At 7:30 am on Friday — just one and a half hours before trading should have started at Nasdaq First North Growth Market — Rocker ruffled feathers by pulling its listing. According to the company, the offer was oversubscribed the first day after the prospectus was published.

In a news release, Rocker founder and chairman Dennis Ahlsén tried to explain the extraordinary measure. “The listing is withdrawn because the board has decided that a private and secured round is the best for the company at the moment. It gives us the right conditions for continued growth,” he said.

“We believe that Rocker has all the opportunity to reach the goals and look forward to driving growth together within all areas; Rocker You, Rocker Pay and Rocker Buddy in both Sweden and the rest of Europe,” added Richard Sandenskog, investment manager at Schibsted.

Rocker has previously been criticized for being too green for trading on a public stock exchange. The listing would have given Rocker SEK 200 million in new capital ($24 million U.S.). Breakit, a start-up publication in Sweden, called the withdrawal a fiasco.

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