Oslo Børs imposes violation charge on SoftOx Solutions AS

18 Sep 2023 16:30 CEST

On 18 September 2023, the Oslo Stock Exchange resolved to impose a violation
charge on SoftOx Solutions AS of NOK 300,000 for breach of the duty to disclose
inside information. The Oslo Stock Exchange has passed the following resolution:


“For breach of the duty to disclose inside information, a violation charge of
NOK 300,000 is imposed on SoftOx Solutions AS, cf. MAR article 17 no. 1, cf. the
Euronext Growth Oslo Rule Book Part II section 3.9.1, and cf. the Securities
Trading Act section 21-1 (5), cf. section 19-1 (3), cf. the Securities Trading
Regulation section 17-1.”

A brief summary of the case:

After close of trading hours on 15 February 2023, SoftOx Solutions AS announced
that the company had liquidity issues. It is the Oslo Stock Exchange’s opinion
that the liquidity issues constituted inside information on 10 February 2023,
that the conditions for delayed disclosure were not met, and that the inside
information was not timely published. Approximately five days passed, including
three trading days, from the time inside information arose pursuant to the Oslo
Stock Exchange’s assessment and until the matter was published. In the Oslo
Stock Exchange’s opinion, the company did not make a timely assessment as to
whether inside information was present, and the company’s assessment of whether
the conditions for delayed disclosure were met were incorrect. The relatively
short duration of the breach and the company’s limited financial strength are
mitigating circumstances. Based on an overall assessment, the Oslo Stock
Exchange has decided that the violation charge shall be NOK 300,000, which under
the Oslo Stock Exchange’s previous rules on violation charge would approximately
constitute two times the company’s annual listing fee.

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