Nasdaq Nordic: Decision by the Disciplinary Committee regarding Cell Impact AB

Stockholm, June 1, 2020 - The Disciplinary Committee of Nasdaq Stockholm has
found that Cell Impact AB ("Cell Impact" or "the Company") has not breached
Nasdaq Stockholm's Rule Book for Issuers ("the Rule Book") and has therefore
not imposed a sanction on the Company, 

Cell Impact published a press release on March 18, 2019 that contained
information about the Company entering a new phase of series production with a
newly developed flow plate for North America. The press release did not contain
information about the actual identity of the counterparty, which was described
only as "a leading innovative North American fuel cell company." 

The Disciplinary Committee has concluded that the information in the press
release constituted inside information. As regards the matter of whether the
Company was obliged to publish the name of the contractual counterparty
referred to in the press release, the Disciplinary Committee would like to
emphasize that neither the Market Abuse Regulation (MAR) nor the Rule Book
stipulate that the issuer has a specific obligation to make the name of a
contractual counterparty public. An assessment as to whether such an obligation
exists must be made on a case-by-case basis, taking all relevant circumstances
into consideration. 

According to the Disciplinary Committee, an assessment must attach particular
importance to determining whether the contract has an effect on the share price
due to the material content of the contract (for example, the amount of an
individual order) or whether the contract's effect on the share price is wholly
or partially attributable to the actual contractual relationship and to the
identity of the contractual counterparty (for example, for material partnership
agreements). In the former, it is more seldom that the identity of the
contractual counterparty can be assumed to be of significance for assessing the
issuer and the value of its financial instruments. In the latter, the identity
of the contractual counterparty should, as a starting point, be made public,
unless an alternative description of the contractual counterparty is provided,
which in the individual case facilitates an assessment of the significance of
the contract to the issuer in the same way as if the name of the counterparty
had been published. 

The Disciplinary Committee believes that the Company's description of the
contractual counterparty, albeit brief, must be deemed to have been sufficient,
taking into consideration the uncontested market and company-specific
circumstances presented by the Company. Accordingly, the content of the press
release must be deemed to have facilitated an assessment of the significance of
the contract to the Company that is equivalent to if the name of the
counterparty had been made public. The information in the press release was
thus published in accordance with item 4.1 of the Rule Book. 

A detailed description of these matters and the Disciplinary Committee's
decision are available at: 

https://www.nasdaq.com/solutions/decisions-sanctions-stockholm-2020

Participating in the Committee's decision were former Supreme Court Justice
Marianne Lundius, Former Authorized Public Accountant Svante Forsberg, Company
Director Carl-Johan Högbom, Lawyer Wilhelm Lüning and Lawyer Patrik Marcelius. 

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 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
Joakim Strid, 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 Former Authorized Public Accountant
Svante Forsberg. 

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