Canonical URL: https://giftcard.news/industry-deals/punktid-nasdaq-first-north-share-trading-termination-decision-2026/ --- description: The September 7 exchange decision sets October 7 as the last trading day. Punktid says its subsidiaries will continue serving customers and partners. title: Nasdaq Tallinn sets final trading date for gift-card retailer Punktid’s parent image: https://giftcard.news/images/social/v1/nasdaq-tallinn-sets-final-trading-date-gift-card-retailer-punktid-s-parent-1ec15232a9cc709298d3446ca7303e05.jpg --- 1. [Home](https://giftcard.news/) 2. [Industry Deals](https://giftcard.news/industry-deals/) # Nasdaq Tallinn sets final trading date for gift-card retailer Punktid’s parent The September 7 exchange decision sets October 7 as the last trading day. Punktid says its subsidiaries will continue serving customers and partners. By [Oliver Reed](https://giftcard.news/author/oliver-reed/) September 7, 2026 3 min read [ Google News ](https://google.com/preferences/source?q=giftcard.news&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fpunktid-nasdaq-first-north-share-trading-termination-decision-2026%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Nasdaq+Tallinn+sets+final+trading+date+for+gift-card+retailer+Punktid%E2%80%99s+parent&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fpunktid-nasdaq-first-north-share-trading-termination-decision-2026%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=Nasdaq+Tallinn+sets+final+trading+date+for+gift-card+retailer+Punktid%E2%80%99s+parent+https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fpunktid-nasdaq-first-north-share-trading-termination-decision-2026%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "WhatsApp") ![Nasdaq corporate logo](https://giftcard.news/images/variants/v1/nasdaq-tallinn-sets-final-trading-date-gift-card-retailer-punktid-s-parent-w800.webp) Nasdaq Tallinn operates the First North market covered by the September 7 trading-termination decision. Photo: Nasdaq Baltic [Nasdaq Tallinn](https://giftcard.news/organization/nasdaq-tallinn/) decided on September 7 to end trading in [Punktid Technologies AS](https://giftcard.news/organization/punktid-technologies-as/) shares on its First North market, setting October 7 as the final trading day. The Estonian holding company sits above businesses involved in retail and wholesale distribution of video games and gaming gift cards. [\[S01\]](#article-source-1) [\[S04\]](#article-source-4) Punktid said it did not oppose the decision and that its subsidiaries would continue operating as usual, with no resulting changes for customers or partners. The announcement concerns trading in the parent's shares; it does not announce a closure of the gift-card businesses or suspension of redemption. [\[S02\]](#article-source-2) ## Exchange decision follows an earlier exit plan Nasdaq's notice cites the First North fee obligation and rules permitting trading termination when an issuer has failed to pay a required fee or due contractual fine despite repeated reminders. It does not disclose an amount or identify a particular unpaid item. [\[S01\]](#article-source-1) The company separately argues that the listing had delivered inadequate access to capital relative to its costs. Those are management's reasons for wanting to leave, rather than independent findings about the effectiveness of the market. [\[S02\]](#article-source-2) The cost argument has a historical accounting basis, although it does not establish the amount of the unpaid exchange obligation. In its 2022 annual report, the group recorded EUR 78,000 of professional services, including legal advice, consultancy and accounting, alongside EUR 191,000 of marketing costs and EUR 265,000 of labour costs. Management linked the increase in professional-service spending to one-time listing activities. These are selected expense categories from the listing year, not exclusively exchange fees, current 2026 costs or savings that delisting will produce. \[S05\] The data behind the story ### Selected expenses in the 2022 listing year Rounded group expense amounts for the same financial year. Professional services include legal advice, consultancy and accounting. Reported amount EUR thousand Tap or hover for details. All values are also available in the data table. Source \[S05\] Punktid annual report, page 12 Historical 2022 context, not current costs or a complete expense breakdown. Professional services are not solely listing fees. No amount of an unpaid Nasdaq fee or fine, or future delisting saving, is established. Show data tableHide data table Scroll left or right to see all columns __Selected expenses in the 2022 listing year (EUR thousand)__ | Category | Reported amount | | --------------------- | ---------------- | | Professional services | 78 EUR thousand | | Marketing | 191 EUR thousand | | Labour | 265 EUR thousand | An intention to withdraw was already public in February 2025, when Punktid reported supervisory proceedings that could lead to trading termination. The new September development is the exchange's actual decision and a specified last trading day. October 7 remained in the future at the reporting cutoff. [\[S01\]](#article-source-1) [\[S03\]](#article-source-3) ## Gift-card operations remain in the subsidiaries The issuer's business description identifies [Gamekeys OÜ](https://giftcard.news/organization/gamekeys-ou/) as the retail intermediary for video games and gaming gift cards, including customer service and marketing. [HVK Business OÜ](https://giftcard.news/organization/hvk-business-ou/) handles wholesale video games and gift cards for business customers, alongside development and licensing of the Punktid platform. [\[S04\]](#article-source-4) That structure makes the trading decision relevant to the corporate organisation behind the distribution business, while leaving its operational effect subject to the company's continuity statement. Punktid says the shares remain valid and registered with Nasdaq CSD after exchange trading ends, with transfers possible outside the exchange. It has not disclosed a gift-card sales, fulfilment or acceptance change as part of this decision. [\[S02\]](#article-source-2) The operating subsidiaries also have a separately reported revenue measure. Punktid said platform commissions were EUR 58,000 in the second half of 2024 and EUR 29,000 in the corresponding half of 2025\. This covers the platform's mixed video-game and gaming-gift-card activity; it is commission revenue, not the face value of gift cards or total customer spending. The comparison predates the September trading decision and does not measure its effect. [\[S04\]](#article-source-4) The data behind the story ### Platform commissions in comparable half-years Rounded platform commission revenue from mixed video-game and gaming-gift-card operations. Reported amount EUR thousand Tap or hover for details. All values are also available in the data table. Source [\[S04\]](#article-source-4) Punktid March 2026 financial commentary Not gift-card-only revenue, retail spending or platform gross merchandise value. Both periods precede the delisting decision; no effect of delisting is inferred. Show data tableHide data table Scroll left or right to see all columns __Platform commissions in comparable half-years (EUR thousand)__ | Category | Reported amount | | -------- | --------------- | | H2 2024 | 58 EUR thousand | | H2 2025 | 29 EUR thousand | ## In this article ### Organizations * [Gamekeys OÜ](https://giftcard.news/organization/gamekeys-ou/) * [HVK Business OÜ](https://giftcard.news/organization/hvk-business-ou/) * [Nasdaq Tallinn](https://giftcard.news/organization/nasdaq-tallinn/) * [Punktid Technologies AS](https://giftcard.news/organization/punktid-technologies-as/) ### Sources and documents * [\[S01\] September 7 exchange decision](https://view.news.eu.nasdaq.com/view?id=1462150&lang=en&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — Nasdaq Tallinn * [\[S02\] Same-day company response](https://view.news.eu.nasdaq.com/view?id=b1d4202b2a8bfce00386058c7b3c5a0e6&lang=en&src=listed&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — Punktid Technologies AS * [\[S03\] Earlier February 2025 exit intention and proceedings](https://view.news.eu.nasdaq.com/view?id=b329a33f1eec4041e2ba96337980d09d7&lang=en&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — Punktid Technologies AS * [\[S04\] Issuer description of retail and wholesale gift-card activities](https://view.news.eu.nasdaq.com/view?id=b225824b5b4c92464dd230f0e44b69e71&lang=en&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — Punktid Technologies AS * [S05](https://cdn.punktid.com/sites/default/files/2023-06/ENG%20Consolidated%20audited%20annual%20report%202022.pdf?utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news) — Punktid Technologies AS Share [ ](https://x.com/intent/post?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fpunktid-nasdaq-first-north-share-trading-termination-decision-2026%2F%3Futm%5Fsource%3Dx%26utm%5Fmedium%3Dsocial&text=Nasdaq+Tallinn+sets+final+trading+date+for+gift-card+retailer+Punktid%E2%80%99s+parent&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "X") [ ](https://www.linkedin.com/sharing/share-offsite/?url=https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fpunktid-nasdaq-first-north-share-trading-termination-decision-2026%2F%3Futm%5Fsource%3Dlinkedin%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "LinkedIn") [ ](https://wa.me/?text=Nasdaq+Tallinn+sets+final+trading+date+for+gift-card+retailer+Punktid%E2%80%99s+parent+https%3A%2F%2Fgiftcard.news%2Findustry-deals%2Fpunktid-nasdaq-first-north-share-trading-termination-decision-2026%2F%3Futm%5Fsource%3Dwhatsapp%26utm%5Fmedium%3Dsocial&utm%5Fsource=giftcard.news&utm%5Fcampaign=giftcard.news "WhatsApp") ![Portrait of Oliver Reed](https://giftcard.news/images/variants/v1/oliver-reed-editorial-portrait-w320.webp) About the author ## [Oliver Reed](https://giftcard.news/author/oliver-reed/) Journalist — Industry Deals & Research Oliver Reed covers industry acquisitions, investment and market research for Gift Card News. From reading to building ## Your next move in gift cards. Tell us what you’re building. We’ll help you explore suitable providers. 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