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Nasdaq Stockholm to delist Cassandra Oil


Stockholm, September 14, 2018 — The Disciplinary Committee of Nasdaq Stockholm has decided that the shares of Cassandra Oil AB (“Cassandra Oil” or the “Company”) are to be delisted from Nasdaq First North. The last day of trading will be November 20, 2018.

The Disciplinary Committee has found that Cassandra Oil has conducted a number of breaches of the Nasdaq First North Rulebook (the “Rule Book”).

The Disciplinary Committee concludes that Cassandra Oil, on several occasions and for a protracted period of time, has failed to fulfill its disclosure obligations. This includes breaches in connection with disclosures regarding funding agreements and share issues, the Board of Directors’ decision to prepare a balance sheet for liquidation purposes, the fire in the Company’s workshop and thereto related financial impacts including the rejection of an insurance claim, the sale of products to a Danish counterparty and the Company’s actions with regard to proposed incentive programs.

The Disciplinary Committee further concludes that the breaches show that the Company’s organization and staffing for providing information to the market is and has been inadequate for an extended period. Based on the meeting before the Disciplinary Committee, the Committee also considers it clear that the Company lacks insight regarding the requirements apply to a listed company’s information disclosure. According to the Disciplinary Committee, the Company has lacked and continues to lack adequate capacity for providing information to the market pursuant to the Rule Book.

In summary, the Disciplinary Committee is of the opinion that Cassandra Oil’s repeated rule breaches have undermined the public’s confidence in Nasdaq Stockholm, Nasdaq First North and the Swedish securities market in general. According to the Disciplinary Committee, the relevant breaches, together with Cassandra Oil’s previous non-compliance with the Rule Book, which has been subject of criticism from Nasdaq Stockholm in 2015 and 2016, demonstrate that the Company lacks the necessary organization and competence to meet the listing requirements. Therefore, following an overall assessment, the Disciplinary Committee has decided that Cassandra Oil’s shares are to be delisted by no later than November 20, 2018.

A detailed description of the matter and the Disciplinary Committee’s decision is available at:

Participating in the Committee’s decision were former Supreme Court Justice Marianne Lundius, MBA Ragnar Boman, Authorized Public Accountant Svante Forsberg, Company Director Carl Johan Högbom and Company Director Jack Junel.

About the Disciplinary Committee

The role of Nasdaq Stockholm’s Disciplinary Committee is to consider suspicions regarding whether Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If the Exchange suspects that a member or company has acted in breach of the rules, the matter is referred to the Disciplinary Committee. Nasdaq Stockholm investigates the suspicions and pursues the matter and the Disciplinary Committee issues a ruling regarding possible sanctions. The sanctions possible for listed companies are a warning, a fine or delisting. The fines that may be imposed range from one to 15 annual fees. The sanctions possible for Exchange Members are a warning, a fine or debarment. Fines levied by the Disciplinary Committee are not credited to the Exchange’s business but are attributed to a foundation supporting research in the securities market. The Disciplinary Committee’s Chairman and Deputy Chairman must be lawyers with experience of serving as judges. At least two of the other members of the Committee must have in-depth insight into the workings of the securities market.

Members: Former Supreme Court Justice Marianne Lundius (Chairman), Supreme Court Justice Ann-Christine Lindeblad (Deputy Chairman), Company Director Erik Einerth, Company Director Stefan Erneholm, Company Director Anders Oscarsson, Lawyer Wilhelm Lüning, Company Director Jack Junel, MBA Ragnar Boman, MBA Carl Johan Högbom, Lawyer Patrik Marcelius, Authorized Public Accountant Magnus Svensson Henryson and Authorized Public Accountant Svante Forsberg.

About Nasdaq

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Media Relations Contact:
David Augustsson
+46 8 405 61 35

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The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about Nasdaq and its products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to factors detailed in Nasdaq’s annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.

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