already in October 2019 criticized the Company for three different breaches of the disclosure rules in the Rulebook and that the Exchange, in the event of any further deficiencies in the Company’s compliance, reserved its right to reconsider its decision not to refer that matter to the Disciplinary Committee.
In summary, the Disciplinary Committee concludes that the Company on seven occasions has breached the disclosure rules set out in Chapter 4 of the Rulebook. The Disciplinary Committee takes a particularly serious view of the Company’s repeated breaches within a relatively short period of time, and consequently 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-2021
