Tessin Nordic AB (publ) executes listing in Nasdaq First North Growth Market through reverse takeover

Stockholm, Sweden– Tessin Nordic AB (publ) – is announcing that it intends to execute a listing on Nasdaq First North Growth market through a reverse takeover. This will be accomplished through an agreement between Effnetplattformen (Nasdaq: EFFP) and the majority shareholders in Tessin, including the two largest, Stronghold Invest AB and NFT Ventures 1 KB. All current and additional shareholders will also be invited to join the reverse takeover on the same terms as the majority shareholders.

The takeover of Tessin by Effnetplattformen, with a simultaneous change of name and transfer of business, is conditional upon Nasdaq Stockholm’s approval of Tessin for continued listing, following a relisting process.

“The transaction with Effnetplattformen offers a package solution. In addition to the market listing, significant expansion of the shareholder base and a capital injection of SEK 10 million, Tessin will generate substantial interest in the company through the transaction”, says Jonas Björkman, CEO and co-founder of Tessin Nordic AB.

“Effnetplattformen has a strong history of several successful reverse takeovers in the real estate sector, where they previously identified growth rockets like SBB – Samhällsbyggnadsbolaget, Sagax and Stendörren.”

Tessin has been preparing the company for a traditional listing process since the autumn of 2020 but has in recent months identified greater advantages to a listing via reverse takeover.

Some of the key arguments in favour of the decision by Tessin’s major shareholders and the board of directors to list the company through a reverse takeover are that the listing process is cost and time efficient and that the addition of some 3,500 shareholders in Effnetplattformen will assure good liquidity and provide a solid base for future capital raises.

Effnetplattformen – an experienced and reputable partner

The management of Effnetplattformen has successfully executed previous listing processes for SBB – Samhällsbyggnadsbolaget, Sagax and Stendörren through reverse takeovers. Going forward, Tessin will be able to benefit from Effnetplattformen’s significant networks in the finance and real estate sectors.

“Through the listing process, Tessin will achieve its goal of operating in a listed environment considerably faster, enabling us to create value for our current shareholders and the shareholders in Effnetplattformen that will be joining us. The objective of operating in a listed environment is to create the conditions for organic and acquired growth”, says Jonas Björkman.

“The market for alternative loan financing to property developers in Sweden and Europe is growing at speed and the goal is for Tessin to build further on our leading position in the Nordics to become a market leader in Europe.”

Key information

All current and future shareholders will be invited to participate the reverse takeover on the same terms as majority shareholders. Further information about the listing process, facts and the conditions applicable to all shareholders in Tessin is available in a press release from Effnetplattformen, which has been published online (in Swedish).

Preliminary timetable