Good hyperlink platform Linkfire is delisting itself from Sweden’s Nasdaq amid a broader shakeup amongst its senior administration group. Right here’s the newest.
The Copenhagen-based platform introduced it can disappear from the Nasdaq First North Premier Development market in January 2024, returning to personal possession. Current traders will hold their stake for the brand new shareholder settlement. Co-Founder & CEO Lars Ettrup is stepping down from his position into an advisory one. In the meantime, Tobias Demuth, Linkfire’s CFO will step down by February 2024.
Linkfire’s new CEO efficient January 1, 2024 is Jeppe Faurfelt, a co-founder and present Chief Business Officer for the platform. Ettrup wrote about his determination to depart the corporate he helped discovered on LinkedIn, calling it a “no-drama determination” and that when Linkfire is in non-public palms, his work as CEO is finished.
“This alteration is a pure step in Linkfire’s journey in direction of turning into a financially self-sustainable firm with a good give attention to price and a lighter organizational construction while nonetheless pursuing alternatives for development,” the assertion reads.
“The deliberate delisting from First North Premier Development Market, now authorized by Nasdaq, moreover helps a lighter administration setup.”
“Jeppe Faurfelt has performed a pivotal position in overseeing industrial technique, operations, and shaping the client-facing group to drive sustained trade relationships. His management has been instrumental in driving general enterprise development with a worldwide perspective, drawing upon his intensive expertise within the U.S. market. Based mostly on New York from 2016 to 2021, Faurfelt has efficiently contributed to the enlargement and success of the corporate. The Board of Administrators is assured in Jeppe Faurfelt’s abillity to information the corporate into its subsequent part after the delisting.”
Linkfire introduced a brand new 30-month debt finance facility of €5 million with annual curiosity of 17% from shareholder Meng Ru Kuok. Kuok is CEO and founding father of Caldecott Music Group. The inventory was listed on Sweden’s Nasdaq alternate in June 2021 valued at €64 million. However within the two years since then, its share worth has declined sharply.