SPARK Technology A/S: Order to prepare a corrected annual report for the financial year 2023
21.2.2025 15:29:50 CET | SPARK Technology A/S | Company Announcement
Company Announcement No. 142

By decision of 18 February 2025, the Danish Business Authority issued an order to Spark Technology A/S under tvangsopløsning (in compulsory dissolution) to prepare a corrected annual report for the financial year 2023.

According to the Danish Business Authority, Spark Technology A/S under tvangsopløsning (in compulsory dissolution) has in the consolidated financial statements for 2023 recognised Kazang Zambia Limited as a subsidiary with an ownership interest of 60 per cent. However, according to the Danish Business Authority, Kazang Zambia Limited does not meet the definition of a subsidiary at the balance sheet date 31 December 2023, cf. Appendix 1, B of the Danish Financial Statements Act. The consolidation is therefore contrary to section 114 of the Danish Financial Statements Act.

In its decision, the Danish Business Authority emphasised, among other things, that Spark Technology A/S did not receive regulatory approval to take over 60% ownership until after the balance sheet date of 31 December 2023. Spark Technology A/S obtained the approvals in 2024.

Consequently, the Danish Business Authority has provided Spark Technology A/S under tvangsopløsning (in compulsory dissolution) with a deadline to prepare a corrected annual report for 2023 no later than 1 April 2025.

As a result of the order from the Danish Business Authority, Spark Technology A/S is still under compulsory dissolution.

Spark Technology A/S takes note of the decision from the Danish Business Authority. The liquidator is currently awaiting a plan from the elected (but not registered) management at the general meeting of 18 November 2024 in relation to the further process, including the plan to resume the company. Any shareholders with comments on this are encouraged to contact the liquidator’s office at attorney Bjarke Mogensen (DLA Piper Denmark), e-mail [email protected].

Certified Adviser

Company’s Certified Adviser is Baker Tilly Corporate Finance P/S (CVR-nr. 40073310), Poul Bundgaards Vej 1, 1., DK-2500 Valby, tlf. +45 3345 1000

For further Information, please contact:

Jens B. Glaso, former CEO SPARK Technology A/S. Phone +47 40 40 47 50, e-mail: [email protected]

SPARK Technology A/S

CVR nr.: 26518199

Njalsgade 76, 4.

2300 København S

Tel: +45 8830 000

https://sparktechnology.dk

About SPARK Technology A/S
In a world where 1.7 billion people are still unbanked, SPARK Technology has democratized access to financial markets by bridging the crypto sphere with traditional finance. By utilizing blockchain technology the company has created a robust real-time payment system in which everyone can manage their savings, payments, investments and loans in an honest, transparent and secure way through the SPENN App platform. Although SPARK Technology A/S is a purpose-driven company with our vision to empower people, we are also a commercial player that always strives to develop new services for our customers.

The SPENN app is an innovative and unique digital banking platform for the unbanked as well as the banked to be able to send and receive money completely cost-free, in markets where the cost of financial services is the highest in the world. SPENN is disrupting the existing mobile payment distribution channels. SPENN has launched new integrated services in the platform and expects to launch more crypto services going forward.

SPARK Technology is a technology provider to banks and governments based on a Software as a Service (SaaS) solution and has grown to become a key partner for their bank partners to drive deposits and to stay in front of innovation. SPARK Technology is helping governments regulate the unregulated utilizing new technology and visionary ideas which have ultimately solved the biggest issue within financial inclusion.

SPARK Technology A/S (under the name SPENN Technology) is listed on the Nasdaq First North Growth Market Denmark and on OTCQX in USA.

Ticker codes:

Europe – Nasdaq First North: SPENN

USA – OTCQX: SPNNF