Stockholm, August 11, 2020 - The Disciplinary Committee of Nasdaq Stockholm has
found that Northbaze Group AB ("Northbaze" or the "Company") has breached the
Nasdaq First North Growth Market Rulebook (the "Rulebook") and has therefore
ordered the Company to pay a fine of six annual fees, corresponding to an
amount of SEK 600 000.
The Disciplinary Committee concludes that Northbaze has breached item 4.1 of
the Rulebook in several respects, e.g. by having failed to include a reference
to the EU Market Abuse Regulation in a disclosure of inside information, when
publishing a correction in this regard also amend the material content in
relation to the original press release and by not having made the two press
releases in question available on the Company's website. The Disciplinary
Committee also concludes that the Company's website has not been designed in
such a way that inside information published by the Company could be located in
an easily identifiable part of it.
The Disciplinary Committee further concludes that the Company has breached item
4.2.3 (b) in combination with items 4.2.1 and 4.1 of the Rulebook by not having
published information about the resolutions adopted by the Annual General
Meeting as soon as possible.
In summary, the Disciplinary Committee concludes that Northbaze has breached
the Rulebook in various respects, and looks particularly serious at the
violations of item 4.1 of the Rulebook since the Company's disclosures of
information in this regard has been likely to mislead the market. The
Disciplinary Committee thus decides that the sanction should be a fine
corresponding to six annual fees.
The Disciplinary Committee's decision is available at:
https://www.nasdaq.com/solutions/decisions-sanctions-stockholm-2020
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 AnnChristine 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.
About Nasdaq
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markets and other industries. Our diverse offering of data, analytics, software
and services enables clients to optimize and execute their business vision with
confidence. To learn more about the company, technology solutions and career
opportunities, visit us on LinkedIn, on Twitter @Nasdaq, or at www.nasdaq.com.
Nasdaq Media Contact
David Augustsson
+46 (8) 4056135
david.augustsson@nasdaq.com© 2020 GlobeNewswire
