Max Stock Limited Reports Closing of the Customs and Import Proceedings Against the Company

Rhea-AI Summary

Max Stock Limited (TASE: MAXO) announced on September 18, 2022, that an investigation concerning customs and import-related matters has been closed. The company successfully requested for criminal proceedings to be replaced with administrative ones, requiring only a negligible payment. This development follows the company's report dated April 26, 2021, and aligns with Note 4(a)(5) of its financial statements as of June 30, 2022. Max Stock is Israel's leading extreme value retailer, operating 55 locations across the country.

Positive

• Investigation closed, reducing potential legal and financial risks.
• Negligible payment required compared to potential criminal penalties.

Negative

• None.

CAESAREA, Israel , Sept. 19, 2022 /PRNewswire/ -- Max Stock Limited (TASE: MAXO) (the "Company") today reported that further to the Company's immediate report dated April 26, 2021, and Note 4(a)(5) to the Company's financial statements as of June 30, 2022, regarding an investigation on customs and import-related matters being conducted against the Company, the Company is pleased to announce that on September 18, 2022, the Company was notified that its request for the criminal proceedings to be replaced with administrative ones was approved, wherein the Company is required to make a negligible payment. Accordingly, the investigation against the Company and its employees, with all of its components, has been closed.

About Max Stock
Max Stock is Israel's leading extreme value retailer, currently present in 55 locations throughout Israel. We offer a broad assortment of quality products for customers' everyday needs at affordable prices, helping customers "Dream Big, Pay Small". For more information, please visit https://ir.maxstock.co.il

This is an English translation of a Hebrew immediate report that was published on September 19, 2022 (Ref. No:2022-01-096105 (hereinafter: the "Hebrew Version")). This English version is only for convenience purposes. This is not an official translation and has no binding force. Whilst reasonable care and skill have been exercised in the preparation hereof, no translation can ever perfectly reflect the Hebrew Version. In the event of any discrepancy between the Hebrew Version and this translation, the Hebrew Version shall prevail.

Company Contacts:
Talia Sessler,
Chief Corporate Development and IR Officer
talia@maxstock.co.il

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SOURCE Max Stock Limited

FAQ

What did Max Stock Limited announce on September 18, 2022?

Max Stock Limited announced that an investigation regarding customs and import-related matters has been closed and criminal proceedings were replaced with administrative ones.

What is the significance of the closure of the investigation for Max Stock Limited?

The closure reduces potential legal and financial risks for the company.

What payment is required from Max Stock Limited following the investigation?

Max Stock Limited is required to make a negligible payment as part of the administrative proceedings.

How many locations does Max Stock operate in Israel?

Max Stock operates 55 locations throughout Israel.