Nasdaq Tallinn Listing and Surveillance Committee's decision on the termination of trading with the shares of ELMO Rent AS

Tallinn, Estonia, 2024-11-04 18:25 CET --


The Listing and Surveillance Committee of Nasdaq Tallinn (Committee) decided,
in the course of supervisory proceedings, on November 4th, 2024, to terminate
trading with the shares (ELMO, ISIN code: EE3100075888) of ELMO Rent AS
(Issuer) on the MTF (multilateral trading facility) First North, organized by
Nasdaq Tallinn AS. 

Trading with ELMO Rent AS shares will be terminated on November 6, 2024.

In case of questions, please contact Sven Papp ([e-mail]), the
Chairman of the Committee. 

The Committee took into account all relevant circumstances in making the
decision, including the facts proven during the supervisory procedure and the
Issuer's explanations: 

 1. Despite the Exchange's request, the Issuer has refused to disclose the
   restructuring advisor's report in its entirety. The Issuer has violated the
   obligation set out in First North Rules (FNR) clause 23.3 regarding the
   requirement to immediately disclose such information that is not considered
   inside information or which is not directly addressed in the FNR, but which
   is not publicly known and which, due to its impact on the Issuer's assets,
   liabilities, activities or reputation, may affect the price of the traded
   financial instrument or the Issuer's ability to fulfill the obligations
   arising from the Regulation related to the financial instrument;

 2. The Issuer has violated FNR clause 26.2, as the Issuer has not disclosed
   the audited annual report for 2023 by the additional deadline set by the
   Exchange, i.e., 01.11.2024. The Issuer has also not paid the fee imposed
   for this violation, which became due on 02.11.2024;

 3. The Issuer lacks a Certified Advisor, i.e., the Issuer does not fulfill the
   obligation set out in FNR clause 20.1;

 4. By failing to pay the Exchange's annual management fee for 2024, the Issuer
   has violated the obligation set out in FNR Section 3.7 to pay the fees
   stipulated in the Exchange's price list;

 5. The Committee considers that the Issuer is in violation of several
   different and significant obligations, and there are sufficient grounds for
   implementing legal remedies within the Exchange's competence. The factual
   violation of obligations has been proven by the circumstances identified
   during the supervisory procedure conducted by the Exchange, including
   explanations given by the Issuer. The Committee found that the violations
   are not excusable. The Committee noted that the Issuer's expressed position
   that there is no intention to make an exit opportunity in the form of a
   takeover bid was also taken into account;

 6. The Committee found that under these circumstances and considering the
   number of violations, continuing trading does not ensure the protection of
   investors' interests;

 7. The Issuer has been aware of the circumstance of discussing the termination
   of trading and has had the opportunity to express an opinion;

 8. The Committee concluded that the Issuer's activities have been in conflict
   with the obligations set out in FNR Sections 3.7 and 23.3. The Issuer is
   also still in violation of the obligations set out in FNR Sections 26.2.1
   and 26.2.2. The Committee, considering the provisions in FNR Sections 46.1
   and 46.2, decided to terminate trading with the shares of ELMO Rent AS on
   First North.




Nasdaq Baltic
Issuer Services
[phone]
www.nasdaqbaltic.com



Nasdaq Baltic is a common name for exchanges, regulated markets, alternative
markets First North operated by Nasdaq companies in the Baltic states, i.e.
Nasdaq Tallinn AS, Nasdaq Riga AS and AB Nasdaq Vilnius.