On November 25, 2025, the shares in Novakand Pharma AB (the "Company") were given observation status with reference the Company's disclosure of its interim report for the third quarter of 2025. The disclosure included information on, inter alia, the board of directors' decision to write down the value of the Company's fractalkine program in the balance sheet to zero.
Today, December 22, 2025, the Company issued a press release with information that the Company has entered into a letter of intent with SVF Vaccines AB regarding a reverse takeover, conditional upon, inter alia, Nasdaq Stockholm AB's decision to admit the Company's shares for continued trading on Nasdaq First North Growth Market.
According to item 2.5.1 of the Nasdaq First North Growth Market Rulebook, the Exchange may for an issuer that undergoes substantial changes initiate a renewed review process of the issuer's fulfilment of applicable admission requirements. With reference to the above, the Exchange has decided that the Company shall undergo such a review process, after which the Exchange will decide whether to admit the Company's shares for continued trading on Nasdaq First North Growth Market.
The rules of Nasdaq First North Growth Market also state that an issuer may be given observation status if it has been the subject of a reverse takeover or otherwise plans to make or has been subject to an extensive change in its business or organization so that the issuer upon an overall assessment appears to be an entirely new company.
With reference to the above, Nasdaq Stockholm AB decides to update the observation status for the shares in Novakand Pharma AB (NOVKAN, ISIN code SE0015658570, order book ID 80745).
For further information about this exchange notice please contact Enforcement & Investigations, telephone +46 8 405 70 50.
