Italeaf SpA, holding company and first Italian company builder active in the cleantech and smart innovation sectors, listed on the NASDAQ First North Growth Market of the Stockholm Stock Exchange, following the press release issued on January 16, 2020, announces that it has received today the decision of the Disciplinay Committee of Nasdaq regarding the violation of article 4.4 of the Rulebook of the Nasdaq First North Growth Market.
In particular, the Nasdaq Disciplinary Committee has decided that Italeaf’s stocks will be delisted no later than 30 September 2020. The Exchange has noted that the company has violated point 4.4 (c) of the Rulebook on three occasions, by not publishing financial reports in accordance with the terms established. In this context, the Stock Exchange considers that the violations of the Company are so serious that Italeaf’s stocks must be canceled from trading.
As part of the documental discussion between the parties, Italeaf confirmed that the Company has not published the current financial reports in accordance with the terms set out in the Rulebook.
However, the Company pointed out that it was completely transparent in its communication to the market on the various stages of the restructuring process and the development of the recovery and relaunch plan. Secondly, the delay in publishing the financial reports was, and still is, a consequence of the delay in approving the financial documents of the subsidiary algoWatt S.p.A. and the current COVID-19 outbreak. With regard to the link with the COVID-19 outbreak, the Company has decided to delay the publication of financial reports in light of ESMA’s recommendation of 11 March 2020 regarding the publication of the effects of COVID-19 on listed companies and the effects of the government’s crisis packages. Third, during its listing on the Nasdaq, the Company has otherwise managed its disclosure and, with the exception of the current violations, has acted in accordance with the Rulebook. The current violations are therefore considered by the Company to be due to extraordinary circumstances in the individual case and constitute an isolated event. For these reasons Italeaf had requested the Disciplinary Committee of Nasdaq not to remove its stocks from trading.