Chordate Medical Holding AB (publ) (“Chordate” or “the Company”) application for delisting of the Company’s ordinary shares with ISIN SE0022726139 and preference shares with ISIN SE0023848619 has now been approved by Nasdaq. The last day of trading on Nasdaq First North Growth Market is 4 March 2026.
Following the general meeting of Chordate Medical Holding AB (publ) (“Chordate” or “the Company”) resolution to delist the Company’s shares and to liquidate the Company, the liquidator has decided to apply for delisting of the Company’s ordinary shares with ISIN SE0022726139 and preference shares with ISIN SE0023848619 from Nasdaq First North Growth Market.
The extraordinary general meeting of the Company decided on December 8, 2025, on delisting and liquidation. In light of this, the liquidator for the Company, attorney Lars-Olof Svensson, has decided to apply for delisting of all of the Company's shares from Nasdaq First North Growth Market. The last day of trading in the Company's shares on Nasdaq First North Growth Market will be announced as soon as Chordate has received notification of this from Nasdaq.
The general meeting of Chordate Medical Holding AB (publ) (“Chordate” or “the Company”) resolved at an extraordinary general meeting on 8 December 2025, among other things, to delist the Company’s shares. The Company is now announcing an updated timetable for the delisting.
Delisting
In a press release dated 18 November 2025, the Board of Directors of the Company announced its proposal that the general meeting should resolve to delist the Company's shares from Nasdaq First North Growth Market (“the Marketplace”) in accordance with II.1. B) of the Rules on delisting of shares at the issuer's initiative issued by the Swedish Stock Market Self-Regulation Committee (Sw. Aktiemarknadens självregleringskommitté, ASK). On 8 December 2025, the general meeting resolved on delisting in accordance with the board's proposal. A preliminary timetable for the delisting was provided in the press release.
The company now announces, with adjustments to the preliminary timetable, an updated timetable for the delisting.
Updated timetable for the delisting
18 February 2026: Application for delisting submitted to the Marketplace.
February 2026: The Marketplace approves the delisting and announces the last day of trading. The company publishes a press release announcing the last day of trading.
March 2026: Last day of trading in the company's shares on the Marketplace, tentatively two weeks after the Marketplace has decided on the delisting.
Chordate Medical hereby announces that the company has terminated the agreement with Lago Kapital regarding the assignment as liquidity provider for the common share CMH.
The purpose of the liquidity provider has been to promote the liquidity of the company's common share, reduce volatility and facilitate trading. Chordate Medical assesses that the trading and liquidity in the share over time has been on an acceptable level and that the benefit of the liquidity provider is limited.
The last trading day on which the liquidity guarantee is in effect is 2026-01-15.
At the Extraordinary General Meeting of Chordate Medical Holding AB (publ), held on December 8, 2025, the following resolution was passed. All resolutions were adopted in accordance with the proposals previously made public in the notice to attend the meeting.
Resolution on liquidation
The General Meeting resolved, in accordance with the Board of Directors’ proposal, that the Company shall enter into voluntary liquidation pursuant to Chapter 25, Section 3 of the Swedish Companies Act.
Attorney Lars-Olof Svensson, CMS Wistrand Advokatbyrå, was appointed liquidator.
The liquidation will enter into force when the Swedish Companies Registration Office has formally appointed the liquidator.
Resolution on delisting from Nasdaq First North Growth Market
The General Meeting resolved, in accordance with the Board of Directors’ proposal, that the shares of Chordate Medical Holding AB (publ) shall be delisted from Nasdaq First North Growth Market pursuant to item II.1.B of the Rules on Delisting at the Initiative of the Issuer issued by the Swedish Securities Council’s Self-Regulation Committee.
It was noted that the resolution on delisting was supported by shareholders representing all (100 per cent) of both the votes cast and the shares represented at the General Meeting.
The shareholders in Chordate Medical Holding AB (publ), 556962-6319, are hereby given notice of the extraordinary general meeting to be held on Monday, 8 December 2025, at 15:00 at the company’s premises, Kista Science Tower, floor 31, Färögatan 33 in Kista, Sweden.
Registration and notification
Shareholders who wish to participate at the general meeting must
For shareholders who have their shares registered through a bank or other nominee, the following applies in order to be entitled to participate in the general meeting. In addition to giving notice of participation to the general meeting, such shareholder must re-register its shares in its own name so that the shareholder is registered in the share register kept by Euroclear Sweden AB as of the record date on 28 November 2025. Such registration may be temporary (so-called voting rights registration). Shareholders who wish to register their shares in their own names must, in accordance with the respective nominee´s routines, request that the nominee makes such registration. Voting rights registration that have been requested by the shareholder at such time that the registration has been completed by the nominee no later than on 2 December 2025, will be taken into account in the preparation of the share register.
Power of attorney
If a shareholder wishes to attend the general meeting by proxy, a written and dated power of attorney signed by the shareholder in original copy must be brought to the meeting or, to facilitate registration, be sent by post to Chordate Medical Holding AB (publ), Kista Science Tower, floor 31, Färögatan 33, 164 51 Kista, Sweden. A proxy form is available on the company's website www.chordate.com. If the shareholder is a legal person, a certificate of registration or other authorization document must be attached to the form.
Agenda for the general meeting
Proposed resolutions
Item 7 – Resolution on liquidation
The board of directors proposes that the general meeting adopt a resolution that Chordate Medical Holding AB (publ) enter into voluntary liquidation pursuant to Chapter 25, section 3 of the Swedish Companies Act.
In its continuous evaluation of the company's operations and financial position, including but not limited to investigating the possibilities to find an international buyer of the company’s business operations, the Board of Directors has concluded that there is no longer a sufficient basis for the continuation of the operations up until a successful exit. This conclusion is in particular taking into consideration the current level of working capital and that the Board of Directors foresee no realistic assumptions for the company to carry out such additional capital increase as would be necessary to continue the operations pending a successful exit.
It is the board of directors’ opinion that an orderly winding up of the business through voluntary liquidation is the best way to ensure that as much of the company's remaining value as possible can be distributed to the shareholders.
Lars-Olof Svensson, lawyer at CMS Wistrand law firm is proposed as liquidator.
It is proposed that the resolution shall have effect as from the date on which the Swedish Companies Registration Office appoints a liquidator.
It is estimated that the distribution of assets will take place upon the expiry of the period of notice to unknown creditors or, at the latest, in connection with the presentation of the liquidator's final report.
It is currently not possible to determine the amount which will be distributed in the liquidation.
In the Board of Directors’ opinion, there is no alternative to liquidation.
Item 8 – Resolution on delisting
The board of directors proposes that the general meeting adopt a resolution that Chordate Medical Holding AB (publ)’s shares be delisted from Nasdaq First North Growth Market in accordance with II.1.B) of the Rules on delisting of shares at the issuer's initiative issued by the Swedish Securities Council's Self-Regulatory Committee (ASK).
A decision on delisting is valid if it has been supported by shareholders representing at least nine-tenths (9/10) of both the votes cast and the shares represented at the general meeting and, if there is a shareholder who, together with related parties, controls at least three-tenths (3/10) of the votes in the company, that a majority of all other votes in the company do not vote against the proposal.
As previously mentioned, the board of directors of the Company has concluded that there are no longer sufficient conditions for continuing operations. Listing the Company's shares entails high demands on disclosure, financial reporting and regulatory compliance, which is both time-consuming and costly. In the Board's opinion, these costs are not reasonably proportionate to the benefits, either for the Company or for the shareholders, in connection with a liquidation process. Provided that the Company's general meeting decides on voluntary liquidation, the board considers that it is no longer financially justifiable for the Company's shares to remain listed for trading.
An application to the Marketplace for delisting may be made no earlier than three (3) months after the market has been informed of the delisting plans.
Preliminary timetable for delisting
8 December 2025: Extraordinary general meeting to decide on delisting.
Mid-March 2026: Application for delisting submitted to the marketplace, no earlier than three months from today's date.
March/April 2026: The marketplace approves delisting and announces the last day of trading. The Company publishes a press release regarding the last day of trading.
April/May 2026: Last day of trading in the Company's shares on the marketplace, tentatively two weeks after the marketplace has decided on delisting.
Miscellaneous
The board of directors and the CEO shall, if any shareholder so requests and the board of directors considers that it can be done without material harm to the company, provide information on matters that may affect the assessment of an item on the agenda and conditions that may affect the assessment of the company’s financial situation.
Documents according to Chapter 25, section 4 of the Swedish Companies Act will be available at the company’s website, www.chordate.com, no later than two weeks prior to the general meeting. Copies of such documentation will be sent to shareholders who so requests and provides their address.
For the processing of personal data, please refer to the privacy policy available at the following link: https://www.euroclear.com/dam/ESw/Legal/Privacy-notice-bolagsstammor-engelska.pdf
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Chordate Medical Holding AB (publ)
the board of directors
The board of Chordate Medical Holding AB (publ) (“Chordate” or the “Company”) has today decided to propose that an extraordinary general meeting be held to adopt resolutions on a voluntary liquidation and delisting of the Company. A notice to the extraordinary general meeting will be publicly disclosed via a separate press release.
Liquidation
The Board of Directors of the Company has decided to propose that the extraordinary general meeting resolve that the Company shall enter into voluntary liquidation pursuant to Chapter 25, Section 3 of the Swedish Companies Act.
A resolution on liquidation is valid if it has been supported by shareholders with more than half of the votes cast at the general meeting.
Delisting
The Board of Directors of the Company has decided to propose that the extraordinary general meeting resolve to delist the Company's shares from Nasdaq First North Growth Market (the ‘Marketplace’) in accordance with II.1.B) of the Rules on delisting of shares at the issuer's initiative issued by the Swedish Securities Council's Self-Regulatory Committee (ASK).
A decision on delisting is valid if it has been supported by shareholders representing at least nine-tenths (9/10) of both the votes cast and the shares represented at the general meeting and, if there is a shareholder who, together with related parties, controls at least three-tenths (3/10) of the votes in the company, that a majority of all other votes in the company do not vote against the proposal.
Background and Motivation
In its continuous evaluation of the Company's operations and financial position, including but not limited to investigating the possibilities of finding an international buyer of the Company’s business operations, the board of directors has concluded that there is no longer a sufficient basis for the continuation of the operations up until a successful exit. This conclusion is in particular taking into consideration the current level of working capital and that the board of directors foresee no realistic assumptions for the company to carry out such additional capital increase as it would be necessary to continue the operations pending a successful exit.
It is the board of directors’ opinion that an orderly winding up of the business through voluntary liquidation is the best way to ensure that as much of the company's remaining value as possible can be distributed to the shareholders.
As previously mentioned, the board of directors of the Company has concluded that there are no longer sufficient conditions for continuing operations. Listing the Company's shares entails high demands on disclosure, financial reporting and regulatory compliance, which is both time-consuming and costly. In the Board's opinion, these costs are not reasonably proportionate to the benefits, either for the Company or for the shareholders, in connection with a liquidation process. Provided that the Company's general meeting decides on voluntary liquidation, the board considers that it is no longer financially justifiable for the Company's shares to remain listed for trading.
An application to the Marketplace for delisting may be made no earlier than three (3) months after the market has been informed of the delisting plans.
Preliminary timetable for delisting
8 December 2025: Extraordinary general meeting to decide on delisting.
Mid-March 2026: Application for delisting submitted to the Marketplace, no earlier than three months from today's date.
March/April 2026: The Marketplace approves delisting and announces the last day of trading. The Company publishes a press release regarding the last day of trading.
April/May 2026: Last day of trading in the Company's shares on the Marketplace, tentatively two weeks after the Marketplace has decided on delisting.
Extraordinary General Meeting
The board will issue a separate press release convening an extraordinary general meeting to decide on liquidation and delisting.
Chordate Medical Holding AB (Publ.) (the “Company”) has adopted a cost reduction program that includes focusing activities on the continued ambition to sell the Company. Together with the recently completed directed share issue of approximately SEK 2.55 million, the intention is to give the exit process as much time as possible.
The Board of Directors’ strategic decision means that, while maintaining the service level towards customers and upholding regulatory approvals and production capacity, all operations will focus on what is deemed necessary to directly support the exit process.
“Maximum transparency towards the market and other stakeholders, to provide a fair view of the Company’s operations, is a fundamental principle. The measures we present here may not individually represent radical changes – but the combined effect will be significant. The Company’s clear ambition to fully focus on the exit process with a new cost structure needs to be clearly communicated,” says Anders Weilandt, CEO of Chordate.
The measures taken and decided upon will have a gradual effect on the cost structure from mid-year until the end of September, after which ongoing monthly costs are estimated to decrease by about 60 percent compared to the average in the first half of 2025. The main cost items affected are presented below:
The recently announced closure of study PM010, following success in the long-term follow-up of the Ozilia treatment for chronic migraine, is expected to reduce operational costs by an average of SEK 300 thousand per month from September 2025.
As the distributor Narro Medical in Saudi Arabia is considered to have reached an acceptable activity level in the market, the Company’s own marketing resource for the Middle East will be phased out. Likewise, market introductions in Germany and Switzerland have been concluded. Together, this is estimated to reduce ongoing marketing costs by approximately SEK 150 thousand per month on average.
All operations will thus be fully focused on the exit process, maintaining regulatory status, and servicing the Company’s customers, which means that personnel-related and other operational costs can be reduced by an average of approximately SEK 700 thousand per month.
Furthermore, the Company will switch to semi-annual reporting for cost-saving reasons, which means that the upcoming Q2 2025 financial report will be the last quarterly report. In addition, financial reports will only be published in Swedish. For information purposes, a financial summary will be available on the Company’s English-language website.
Since this Post Market Surveillance study is open-label (uncontrolled), it is possible – and the sponsor’s responsibility – to actively monitor study data during the ongoing trial. It is both scientifically and regulatorily permissible to summarize efficacy and safety data.
“It is highly gratifying that all key efficacy endpoints defined in the study design have been met with statistical significance, and that the long-term follow-up confirms the preventive effect of the Ozilia treatment. This means we will close the study in August,” says Anders Weilandt, CEO of Chordate.
“Although additional data and further analyses will be performed ahead of a forthcoming full publication, this selection of results provides a clear indication of reduced medication intake and annual need for Ozilia treatment as long-term effects. The overall outcome strongly reinforces our ongoing efforts to sell the company.”
As approximately half of the study population had been recruited, a statistical monitoring analysis was conducted on the data collected. The purpose of this monitoring was to assess whether the data – focusing on a selection of efficacy outcomes recorded from the start of patient inclusion until May 26, 2025 – would be sufficient to meet the study objectives.
Parts of the preliminary analysis, as reported by the study statistician and pending full analysis and publication of all data, are summarized below:
At the Extraordinary General Meeting of Chordate Medical Holding AB (publ), held on 17 July 2025, the following resolution was passed. All resolutions were adopted in accordance with the proposals previously made public in the notice to attend the meeting.
Approval of the Board of Directors’ resolution on a directed share issue
The General Meeting resolved, with the required majority in accordance with Chapter 16 of the Swedish Companies Act (commonly referred to as the “Leo rules”), to approve the Board of Directors’ resolution from 30 June 2025 on a directed issue of not more than 637,500 preference shares. The share issue entails an increase in the company’s share capital of up to SEK 2,550,000.
The new shares shall be subscribed for by Sifonen AB, Tommy Hedberg and related parties, and Caroline Brandberg and related parties. The subscription price was set at SEK 4.00 per share, which represents a premium compared to both the closing price on the day of the Board’s resolution and the volume-weighted average price (VWAP) over the 20 trading days preceding 30 June 2025.
The purpose of the share issue is to strengthen the company’s financial flexibility in line with its overall strategic plan.
