Smart link platform Linkfire is delisting itself from Sweden’s Nasdaq amid a broader shakeup among its senior management team. Here’s the latest.
The Copenhagen-based platform announced it will disappear from the Nasdaq First North Premier Growth market in January 2024, returning to private ownership. Existing investors will keep their stake for the new shareholder agreement. Co-Founder & CEO Lars Ettrup is stepping down from his role into an advisory one. Meanwhile, Tobias Demuth, Linkfire’s CFO will step down by February 2024.
Linkfire’s new CEO effective January 1, 2024 is Jeppe Faurfelt, a co-founder and current Chief Commercial Officer for the platform. Ettrup wrote about his decision to leave the company he helped found on LinkedIn, calling it a “no-drama decision” and that once Linkfire is in private hands, his work as CEO is done.
“This change is a natural step in Linkfire’s journey towards becoming a financially self-sustainable company with a tight focus on cost and a lighter organizational structure whilst still pursuing opportunities for growth,” the statement reads.
“The planned delisting from First North Premier Growth Market, now approved by Nasdaq, furthermore supports a lighter management setup.”
“Jeppe Faurfelt has played a pivotal role in overseeing commercial strategy, operations, and shaping the client-facing organization to drive sustained industry relationships. His leadership has been instrumental in driving overall business growth with a global perspective, drawing upon his extensive experience in the U.S. market. Based on New York from 2016 to 2021, Faurfelt has successfully contributed to the expansion and success of the company. The Board of Directors is confident in Jeppe Faurfelt’s abillity to guide the company into its next phase after the delisting.”
Linkfire announced a new 30-month debt finance facility of €5 million with annual interest of 17% from shareholder Meng Ru Kuok. Kuok is CEO and founder of Caldecott Music Group. The stock was listed on Sweden’s Nasdaq exchange in June 2021 valued at €64 million. But in the two years since then, its share price has declined sharply.
