The Financial and Capital Market Commission (FCMC), AS Baltic Technology Ventures and its board member, Gene Zolotarev, have entered into an administrative agreement, which provides for a joint commitment by Gene Zolotarev and AS Baltic Technology Ventures to make a binding share buy-back offer to all shareholders who have become such through the acquisition of shares on NASDAQ over the period from 13.08.2020, when the public statement on non-audited financial results was made, up to 06.05.2021, when the next updated statement on financial results was published, and who are currently shareholders of AS Baltic Technology Ventures.
The proposed binding share buy-back price will be equal to the acquisition price of the shares for which the shareholder in question purchased those shares. Gene Zolotarev and AS Baltic Technology Ventures undertake to make the binding share buy-back offer by 21.01.2022, setting a deadline for the shareholders' response to the share buy-back offer until 28.02.2022. Gene Zolotarev and AS "Baltic Technology Ventures" undertake, by 11.03.2022, to conclude and execute share buy-back transactions with relevant shareholders, who will have agreed to the share buy-back. The agreement also provides for a reduction in the fine imposed by the previous decision on infringement of Article 15 of Regulation No 596/2014. AS Baltic Technology Ventures must pay a fine of EUR 25 000, while Gene Zolotarev – EUR 33 347.16.
This administrative agreement concludes administrative proceedings during which the decision of 07.09.2021 on applying sanctions to AS Baltic Technology Ventures and Gene Zolotarev was taken by the Board of the FCMC.