Decision by Nasdaq Stockholm’s Disciplinary Committee (6/18)

The Disciplinary Committee of Nasdaq Stockholm AB has found that Clavister Holding AB (”Clavister”) has breached the Nasdaq First North Nordic Rulebook, as applicable from time to time, (“the Rule Book”) and thereby ordered Clavister to pay a fine of six annual fees, corresponding to an amount of SEK 1,511,824.

The Disciplinary Committee finds that Clavister has breached item 4.2.3, as well as items 4.2.1 and 4.1, of the Rule Book by not including a clear presentation of the background to the cancellation decision in the notice to attend the Extraordinary General Meeting on January 17, 2017.

The Disciplinary Committee also finds that Clavister has breached item 4.2.3, as well as items 4.2.1 and 4.1, of the Rule Book by not publishing a correction of inaccurate information concerning the purpose of a resolution on authorization to issue shares in the press release from the Extraordinary General Meeting on January 17, 2017.

In addition, the Disciplinary Committee finds that Clavister’s shareholders cannot be considered to have received adequate information on which to base their decision regarding the proposal on approval as set out in the notice to attend the Extraordinary General Meeting on January 17, 2017, and that the Company thereby has breached item 4.2.3, as well as items 4.2.1 and 4.1, of the Rule Book.

In addition, the Disciplinary Committee finds that Clavister has made decisions to issue financial instruments on six occasions without disclosing a press release. The Company has thereby breached item 4.12 of the Rulebook, applicable at that time, in relation to the five decisions to issue financial instruments made prior to July 3, 2016, and item 4.2.6 of the Rule Book, applicable at that time, in relation to the decision made in 2017.

The Disciplinary Committee also finds that Clavister has breached items 4.9 (a) and 4.2 (a) of the Rule Book, applicable at that time, by not providing Clavister’s shareholders, prior to resolutions on implementation of incentive programs, with adequate information on which to base their decision, that can be considered to meet the Rule Book’s qualitative disclosure requirements.

In view of the above breaches, the Disciplinary Committee also finds that Clavister’s organization and staffing for information disclosure has been inadequate during a long period. Clavister has not, therefore, on the dates of these breaches, complied with the requirements set out in item 2.2.4 of the Rule Book.

In summary, the Disciplinary Committee finds that Clavister has breached the applicable Rule Book on several respects. That the Company has voluntarily attempted to resolve these breaches and prioritized the information disclosure through various measures is positive, but cannot discharge the Company from responsibility for the shortcomings that have taken place. The Disciplinary Committee takes a very serious view of the Company’s breaches and imposes a fine corresponding to six annual fees.

A detailed description of the matter and the Disciplinary Committee’s decision are available at:

Please see the attached document for a Swedish version of the decision. An English version will be available via the above link within short.

For further information about this exchange notice please Issuer Surveillance, telephone +46 8 405 60 00, or .

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