Karo Pharma intends to change listing venue to Nasdaq First North Growth Market during the first half of 2022
HUDDINGE, Sweden, Dec. 15, 2021 /PRNewswire/ -- The board of directors of Karo Pharma Aktiebolag (publ) (the "Company" or "Karo") has resolved to initiate a process to have the Company's shares listed on Nasdaq First North Growth Market and delisted from Nasdaq Stockholm (the "First North Listing"). The First North Listing is expected to be completed during the first half of 2022, in connection with the rights issue intended to repay the bridge loan facility provided to finance the acquisition of Sylphar International NV announced on 22 November 2021.
Karo is on a journey to build a pan-European consumer healthcare company. The ongoing administration, governance and reporting requirements would be simplified (including semi-annual financial reporting), with a consequential reduction in the costs and use of managerial resources associated with having the Company's shares listed on Nasdaq Stockholm. Furthermore, the liquidity in the Company's share has been low since the completion of the tender offer from its largest shareholder, Karo Intressenter AB, in January 2019, which currently holds approximatively 80 percent of the shares and votes in the Company.
The board of directors therefore believes that Nasdaq First North Growth Market, with its more suitable regulatory environment and lower cost of complying with continuing obligations, is a more appropriate listing venue for the Company given its strategy and shareholder base.
Further information on the First North Listing is expected to be provided no later than in connection with a potential resolution by the board of directors of the Company to submit a formal application to have its shares delisted from Nasdaq Stockholm, during the first half of 2022.
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About Karo Pharma
Karo Pharma delivers smart choices for everyday healthcare. We own and commercialize branded, original over-the-counter products and prescription medicines. Our products are available in more than 60 countries, with Europe and the Nordic region as our core markets. Karo Pharma is headquartered in Stockholm, Sweden and listed on Nasdaq Stockholm Mid Cap.
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The following files are available for download:
Press release (PDF)
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