Spago Nanomedical (SPAGO) Status update summary

Delisting proposal

• Board resolved to apply for delisting from Nasdaq First North Growth Market, subject to EGM approval on 19 November 2026 and Nasdaq Stockholm approval; application planned no earlier than 25 January 2027, with last trading day expected in February 2027.

• Board sees an unlisted setting as better suited to attracting long-term specialist investors and financing Tumorad’s next development phase; listing costs would also cease.

• Specialist investors and advisers cited the listing as an investment obstacle; the Board expects delisting to improve financing prospects, but says it cannot guarantee funding.

• Alternatives assessed included recurring rights issues, private placements, loans and early out-licensing; the Board judged them insufficient for Phase IIa or less favourable on terms.

Tumorad clinical progress

• Tumorad-01 has established the maximum tolerated dose, one of the study’s primary endpoints; clear tumour uptake observed in head and neck cancers, including adenoid cystic carcinoma (ACC).

• 15 patients have been dosed; two more are being recruited at 15 MBq/kg to determine the recommended Phase II dose and complete the Phase I part of the trial.

• Planned Phase IIa study will focus on head and neck cancer, particularly ACC, which has few treatment options and significant unmet need; orphan drug designation is intended to be pursued.

• A June 2026 rights issue raised ~SEK 15 million before issue costs to fund Phase I completion, Phase IIa preparations and expanded business development.

Shareholder approval and timetable

• Major shareholders, directors and senior management, including Cidro Förvaltning AB and Peter Lindell and related parties, intend to vote in favour; together they hold ~65% of shares and votes and intend to remain involved after delisting.

• EGM approval requires at least nine-tenths of votes cast and shares represented; because a shareholder and related parties control at least 30% of votes, a majority of all other votes must also not oppose.

• Nasdaq Stockholm’s decision is expected in January 2027; the last trading day is expected roughly two weeks after approval and will be announced separately.