FIN-FSA issues a public warning to FIT Biotech Ltd
The Financial Supervisory Authority (FIN-FSA) has issued a public warning to FIT Biotech Ltd due to the company's failure to comply with the obligation to publish a prospectus as referred to in the Securities Markets Act.
In a share issue that was carried out in the period between 24 September and 19 December 2014, FIT Biotech Ltd offered shares to the public without a prospectus for a total consideration of EUR 3,966,000. No such exemption from the obligation to publish a prospectus that has been referred to in the Securities Markets Act could be applied to the share issue.
Anyone who offers securities to the public shall publish a prospectus of the securities prior to the entry into force of the offer and keep the prospectus available to the public while the offer is open. The prospectus shall provide the investor sufficient information to make an informed assessment on the securities and their issuer.
This decision on a public warning is not yet legally binding. The company has the right to appeal the decision of 7 June 2016 to the Market Court within 30 days of the company's receipt of notice of said decision.
For further information, please contact
Sonja Lohse, Head of Director General's Staff, Chief Advisor, tel. +358 10 831 5311.
FIN-FSA decision (in Finnish, 10 pages)