The board of directors of OODA AI AB (publ) ("OODA AI" or the "Company") has today resolved, subject to approval by the extraordinary general meeting, to apply for delisting of the shares from Nasdaq First North Growth Market. The extraordinary general meeting on 24 November 2026 will decide whether to approve the board's decision. If the meeting approves the decision by the required majority, the Company intends to submit the application to Nasdaq Stockholm in accordance with the preliminary timetable below. Delisting is subject to Nasdaq Stockholm approving the application.
The board considers that the benefits of the shares remaining admitted to trading do not outweigh the disadvantages, including the significant costs and administrative requirements this entails. In the board's assessment, the Company's long-term needs can be better met as an unlisted company, which is expected ultimately to benefit the shareholders.
Summary of the delisting process
- The board has today, 4 November 2026, resolved to apply for delisting, subject to approval of the decision by the extraordinary general meeting.
- The extraordinary general meeting will be held on 24 November 2026. The notice is being published separately today, 4 November 2026.
- Approval of the board's decision at the extraordinary general meeting requires the support of shareholders representing at least nine-tenths (9/10) of both the votes cast and the shares represented at the extraordinary general meeting. The full requirements for approval are set out in the section "Rules and majority requirements for approval by the general meeting" below.
- Provided that the meeting approves the decision by the required majority, the Company intends to submit the delisting application no earlier than 4 February 2027, three months after the announcement of the delisting plans.
Background to the decision
The Company's shares were listed on Nasdaq First North Growth Market in May 2020 under the company name Invajo Technologies AB. On 19 November 2021, Invajo Technologies AB entered into an agreement to acquire all shares in EPTI AB, with newly issued shares as consideration. The transaction was a so-called reverse acquisition and prompted an application for continued listing on Nasdaq First North Growth Market and a change of name to EPTI AB. The Company previously applied a so-called "venture builder" strategy, under which acquisitions of companies and businesses were partly financed using the shares as consideration. During the period when the Company was named EPTI AB, it had, at its peak, approximately 250 employees in around 20 subsidiaries. In April 2023, the Company announced a new strategy aimed at becoming a pure-play investment company focused on AI. Following the strategic shift, the benefits of the shares being admitted to trading have, in the board's assessment, gradually diminished. In the former group, which had more employees, the shares played a greater role in enabling the Company to offer share-based incentive programmes, facilitate employee ownership of the shares and align the interests of the Company, its shareholders, employees and other stakeholders.
The board has assessed the significance of the shares being admitted to trading for the Company's financing, development and spread of share ownership, as well as for shareholders' ability to buy and sell the shares. The board considers that the benefits that may normally arise from shares being admitted to trading, such as easier access to capital and the potential for a higher company valuation, are not being realised in the Company's case. The board considers that the capital-raising benefits of having the Company's shares admitted to trading are limited in relation to the costs and resources this entails.
The board's rationale and considerations
The board has weighed the benefits of the shares remaining admitted to trading against the consequences of a delisting for the Company and its shareholders. Other alternatives, including a move to another trading venue, have also been considered. The decision is based on an overall assessment of the conditions for trading and raising capital, as well as the long-term development of the business. The board's principal reasons and considerations are set out below.
Costs and administrative requirements
The requirements arising from the shares being admitted to trading on Nasdaq First North Growth Market consume significant resources. Ongoing disclosures, financial reporting and regulatory compliance require extensive work by management and the board. In addition, there are, among other things, trading venue fees and costs for external advisers. In the board's assessment, these costs and workload are not reasonably proportionate to the benefits for the Company and its shareholders. In the board's assessment, delisting may reduce costs and workload, free up resources and give management greater scope to focus on the development of the business and its long-term objectives. The Company's obligations under applicable law will remain in place even when it is unlisted.
Conditions for raising capital
During the period 2024-2026, the Company has resolved on directed issues at subscription prices substantially exceeding the prevailing market price at the respective times. The board considers that it is in the interests of all shareholders that directed share issues can be carried out at as high a subscription price as possible, since, all else being equal, this reduces dilution for existing shareholders.
The board considers that a delisting does not worsen the Company's prospects for attracting long-term, financially strong investors and that it may give the Company greater scope to negotiate financing terms based on the business, its development opportunities and capital requirements. The prevailing market price may then become less significant as a reference point when raising capital. In the board's assessment, this may create conditions for higher valuations and lower dilution for existing shareholders for a given capital requirement. However, both the ability to raise capital and the terms the Company can achieve will continue to depend on investor interest and market conditions.
Consequences for shareholders
Upon delisting from Nasdaq First North Growth Market, trading and continuous price formation on that trading venue will cease. The board considers that delisting will impair shareholders' ability to buy and sell the shares. The board has weighed these disadvantages against the expected benefits in the form of reduced costs and regulatory requirements, greater scope to negotiate financing terms and increased focus on the development of the business. Having also considered other alternatives, including a move to another trading venue, the board's overall assessment is that, under current conditions, a delisting best serves the long-term interests of the Company and its shareholders as a whole.
Summary
The board considers that the disadvantages arising from the Company's shares being admitted to trading are not outweighed by the benefits for the Company and its shareholders. In the board's assessment, delisting may free up resources for the development of the business and its long-term objectives without worsening the prospects for attracting long-term investors. It may also provide greater scope to negotiate financing terms with less emphasis on the prevailing share price, which, in the board's assessment, may create conditions for higher valuations and lower dilution for existing shareholders for a given capital requirement. Capital raising will, however, remain dependent on investor interest and market conditions. These expected benefits must be weighed against the cessation of trading and continuous price formation on Nasdaq First North Growth Market and the board's assessment that delisting will impair shareholders' ability to buy and sell the shares, as the Company does not intend to arrange alternative trading. Having weighed these consequences and considered other alternatives, including a move to another trading venue, the board considers that, under current conditions, a delisting best serves the long-term interests of the Company and its shareholders as a whole.
Rules and majority requirements for approval by the general meeting
The planned delisting application is based on item II.1 B) of the Rules on Delisting of Shares issued by The Stock Market Self-Regulation Committee (ASK) (the "Delisting Rules"). For the Company to be able to apply for delisting under item II.1 B) of the Delisting Rules, the decision must have been supported by shareholders representing at least nine-tenths (9/10) of both the votes cast and the shares represented at the meeting. If a shareholder together with related parties controls at least 30 per cent of the votes in the Company, it is additionally required that shareholders holding a majority of all other votes in the Company do not vote against the decision.
As of the date of this press release, the Company has no shareholder who, alone or together with related parties, controls at least 30 per cent of the votes in the Company.
The board's complete proposal, including background and further considerations, is set out in the notice being published separately today, 4 November 2026.
Preliminary timetable
4 November 2026: The board's conditional decision to apply for delisting and the notice of the extraordinary general meeting are published.
24 November 2026: The extraordinary general meeting will consider whether to approve the board's decision to apply for delisting.
No earlier than 4 February 2027: The Company intends to submit the delisting application to Nasdaq Stockholm.
February 2027: The last day of trading is expected to be in February 2027. Nasdaq Stockholm will consider the application and, if it is approved, determine the last day of trading.
The delisting process and continued trading
Neither the board's decision nor any approval by the general meeting means that trading in the shares on Nasdaq First North Growth Market will cease immediately. Until the last day of trading, the Company remains subject to the trading venue's applicable requirements, including those relating to disclosure and regulatory compliance.
Following any delisting, the shares will no longer be traded on Nasdaq First North Growth Market. The board considers that delisting will impair shareholders' ability to buy and sell the shares. Shareholders' holdings will not change as a result of the delisting itself. The Company will remain a public limited company and will continue to be subject to applicable legal requirements, including those relating to corporate governance, accounting and information to shareholders.
For further information, please contact:
Arli Charles Mujkic, CEO, OODA AI AB (publ)
Email: charlie@ooda.ai
Telephone: +49 176 626 999 64
Måns Pontén Söderlind, Deputy CEO, OODA AI AB (publ)
Email: mans@ooda.ai
About OODA AI AB (publ)
OODA AI is a group of companies focused on artificial intelligence (AI) and software as a service (SaaS). The group provides AI services in the form of decentralised and distributed AI computing, AI tools, and AI consulting, training and implementation. The group operates in a global market. Its headquarters are located in Stockholm (Sweden) and Munich (Germany).
For more information, see www.ooda.ai
The Company's Certified Adviser is Eminova Fondkommission AB | 08-684 211 00 | info@eminova.se
This information is information that OODA AI AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, at 2026-11-04 17:55 CET.
