The Financial Supervisory Authority of Norway has imposed an administrative fine of NOK 247,000 on EAM Solar AS for late financial reporting, concluding that the issuer breached the Securities Trading Act requirement to publish its 2024 annual report on time and in the required format. The annual report had to be disclosed no later than 30 April 2025 but was published via stock exchange announcement on 22 May 2025 and was not in European Single Electronic Format (ESEF). The authority found the delay was negligent despite the company’s explanations, including the transition away from services previously provided by Energeia AS, additional accounting complexity linked to two Italian court decisions in January 2025, and resources devoted to establishing internal management and pursuing relisting from Euronext Expand to Euronext Growth. The fine was set at NOK 247,000 by reference to the company’s 2025 annual listing fee, and the authority did not consider the firm’s market value and resources to justify a lower amount. EAM Solar AS may appeal within three weeks of receiving the decision; payment will be demanded after the appeal deadline expires or, if appealed, after the appeal is decided.
Norwegian Finanstilsynet 2025-09-15
Financial Supervisory Authority of Norway fines EAM Solar NOK 247,000 for late publication of its 2024 annual report
The Financial Supervisory Authority of Norway fined EAM Solar AS NOK 247,000 for late financial reporting, violating the Securities Trading Act. The 2024 annual report was published late and not in the required European Single Electronic Format. The authority deemed the delay negligent despite the company's explanations related to service transitions, accounting complexities, and relisting efforts.