Nasdaq Copenhagen welcomes Penneo A/S to Nasdaq First North Growth Market Denmark
Copenhagen June 2, 2020 – Nasdaq (Nasdaq: NDAQ) announces that trading in the Penneo A/S share (short name: PENNEO) starts today on Nasdaq First North Growth Market Denmark. Penneo belongs to the Technology sector and is the second company, which will be admitted to trading on Nasdaq Copenhagen in 2020 and is no. 17 on the Nasdaq Nordic market*.
Penneo A/S is a software-as-a-service (SaaS) company that was originally founded to help companies digitally sign documents. Penneo was founded by 6 Danish entrepreneurs with a shared ambition to reduce the hassle of having documents signed by replacing pen and paper with a digital alternative. This new digital "pen" (Pen-neo) was launched in 2014, when Penneo was officially established.
Penneo has developed a special software that makes it easy and quick for audit firms to have their clients sign, for example, financial statements with a so called NemID signature and digitize the entire underlying workflow. By the end of 2019, Penneo had over 1600 Scandinavian companies as customers. 17 of the 20 largest Danish audit houses are customers of the IT company, and more than 60 percent of the annual accounts of the Danish Business Authority in Denmark are signed with Penneos software today.
“As a company, we are overwhelmed by the high level of interest from risk-averse investors during the subscription period, which has resulted in us having to increase raising capital from DKK 35 to DKK 50 million in order for the small investors to join in as well. We see Nasdaq First North in Copenhagen as the right match for a listed company to ensure a highly targeted development of the company with a focus on new services for our customers, onboarding new customers, developing new markets, and internationalization," says Penneo's CEO Niels Henrik Rasmussen.
“We are proud to welcome Penneo to the Nasdaq First North Growth Market,” says Carsten Borring, Listing Manager at Nasdaq Copenhagen. "Penneo will make a significant contribution to our technology sector, and with admission to trading on First North, Penneo will secure important growth capital while acquiring many new ambassadors in the form of shareholders and investors who see a potential in the company and its technology."
Penneo A/S has appointed Grant Thornton as Certified Advisor.
* Main markets and Nasdaq First North Growth Market in Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Island and Nasdaq Stockholm
About Nasdaq First North Growth Market
Nasdaq First North Growth Market is a registered SME growth market, as defined by the Directive on Markets in Financial Instruments (EU 2014/65). It does not have the legal status as an EU-regulated market. Listed companies are subject to the rules of Nasdaq First North Growth Market and not the legal requirements for admission to trading on a regulated market, such as the Nasdaq Nordic Main Market. The risk in such an investment may be higher than on the main market.
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Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq Stockholm, Nasdaq Tallinn, Nasdaq Vilnius, and Nasdaq Clearing are respectively brand names for the regulated markets of Nasdaq Copenhagen A/S, Nasdaq Helsinki Ltd., Nasdaq Iceland hf., Nasdaq Riga, AS, Nasdaq Stockholm AB, Nasdaq Tallinn AS, AB Nasdaq Vilnius, and for the CCP Nasdaq Clearing AB. Nasdaq Nordic represents the common offering by Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq Baltic represents the common offering by Nasdaq Tallinn, Nasdaq Riga and Nasdaq Vilnius.
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