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Nasdaq Nordic


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

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

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
Nasdaq (Nasdaq: NDAQ) is a leading provider of trading, clearing, exchange
technology, listing, information and public company services across six
continents. Through its diverse portfolio of solutions, Nasdaq enables
customers to plan, optimize and execute their business vision with confidence,
using proven technologies that provide transparency and insight for navigating
today's global capital markets. As the creator of the world's first electronic
stock market, its technology powers more than 70 marketplaces in 50 countries,
and 1 in 10 of the world's securities transactions. Nasdaq is home to 3,700
listed companies with a market value of $9.3 trillion and over 17,000 corporate
clients. To learn more, visit: or

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

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.

Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland, Nasdaq Riga, Nasdaq
Stockholm, Nasdaq Tallinn, Nasdaq Vilnius, Nasdaq Clearing and Nasdaq Broker
Services are respectively brand names for the regulated markets of Nasdaq
Copenhagen A/S, Nasdaq Helsinki Ltd., Nasdaq Iceland hf., Nasdaq Riga, AS,
Nasdaq Stockholm AB, Nasdaq Tallinn AS, AB Nasdaq Vilnius, Nasdaq Clearing AB
and Nasdaq Broker Services AB. Nasdaq Nordic represents the common offering by
Nasdaq Copenhagen, Nasdaq Helsinki, Nasdaq Iceland and Nasdaq Stockholm. Nasdaq
Baltic represents the common offering by Nasdaq Tallinn, Nasdaq Riga and Nasdaq

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