Global Games Factory X, the Swedish firm that promised $8 million USD to acquire The Pirate Bay, has watched its funding evaporate as the stock exchange it trades on moves to delist the firm.
The AktieTorget stock exchange has barred GGF from public trading for manipulating its stock by misleading the market and making anomalous finance statements.
“The alleged infringements have been serious,” wrote the AT exchange’s disciplinary panel. “[Global Games Factory X] gives the impression of a systematic lack of accountability and of an almost casual and unsuspecting approach to following the disclosure requirements.”
“In light of this, and when the Committee questions the company’s ability to provide information correctly, the Disciplinary Committee finds in an overall assessment that [GGF] should be excluded from trade.”
This proves to be a significant setback for The Pirate Bay as GGF’s chief exec Hans Pandeya vowed to cover the cost of the acquisition with his own stock, if necessary. With GGF off the AT exchange, the value of its stock has been swept away, and with it The Pirate Bay’s lone hope of repaying its $4 million punitive fine.
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