A disaster for shareholders who will be left with an illiquid share, says Aktiespararna's Chief Legal Officer Sverre Linton.
Nasdaq intends to delist Intellego from the First North exchange. Intellego has the opportunity to respond to Nasdaq's decision, but before December 5, the press release states.
Newly appointed CEO Jakob Laurin says that nothing has been decided. The company's management will discuss and provide feedback with questions and answers to the exchange operator.
Before that, it will mostly be speculation, but of course there is the risk (that the shares will be delisted), he says.
He doesn't want to say more than that at the moment.
Small savings share
Intellego's stock has become something of a small saver favorite with over 15,000 owners at Avanza alone. However, the stock has been suspended from trading since it emerged that CEO Claes Lindahl was arrested this week on probable cause on suspicion of gross fraud.
The company, which develops and manufactures color indicators that show the effect of UV radiation for, among other things, disinfection products, has long had problems with the provision of information and several deals have been questioned.
Nasdaq has probably made the assessment that the company is not eligible for listing, says Linton.
But that doesn't necessarily mean that the shares are worthless, even if they become very difficult to sell.
The shares will have value provided the company has value, says Linton.
Perhaps trading will open before the company is delisted. But then there will likely be enormous selling pressure, resulting in a significant price drop, Linton reasons.
Earlier on Friday, it was also announced that Claes Lindahl is now leaving his position pending the completion of the Economic Crime Authority's investigation. The company also announced that Jacob Laurin will take over as CEO.
Detained with restrictions
According to the arrest warrant, the gross fraud, to inflate the value of the company, took place between July 4 and November 10 of this year, Di writes.
Prosecutor Thomas Hertz at the Swedish Economic Crime Authority requested that Lindahl be detained with restrictions, such as not being allowed to stay together or follow news media.
After an hour of negotiations on Friday afternoon, Stockholm District Court remanded Lindahl in custody with restrictions.
According to Dagens Nyheter, Lindahl denies any wrongdoing.
