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Nasdaq Stockholm to delist Immune Pharmaceuticals Inc.


Stockholm, February 9, 2018 — The Disciplinary Committee of Nasdaq Stockholm has decided that the shares of Immune Pharmaceuticals Inc. (“Immune Pharmaceuticals” or “the Company”) are to be removed from trading on Nasdaq First North Premier. The delisting will take effect no later than on 29 March 2018.

The Disciplinary Committee has concluded that Immune Pharmaceuticals has repeatedly breached the rulebooks for Nasdaq First North and Nasdaq Stockholm (the “Rulebooks”).

The Disciplinary Committee has concluded that Immune Pharmaceuticals, despite remarks from the Exchange, has not carried out its financial reporting in accordance with items 3.3.2 and 3.3.3 of the Nasdaq Stockholm Rulebook. Furthermore, the Company has on three occasions failed to comply with the rules concerning obligations to disclose inside information in item 3.1 of the Nasdaq Stockholm Rulebook. Moreover, on one of these three occasions the Company did not comply with the rules concerning disclosure of issue of securities in item 3.3.8 of the Nasdaq Stockholm Rulebook.

The Disciplinary Committee has also determined that Immune Pharmaceuticals has failed in its contact with the Company’s Certified Adviser (“CA”), which has entailed difficulties for the CA to fulfil its obligations in accordance with the Nasdaq First North Rulebook. Accordingly, the Company has contravened item 4.7 of the Nasdaq First North Rulebook. The Exchange and the CA have frequently informed the Company of the breaches of the Rulebooks.

The Disciplinary Committee has concluded that the total number of violations – particularly as regards to information disclosure and the lack of respect the Company has demonstrated in relation to the Exchange – is of such a serious nature that the public’s confidence in the Exchange, Nasdaq First North and the securities market in general may have been seriously damaged. The Disciplinary Committee has therefore decided that the Company’s shares are to be removed from trading on Nasdaq First North Premier.

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 Lawyer Wilhelm Lüning.

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. The Exchange 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 paid are not included in 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 and Authorized Public Accountant Magnus Svensson Henryson.

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Media Relations Contact
Erik Granström
+46 73 449 78 07

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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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