Nasdaq Stockholm’s Disciplinary Committee imposes a fine on Intellego Technologies of twelve annual fees corresponding to approximately SEK 2.2 million

Nasdaq Stockholm Aktiebolag (the “Exchange”) has claimed that Intellego has violated Nasdaq First North Growth Markets Rulebook (the “Rulebook”) as follows.
 

• The Exchange has stated that Intellego has violated section 4.1.1 of the Rulebook and article 17 of the EU Market Abuse Regulation (“MAR”). The Exchange has stated that the Company announced the acquisition of Daro Group too late, which the Exchange believes should have been done on 1 June 2022 instead of 23 August 2022. The Exchange has further stated that the key figures in the Company’s press release published on 25 August 2022 regarding the interim report for the second quarter of 2022 did not contain a reference to the fact that it was only Daro Group’s income statement that was consolidated, meaning that the key figure “cash flow for the period”, which includes information from both the income statement and the balance sheet, only included Daro Group’s income statement.

• Furthermore, the Exchange has stated that the Company has violated section 4.1.1 of the Rulebook and article 17 of MAR as the information in the Company’s press release published on 26 January 2024 on a global market evaluation was inadequate as it did not state what type of market evaluation was to be carried out, what technology was intended or in what way this was to be verified, and that the press release did not contain any explanation as to why a fair estimate of the value of a global launch for the Company could not be made. The Exchange has also pointed out that the wrong counterparty name was stated in the press release published on 19 June 2023 regarding an order and that the Company also violated section 4.2.1 (b) of the Rulebook as it was not stated in the Company’s press release of 18 August 2023, regarding the said order, that the press release constituted a correction.

• The Exchange has also stated that Intellego has breached section 4.3.1 of the Rulebook by not publishing the parent company’s income statement and balance sheet in the annual report for the financial year 2022 on its website in due time.

• Furthermore, the Exchange has stated that Intellego has violated section 4.2.3 (c) in combination with sections 4.2.1 (a) and 4.1.1 of the Rulebook when Intellego did not announce the change of Certified Adviser from Erik Penser Bank AB to Carnegie Investment Bank AB and that the Company has breached sections 4.2.8 and 4.6.3 of the Rulebook by not including the information about the Company’s new Certified Adviser on Intellego’s website or in subsequent press releases after the change of Certified Adviser.

 In view of the above, the Exchange decided to refer the matter in its entirety to the Disciplinary Committee. The Exchange has requested that the Disciplinary Committee examine the violations and determine a reasonable sanction. The Disciplinary Committee has today announced its decision and imposes a fine on Intellego of twelve annual fees corresponding to approximately SEK 2.2 million. The Disciplinary Committee’s decision can be read in its entirety as an appendix to this press release.
 
Intellego Technologies Board has since this incident carefully reviewed the Company’s corporate governance, reporting policies and investor relations responsibilities and has implemented procedures to ensure that this does not recur.