FAQ: Intellego Technologies
– FAQ regarding recent events and trading halt.
Why was the CEO of Intellego arrested and trading in the stock halted?
On November 18th, Claes Lindahl was arrested on request of the Swedish Economic Crime Authority. The same day, Nasdaq decided to halt trading of the Intellego share on First North Growth Market.
Link: https://www.ekobrottsmyndigheten.se/en-person-begars-haktad-for-grovt-svindleri/
What action is the Board taking?
The Board’s priority is to secure shareholder value. The Board is in constant dialogue with the company’s employees and partners to secure all business obligations and key customer relations. The Board objective is for the Company to meet all requirements so that trading in the Company’s shares can be resumed.
The Board has taken numerous actions, addressing both the acute situation and longer term perspectives. The most important are:
- to remove Claes Lindahl as CEO, appoint Board member Jacob Laurin as acting CEO, and initiated a new CEO search and file a police report on Claes Lindahl to The Swedish Economic Crime Authority.
- to engage with the KPMG Forensic unit to initiate an independent forensic investigation of the Company’s affairs, using questions received from NASDAQ as the foundation. A press briefing will be held on January 30th in Stockholm.
- to initiate the process of recovering repayment from Claes Lindahl of the bonus that was paid on November 11 and 12, 2025.
- to call for an extra general meeting of shareholders to be held on 23 February 2026 in Stockholm.
- to provide assurances and information to the Company’s key customers, and ask them to participate in ongoing investigations if requested – the purpose has been to preserve valuable customer relationships and lay the groundwork for continued collaboration.
- to conduct a comprehensive review of the company’s business strategy, guided by a focus on core operations, cost control, organizational structure and management functions. The review is looking at achieving sales growth in all markets of our core dosimeter products while developing new offerings in collaboration with other UV disinfection industry actors. The Board plans to present a business overview and outlook for 2026 with the full year report on the 20th of February 2026.
- to assess our subsidiary Daro and its future in the Intellego group and ways to grow its business beyond the UK and into new areas of UV technology.
- to review our UV equipment business to get a better understanding of its strategic value and how best to take it forward.
Link: https://intellego-technologies.com/mfn_news/update-from-intellego/
What is KPMG investigating, and why?
KPMG is carrying out an independent forensic investigation into all Company activities that could be the basis for the allegations made by the Swedish Economic Crime Authority (“EBM”). The starting point for the investigation is the questions received from NASDAQ on 21 November. Although the investigation is paid for by the Company, the Company has assured KPMG of the independence of their investigation and that their conclusions will be made public. A press briefing will be held on January 30th in Stockholm.
We have asked KPMG to extend their investigation to go back to 2024 and earlier. This extended scope of investigation will not be reported on January 30 but will come at a later date. The report from KPMG on January 30 will deal with transactions in 2025 only.
What happens now?
Our focus is on completing the various investigations that are now underway, on facilitating KPMG’s report on January 30, and on restating our accounts for February 20. In parallel, we are also focused on the company’s business going forward. We are speaking with all our stakeholders to protect, secure and preserve our business and assets to ensure our ability to continue the business and ultimately return value to shareholders. We are conducting strategic reviews of all our business areas with a view to preparing and presenting a business case for Intellego’s future.
When is trading in the Intellego Stock expected to be resumed?
Nasdaq is currently in the process of deciding whether to refer the matter to its Disciplinary Committee. In the interest of shareholders, the Board has requested that Nasdaq suspend trading in Intellego shares until further notice. It is the view of the company’s Board that, until we have all the information that enables us to restate our accounts with a degree of certainty and finality, it would not be appropriate for trading in our shares to resume on NASDAQ First North.
We are conducting strategic reviews of all our business areas with a view to preparing and presenting a business case for Intellego’s future. It is primarily this business case that will determine whether trading can resume and whether the company can remain listed on NASDAQ First North. The Board is of the view that if the company is to remain listed and trading is to resume it cannot occur before the end of February
The Board is also analyzing options if the shares are delisted from Nasdaq.
Länk: https://www.fi.se/sv/publicerat/nyheter/2025/fi-beslutar-att-handelsstoppet-i-intellego-ska-kvarsta/
Is there a viable business in Intellego?
It is the firm view of the Board that Intellego has a viable business that can deliver significant value to shareholders. The Board intends to provide business overview and outlook with the full year report for 2025, February 20th.
We have held discussions with customers and other market participants who confirm that in their view, Intellego’s technology and products are market-leading and have the potential to dominate the emergent UV disinfection sector in healthcare. Several of these customers look to Intellego for leadership in this specialized niche market.
How is Intellego affected by HAI Solutions’ FDA approval for QIKcap?
QIKCAP is based on HAI Solutions’ patented technology, in which Intellego’s photochromic indicator technology constitutes an integrated and essential part of the now approved product. Intellego holds an ownership interest of approximately 10.5 percent in HAIS and, in addition, has exclusive rights to sell QIKCAP in the Chinese market. Intellego is also entitled to license revenues from global sales of the product.
For Intellego, the sale of QIKcap means two possible revenue streams:
- License revenue from HAIS. QIKcap is based on Intellego’s photochromic indicator technology. HAI pays us license revenue for using that technology
- Sales revenue from China. Intellego has exclusive rights to sell QIKcap in the Chinese market. With the FDA decision, the possibilities for a rapid approval in China also increase.
Intellego owns approximately 10.5 percent of the shares in HAIS.
Will the composition of the Board change?
The shareholders in Intellego Technologies are convened to an extraordinary general meeting to be held on 23 February 2026. According to the notice, it is proposed that the Board of directors shall consist of four ordinary Board members.
Shareholders are encouraged to bring their suggestions to the Nomination Committee as soon as possible.
Proposals for Board members as well as proposals for the chair of the Board of directors will be presented before or at the extraordinary general meeting.
The current Board members Greg Batcheller (chair) and Jacob Laurin (acting CEO) are available for reelection.
What is the company’s current cash position?
The company’s total cash on hand as at January 15 amounted to approx. SEK 46 million, excluding funds that are frozen.
Is Intellego able to meet its financial obligations?
Based on what we know, our view is that Intellego’s financial position is stable. At this time, we are evaluating our anticipated cash flow from operations to get an accurate view of future cash receipts. This evaluation also covers previously recognized revenues to determine, in the light of the evidence now coming to light, whether our financial statements need to be restated or write-downs instituted. Audited financial statements for 2025 and a business overview and outlook for 2026 will be presented on the 20th of February 2026.
When will restated financial statements be presented?
The Board plans to present revised financial reports no later than in connection with the year-end report on 20 February 2026.
Ekobrottsmyndigheten has notified one Board member of suspicion of aggravated market manipulation and aggravated fraud. Is the Board operational?
Yes. Johan Möllerström will, for the duration of the investigation, refrain from participating in decision-making as a member of the Board of Directors of Intellego. The Board will ensure that Intellego’s operations and corporate governance are maintained throughout the investigation period.
Why has the Intellego Board filed a police report on the former CEO?
The Board considers it a duty to report these suspicions to the authorities. The information we have gathered by talking to customers and bringing forth answers to the forensic investigation by KPMG raises concerns of potential serious crimes in connection with Intellego’s accounting.
Länk: https://intellego-technologies.com/mfn_news/intellego-files-a-police-report-on-former-ceo/
Why has SEK/EKN filed a police report?
It is evident that SEK/EKN have reason to believe that Intellego’s former CEO has acted fraudulently. Due to the confidentiality of the ongoing preliminary investigation, SEK and EKN have not provided further details on the matter.
Why does Deloitte intend to file a police report?
Deloitte says that as part of the ongoing audit for the financial year 2025, they have found suspicion of accounting fraud which the auditor is obliged to report to the prosecutor. The Board of Intellego welcomes the report from Deloitte, and the contributions it gives to the ongoing legal proceedings headed by Ekobrottsmyndigheten.