Decision by the Disciplinary Committee regarding Mavshack AB (publ)

Stockholm, December 8, 2023- The Disciplinary Committee of Nasdaq Stockholm
(the "Exchange") has found that Mavshack AB (publ) (the "Company") has breached
the rules of Nasdaq First North Growth Market (the "Rulebook") and therefore
ordered the Company to pay a fine of ten annual fees, corresponding to an
amount of SEK 1,120,000. 

The Disciplinary Committee concludes that the Company has breached the Rulebook
on the following four occasions. 

 -- The Company took 13 and six days respectively from the Exchange's requests
   to supply the Exchange with information required for the assessment or
   surveillance of the Company.
 -- The Company did not disclose a change in management as soon as possible.
 -- The Company did not comply with generally acceptable behavior in the
   Swedish Securities market since its disclosure of an incentive program did
   not contain a sufficient justification for the Company's decision to apply
   a shorter earnings period than three years.

The Disciplinary Committee takes a particularly serious view of the fact that
the Company did not supply the Exchange with requested information in
accordance with the Rulebook and the Company's breach of generally acceptable
behavior in the Swedish Securities market. The Disciplinary Committee decides
to impose a fine of ten annual fees. 

The Disciplinary Committee's decision is available at:

https://www.nasdaq.com/solutions/decisions-sanctions-stockholm-2023

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 company has acted in breach of the rules, the matter is referred 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 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 Marianne Lundius (Chairman), Supreme
Court Justice PetterAsp (Deputy Chairman), Supreme Court Justice Johan
Danelius, Company Director Anders Oscarsson, Company Director Joakim Strid,
Lawyer Wilhelm Lüning, Lawyer Patrik Marcelius, Lawyer Erik Sjöman, MBA Carl
Johan Högbom, Authorized Public Accountant Magnus Svensson Henryson, Former
Authorized Public Accountant Svante Forsberg, Lawyer Magnus Lindstedt and
director Kristina Schauman. 

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