On November 25, 2025, the shares in Novakand Pharma AB (the "Company") were given observation status with reference to 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.
On December 22, 2025, the observation status was updated with reference to the Company having entered into a letter of intent with SVF Vaccines AB regarding a reverse takeover. The planned transaction would result in a substantial change to the issuer and Nasdaq Stockholm AB (the "Exchange") decided that the Company must undergo a renewed review process, after which the Exchange would decide whether to admit the Company's financial instruments for continued trading on Nasdaq First North Growth Market ("First North").
Today, February 24, 2026, the Company disclosed that the Exchange had rejected its application for continued trading on Nasdaq First following a reverse takeover of SVF Vaccines AB. The disclosure further stated that the Exchange had informed the Company that it does not fulfill the listing requirement of being able to demonstrate ongoing business operations and that the Exchange therefore may initiate a process for delisting the Company's shares from First North.
According to item 6.3.1 (b) of the Nasdaq First North Growth Market Rulebook, an issuer's financial instruments may be given observation status if circumstances exist justifying the removal of the issuer's financial instruments from trading on First North pursuant to item 8.2.7 of the rulebook.
With reference to the above, Nasdaq Stockholm AB decides to update the observation status for the Company's shares.
| Company name: | Novakand Pharma AB |
| Short name: | NOVKAN |
| ISIN code: | SE0015658570 |
For further information about this exchange notice please contact Enforcement & Investigations, telephone +46 8 405 70 50.
