BAAR, Switzerland 04/20/2022. Blackstone Resources AG (SWX; symbol BLS, ISIN CH0460027110) comments on the press release issued by the Swiss Financial Market Supervisory Authority FINMA on April 12, 2022, in which FINMA stated that it had concluded an investigation and noted a number of violations. However, Blackstone was neither fined nor were other restrictions imposed.
Blackstone Resources AG takes its responsibility as a market participant very seriously. The company does not agree with FINMA’s view and states the following:
- The trading and information activities described as price-driving were limited to the purchase of a small number of shares on a few days in 2018 and 2019, as carried out by most listed companies. In our view, they could not be price-driving at all.
- The private placement of a private investor in 2019 was objected to because it served the purpose of communicating higher values. This is incorrect. The transaction was carried out on the recommendation of the auditors at the time.
- We cannot understand the objection to independent research reports. We have been publishing these for years in accordance with the legal requirements (MIFID). They are generally permitted and are carried out by most listed companies.
- Two of Blackstone’s numerous stock exchange filings over the past four years were found to contain erroneous secretarial disclosures. These were corrected immediately upon discovery. No damage was caused by the mishap. We cannot understand FINMA’s interpretation of this as a breach of disclosure obligations.
With its order, FINMA did not impose a fine or other restrictions on Blackstone. However, Blackstone is not allowed to engage in market manipulation in the future which applies to any market participant and must also bear the costs of the proceedings.
Blackstone Resources AG is of the opinion that the aforementioned allegations of FINMA are completely unjustified. The corresponding publication of FINMA before the entry into force of its ruling and without reference to the fact that no fine was imposed proves to be one-sided and extremely damaging to the market.
Blackstone Resources AG will challenge the injunction in court.
About Blackstone Resources AG
Blackstone Resources AG is a Swiss holding company based in Baar, Canton Zug, which focuses on the battery technology and battery metals market. We offer direct exposure to the battery technology revolution.
Blackstone Technology is currently setting up a production line for 3D-printed small batches in Döbeln, Saxony. Near-term production will be pouch cells using Blackstone Thick Layer Technology ©, which enables 20% higher density in lithium-ion cells. Blackstone continues its solid-state battery development program and production process.
Electric vehicles and batteries have driven the demand of large quantities of various metals. Therefore, Blackstone Resources develops, explores and trades battery metals such as lithium, cobalt, manganese, graphite, nickel and copper to participate in this trend.
For more information, please visit www.blackstoneresources.ch or contact www.blackstoneresources.ch or contact:
Registered Share: ISIN CH0460027110
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The disclaimer is an integral part of this press release. Please read the disclaimer to fully understand its contents:: http://www.blackstoneresources.ch/en/investors/disclaimer/