Tallinn Stock Exchange Refuses to Allow OA Coffee Shares to Trade | News

“If the shares of OA Coffee AS were admitted to trading, the above factors in their cumulative effect could harm investor interests and the reputation of First North and the stock exchange,” Papp told BNS.

Under the rules and regulations of the exchange, the Listing and Surveillance Committee has the right to refuse the admission to trading of an issuer’s financial instruments if, in the opinion of the committee, the financial position, market position, economic activity, management, reputation, future plans or other material circumstances materially harm the interests of investors or the reputation of First North or the stock exchange.

The committee’s decision was based on an analysis of the material provided by OA Coffee and its reporting practices to date.

In late November, OA Coffee AS announced an initial public offering (IPO) of shares, in which it aimed to increase from €495,000 to €544,500 by issuing up to 165,000 shares, which would then be listed on the First North alternative market.

Proceeds from the offering were intended to be used for the development and marketing of new functional and experience coffees, scaling up the sales and marketing activities of OA Coffee products, promoting and optimizing production, establishing a training class and showroom in the coffee roastery and the opening of an additional OA Coffee café.

OA Coffee AS is a company incorporated and incorporated in Estonia whose main activity is coffee roasting and the retail and wholesale of coffee beans.

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