According to section 2.3.7 of the Nasdaq First North Growth Market Rulebook, an issuer shall be able to demonstrate ongoing business operations.
According to section 8.2.7 of the Nasdaq First North Growth Market Rulebook, the Exchange may decide to remove an issuer's financial instruments from trading if the issuer materially no longer meets the applicable listing requirements.
On November 21, 2025, Novakand Pharma AB (the "Company") disclosed information that the Company's board of directors had decided to write down the value of the Company's fractalkine program to zero. Nasdaq Stockholm AB considers that since then, the Company has not met the listing requirement in section 2.3.7 to demonstrate ongoing business operations and that the deficiency in meeting the listing requirement is material.
With reference to the above, Nasdaq Stockholm AB has decided to remove the shares of Novakand Pharma AB from trading on Nasdaq First North Growth Market.
| Company registration number | 556806-8851 |
| Short name: | NOVKAN |
| ISIN code: | SE0015658570 |
| Order book ID: | 80745 |
The last day of trading on Nasdaq First North Growth Market will be April 13, 2026.
For further information regarding this exchange notice please contact Enforcement & Investigations, telephone + 46 8 405 70 50.
