BUSINESS

Cherry defers Nasdaq Stockholm listing

TAGs: cherry ab, ComeOn, Morten Klein, Nasdaq

Swedish online betting operator Cherry AB has temporarily deferred its plan for a Nasdaq Stockholm listing as it finalizes its integration with Malta-based sports betting operator ComeOn.

Cherry defers Nasdaq Stockholm listingThe company announced in a press statement that it’s moving its scheduled transition to the Nasdaq from AktieTorget to the end of summer this year. It assured investors that the listing remains a high priority of the firm.

“Due to the recently completed and significant acquisition of Come On Malta Ltd, and the work with finalizing the integration that has been ongoing since July 2016, Cherry has decided to postpone the application for uplisting to Nasdaq Stockholm until after the summer,” the company said. “The company is in a strong position in relation to the uplisting and the preparations continue with high priority. The decision allows the company to focus on finalizing the integration with ComeOn, and also the latest acquisition of the game development company Highlight Games that was communicated to the market last week.”

Last year, Cherry acquired ComeOn to boost its Nordic market presence. ComeOn holds licenses in Malta, the UK and Curacao, and operates brands including ComeOn.com, Mobilbet.com, CasinoStugan.com, folkeautomaten.com, Suomikasino.com, GetLucky.com and Kasyno.pl. The sites boasted a combined active customer list of over 133k as of December 2015.

Meanwhile, the company used its annual general meeting on Tuesday to announce that it has elected Morten Klein as the new chairman of its board of directors.

Cherry’s annual general meeting resolved to adopt the principles for appointment of a nomination committee, how members of the nomination committee are to be appointed and the tasks of the nomination committee.

It was also resolved that remuneration for board members for board and committee work shall total SEK 3,782,000 (US$431,877), of which SEK 2,532,000 ($289,136) (inclusive of social fees) to the chairman of the board of directors and SEK 250,000 ($28,548) each to the remaining board members.

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