Translation: Original comment published in Finnish on 3/5/2024 at 7:09 am EET.

NYAB announced on Monday that its board had approved a cross-border conversion plan concerning the transfer of the registered office of NYAB. At the same time, the company intends to transfer its listing to the First North Premier Sweden market in Stockholm and has applied for the delisting of its shares from the First North Finland market. The decision was expected given the company's previous statements and does not impact our view on the stock.

The decision was quite expected, but has no impact on our view

The company announced earlier in June that it was considering re-domiciling its parent company from Finland to Sweden and a potential simultaneous transfer of the listing or dual listing of its shares on Nasdaq Stockholm in Sweden (see our comment here). In turn, the company announced in the fall that it would continue to pursue its plans, as well as plans to focus its listing in Sweden (see our comments here). In light of the information provided earlier, the formal decision now taken was quite expected.

The transfer of the registered office is subject to the approval of an Extraordinary General Meeting to be held in late April or early May 2024. Similarly, the planned implementation date for the transfer of domicile is June 28, 2024 and trading in Sweden is planned to start on July 1, 2024, but the dates are still provisional at this stage. At this point, the change of domicile can be considered almost certain, as NYAB shareholders holding just under 89% of the shares have irrevocably agreed to support the proposed re-domiciliation. The detailed conditions, background and indicative timetable for the transfer of residence and listing can be found here. As far as we can tell, there have been no material changes to the plans or terms from the preliminary information provided in September, and the company has not yet made a final decision on a possible share issue in connection with the change of listing.

As noted above, the decision to change domicile and listing was fully expected and therefore has no immediate impact on our forecasts or view of the company.