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Wednesday, March 22, 2023

Swedish technology company Newton Nordic replaces the whole board

After an immediate gathering in Newton Nordic, the company discarded the entire board except Danjal Kanani. This means Emil Åkesson the Chairman of the Board and Felix Lehner will not be members of the board anymore. Jocke and Jonna Lundell are also leaving. Instead, Daniel Daboczy and Martin Roos will step up.

“More info will come, we will solve the problems that have existed”, writes Danjal Kanani in a text message late on Monday according to Breakit.

Martin Roos was formerly associated with Ericsson, Seamless, Clavister, and Nexam. As known by all, Daniel Daboczy was the founder and CEO of FundByMe for a long time until 2020. Now Daboczy mingles with a cryptocurrency project Influencio. According to his statement in the message to Breakit, it has nothing to do with this current situation.

“Influencio has nothing to do with Newton or any of our other projects. …I will ‘always’ work with Jocke and Jonna Lundell.” said Daniel Daboczy.

newton nordic

As a technology company headquartered in Linköping, Newton Nordic comes up with specialized products and provides support solutions to stabilize and control moving cameras in the international TV and film industry. Newton Nordic covers all in-house needs of research and development as well as manufacturing, sales, and support.

Formerly named Intuitive Aerial, the company is one of the foremost tech start-up clusters in Sweden. The company develops aerial rigs for cinema cameras. Stating that they were encouraged by the technological progress in aviation around the region, Newton Nordic is inspired by the unlimited camera movements in computer graphics.

Previously on Newton Nordic

The Swedish company is experiencing a Deja Vu apparently since they almost renewed the board after operating with significant losses a few months ago. The influencer couple took over Newton Nordic’s listing. Newton Nordic’s principal owner Capital Conquest was okay with the idea of entering the stock market via a reverse acquisition, under the leadership of the influencer trio. But the company itself adjudged that it was a poor decision.

newton nordic“Unfortunately, there are also no signs that the company’s current management has th

e ability to reverse the negative development unless major changes are implemented in the company,” says Glenn Renhult, CEO of Capital Conquest.

Back then, Capital Conquest had no expectation for them to reverse the current situation. Later, Nasdaq started an investigation and put a stop to trading in Newton Nordic. Because they found Newton’s statement inaccurate since the new board took office.

“Nasdaq Stockholm has, to the extent applicable, also decided to suspend the trading in all other instruments related to the issuer. Order books will be flushed. For further information concerning this Market Notice please contact Issuer Surveillance at Nasdaq Stockholm.” – stated in Nasdaq Stockholm AB First North Information.

The Deja-vu

“We will cooperate with Nasdaq in their investigation and at the same time strengthen our capacity for accurate information provision in accordance with the regulations to which we as a listed company are subject,” says Emil Åkesson, Chairman of Newton Nordic in the press release.

newton nordic

The company was cool with the investigation. Yet, it seems they, Capital Conquest and the influencers, were not fans of the board at that time. The board included Joakim and Jonna Lundell as well as Felix Lehner and Emil Åkesson besides the CEO Danjal Kanani. Today, the company is experiencing difficulties with the board again. The influencer couple is leaving Newton Nordic. This might mean their dethronement from First North.

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Nurcin Metingil
Nurcin Metingil
A permanent student, a passionate first reader and nowadays doing master’s degree in Publishing Management. Beside these, I am up for games! I have been playing games since I was 6. Now, I am whispering "Business. Business. Numbers. Is this working?"

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