Autonomous Vehicle News
Autonomous vehicle developer Clevon is planning on initiating a delisting of its shares on the First North alternative market without taking over the shares of the company's minority shareholders, claiming this is the only way they can avoid ceasing operation altogether. Clevon, which first listed on First North, the Nasdaq Tallinn-operated multilateral trading facility (MTF), last June, announced earlier this year that it was planning on delisting and buying out its minority shareholders, citing the company's increased financial needs. If adopted, the company must then request the MTF delist the company's shares from trading, as well as have its request for termination of trading approved by the listing body of Nasdaq Tallinn. Since the announcement Monday morning, Clevon shares dropped sharply, from €0.93 per share at opening to just €0.42 by midday. During its IPO last June, the Estonian company's shares went for €1.87.