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FME Europe AB no longer meets the requirements for trading on the alternative
marketplace First North. Accordingly, the Disciplinary Committee of the OMX
Nordic Exchange Stockholm has decided that the company's share is no longer to
be listed for trading on First North. The delisting applies with immediate
effect. This represents the first time that a company has been delisted from
First North involuntarily.
The FME Europe AB (formerly Fly Me Europe AB) share has been listed for trading
on the alternative marketplace First North, which is operated by the OMX Nordic
Exchange Stockholm. According to the regulatory framework for First North,
listing presupposes reasonable prospects for trading in the share in question.
Moreover, the company in question must have signed an agreement with a
Certified Adviser and have an organization and staff able to submit relevant
information about the company to the market.
The Disciplinary Committee finds that FME's only operational subsidiary has
been declared bankrupt and that FME itself is in the process of corporate
reorganization. The company currently lacks an agreement with a Certified
Adviser and its financial situation is extremely unclear. There is also some
uncertainty as to the company's ability to meet disclosure requirements. The
company's share has been suspended from trading for more than eight months and
it is unclear when conditions might prevail that would warrant rescinding the
suspension. Accordingly, the Exchange's Disciplinary Committee has decided that
the FME share will no longer be listed for trading on First North. The decision
applies with immediate effect.
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