Readly intends to change listing venue to Nasdaq First North Growth Market during the fourth quarter of 2023 and ceases with the publication of financial targets
The board of directors of Readly International AB (publ) ("Readly" or the "Company"), has resolved to initiate a process to have the Company's shares listed on Nasdaq First North Growth Market and delisted from Nasdaq Stockholm, which is expected to be carried out during the fourth quarter of 2023. The Company has also decided to cease with the publication of financial targets.
The board of directors believes that Nasdaq First North Growth Market would be a more suitable listing venue for the Company considering that the liquidity in the Company's share has been low since the completion of the public takeover offer from the Company's main shareholder Tidnings AB Marieberg in March 2023, and the now concentrated shareholder base. The board of directors assesses that a listing of the Company's shares on Nasdaq First North Growth Market would entail lower costs for compliance with ongoing obligations due to lower regulatory requirements and that the corporate governance and ongoing administration of the Company would be simplified. Tidnings AB Marieberg currently holds approximately 76.9 percent of the shares and votes in Readly.
The board of directors therefore considers that a change of listing venue from Nasdaq Stockholm to Nasdaq First North Growth Market would support the Company's continued development and profitability due to a more suitable regulatory environment and lowered costs for complying with ongoing obligations, as well as that such a listing is deemed more suitable for the Company's current shareholder base.
More information about the eventual change of listing venue to Nasdaq First North Growth Market is expected to be provided at the latest in connection with a potential resolution by the board of directors of the Company to submit a formal application to delist the Company's shares from Nasdaq Stockholm. In connection with the resolution to initiate a process for change of listing venue in accordance with the above, the Company has decided to cease with the publication of financial targets, and cease with audiocasts and telephone conferences in connection with publication of the financial reports (earnings calls).
For more information, please contact:
Linnéa Aguero, Head of PR & Communications
This information constitutes inside information that Readly International AB (publ) is obliged to publish in accordance with EU Market Abuse Regulation 596/2014. The information in this press release has been published by the above contact person, at the time specified by the Company's news distributor Cision at the time of publication of this press release.
Readly is the European category leader for digital magazines. The company offers a digital subscription service where customers have unlimited access to 7000 national and international magazines - all in one app and at a fixed monthly fee. Readly has subscribers in 50 countries and content available in 17 different languages. In collaboration with around 1,200 publishers worldwide, Readly is digitising the newspaper and magazine industry. In 2022, revenues amounted to SEK 592 million. The Readly share is listed on Nasdaq Stockholm. For more information, please visit https//corporate.readly.com.