Custos Maritime & Defence Industries Announces Exchange Transition ollowing Nasdaq Delisting; Reports Strong Operational Growth
RightBridge Ventures Group AB (the “Company”) announces that Nasdaq First North Growth Market has decided to delist the Company’s shares effective immediately, citing procedural requirements related to the Company’s recent reverse takeover transaction.
Background on Delisting Decision
Nasdaq has determined that the Company’s reverse takeover of Equity Maga Ltd. required a renewed review process under item 2.5.1 of the Nasdaq First North Growth Market Rulebook. The Company acknowledges that in prioritizing urgent financial stabilization and capital injection to protect shareholder value, it inadvertently did not complete this formal review process.
While disappointed by this outcome, the Company remains confident that the strategic actions taken have substantially strengthened its financial position and created a solid foundation for future growth.
Strategic Transformation and New Listing
The Extraordinary General Meeting held on 9 September 2024 approved the reverse takeover by Nebulite Holdings Ltd., marking a complete strategic realignment toward the maritime and defence sectors. The meeting also approved changing the Company’s name to Custos Maritime and Defence Industries AB (“Custos”), pending approval by Bolagsverket.
The Company is actively evaluating alternative listing venues and expects to announce its chosen exchange and timeline within the coming weeks.
Shareholder Commitment
To demonstrate management’s commitment to existing shareholders, the EGM approved a warrant programme granting ten warrants per share at a strike price of SEK 0.005, exercisable until 15 November 2025. This initiative reflects the board’s dedication to creating superior long-term value for all shareholders.
Strong Operational Performance
The Company is pleased to report continued strong performance across its portfolio:
Shipyard Operations: Our core shipyard investment is performing in line with, and in some areas ahead of, initial projections. Two significant unexpected repair and maintenance contracts secured this summer are contributing approximately 12-15% additional annual revenue. With vessels already at the yard, these contracts are expected to generate USD 2-3 million in additional EBITDA this year.
Dubai Acquisition: The planned acquisition of a Dubai-based offshore oil services company is nearing completion. Technical, legal, and financial due diligence has been finalized, and contract execution is underway. This transaction will be immediately accretive to earnings and is expected to add substantial market-adjusted equity value.
Pipeline Development: Management is actively evaluating several growth opportunities, including additional shipyards, marine manufacturing companies, and defence-related businesses, with the aim of adding further assets before year-end.
Looking Ahead
“While we regret the circumstances leading to the Nasdaq delisting, we remain focused on executing our strategy and delivering value to shareholders,” said [CEO Name], CEO of Custos Maritime & Defence Industries. “Our operational performance demonstrates the strength of our business model, and we are confident in our ability to secure an appropriate listing venue that supports our growth trajectory.”
A new corporate website is currently under development and will launch shortly to reflect the Company’s transformation and strategic direction.