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Stockholm, May 12, 2016 — The Disciplinary Committee of Nasdaq Stockholm (“the Exchange”) has ruled that Mavshack AB (“Mavshack”) has breached Nasdaq Stockholm First North’s regulations (“the Rule Book”) and has therefore ordered Mavshack to pay a fine of SEK 293.304, corresponding to four times the company’s annual fee.

The case concerns Mavshack’s failure to comply with items 2.2.4, 4.1(a), 4.2 (a) and 4.9(a, b) of the Rule Book, all of which pertain to disclosure requirements.

It has been established in the matter that Mavshack experienced a challenging period during spring 2015 and that trading in the company’s shares was halted between May 4 and 11. In connection with this, the Exchange conducted a review of the information presented by Mavshack to the stock market and found that the company had, on several occasions, failed to meet its disclosure requirements.

The irregularities in question pertained to the manner in which the company disclosed a terminated contract and thus a significant decline in revenue, disclosure of the company’s revenue recognition, disclosure in connection with the general meeting pertaining to Mavshack’s acquisition of Ambient Media and the associated preferential rights issue, and disclosure of the outcome of the aforementioned preferential rights issue. 

Mavshack also provided incomplete information in a press release published on July 10 about a financing agreement that was subsequently not completed and failed to publish the press release concerning its 2015 Annual General Meeting in due time.

The assessment by the Disciplinary Committee determined that Mavshack’s violations, in aggregate, should be considered serious since they made it highly difficult on a number of occasions for the stock market to assess Mavshack’s financial position and future prospects. According to the Disciplinary Committee, the violations show that Mavshack has breached its obligation to have a well-functioning organization and resources for meeting its disclosure requirements.

Although Mavshack has replaced its management and certain Board members, the company cannot avoid disciplinary measures. Accordingly, the Disciplinary Committee has ordered Mavshack to pay a fine corresponding to four times the company’s annual fee.

A detailed description of the matter and the Disciplinary Committee’s decision are available on:

Participating in the Committee’s decision were former Supreme Court Justice Johan Munck, Supreme Court Justice Marianne Lundius, Company Director Anders Oscarsson, Company Director Jack Junel and Supreme Court Justice Ann-Christine Lindeblad.

About the Disciplinary Committee

The role of Nasdaq Stockholm’s Disciplinary Committee is to consider suspicions regarding whether Exchange Members or listed companies have breached the rules and regulations applying on the Exchange. If the Exchange suspects that a member or a listed company has acted in breach of the rules and regulations, the matter is reported to the Disciplinary Committee. Nasdaq Stockholm investigates the suspicions and pursues the matter and the Disciplinary Committee issues a ruling regarding possible sanctions. The sanctions possible for listed companies are a warning, a fine or delisting. The fines that may be imposed range from one to 15 annual fees. The sanctions possible for Exchange Members are a warning, a fine or debarment. Fines paid are not included in the Exchange’s business but are attributed to a foundation supporting research in the securities market. The Disciplinary Committee's Chairman and Deputy Chairman must be lawyers with experience of serving as judges. At least two of the other members of the Committee must have in-depth insight into the workings of the securities market.

Members: Former Supreme Court Justice Johan Munck (Chairman), Supreme Court Justice Marianne Lundius (Deputy Chairman), Supreme Court Justice Ann-Christine Lindeblad, Company Director Erik Einerth, Company Director Stefan Erneholm and Company Director Anders Oscarsson. Deputies: Former Authorized Public Accountant Bo Magnusson, Lawyer Wilhelm Lüning, Company Director Jack Junel, Ragnar Boman (MBA) and Carl Johan Högbom (MBA).

About Nasdaq

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Media contact:Christina Malmberg Hägerstrand+46 8 405 65 83christina.hagerstrand  

Cautionary Note Regarding Forward-Looking Statements

The matters described herein contain forward-looking statements that are made under the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements about Nasdaq and its products and offerings. We caution that these statements are not guarantees of future performance. Actual results may differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq's control. These factors include, but are not limited to factors detailed in Nasdaq's annual report on Form 10-K, and periodic reports filed with the U.S. Securities and Exchange Commission. We undertake no obligation to release any revisions to any forward-looking statements.

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