Efecte Plc to Delist Shares from Nasdaq First North Growth Market Finland

The Board of Directors of Efecte Plc (“Efecte”) has resolved to apply for the delisting of its shares from the Nasdaq First North Growth Market Finland, operated by Nasdaq Helsinki Ltd (“First North”). This decision follows significant developments involving the majority shareholder, European 24 Bidco Oy (“European 24 Bidco”).

European 24 Bidco currently holds over 90 percent of all issued and outstanding shares and voting rights in Efecte. On April 12, 2024, European 24 Bidco initiated arbitration proceedings for the redemption of the remaining minority shares under Chapter 18 of the Finnish Companies Act. This legal process, aimed at acquiring all issued and outstanding shares of Efecte, became pending on May 14, 2024.

Today, Efecte’s Board of Directors has decided to formally request the termination of public trading in Efecte shares and their subsequent delisting from First North. The application to Nasdaq Helsinki specifies that the delisting should occur as soon as European 24 Bidco secures ownership of all Efecte shares through the ongoing redemption proceedings.

The delisting marks a significant transition for Efecte as it consolidates its shareholder structure under the ownership of European 24 Bidco. This move is expected to streamline operations and align with the strategic objectives set forth by the majority shareholder.

Stakeholders and investors are advised to follow further announcements regarding the exact timeline for the termination of trading and delisting process, which will be communicated once European 24 Bidco completes the acquisition of all shares.