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Euronext Growth Milan requirements

Formal requirements for Euronext Growth Milan

Formal requirements at IPO	Euronext Growth Milan	Professional Segment
Free Float	10% - 5 institutional investors *	10% - 5 investors **
Audited financial statements	1 (if existing)	1 (if existing)
Accounting principles	Italian or international	Italian or international
Offering	Mainly institutional (retail with offering < €8m)	Not mandatory
Other documents	Admission document	Admission document
Market Cap (€)	No formal requirements	No formal requirements
BoD (# independent members)	B.o.D with 1 independent member	B.o.D
Internal audit committee	No formal requirements	No formal requirements
Remuneration committee	No formal requirements	No formal requirements
Incentives to top management	No formal requirements	No formal requirements
Investor relations manager	Mandatory	Not mandatory
Website	Mandatory	Mandatory
Main advisor	Euronext Growth Advisor/ Global Coordinator	Euronext Growth Advisor

* at least 7.5% must be subscribed by at least 5 institutional investors

** Free Float

If the free float is between a minimum of 2% and 10% Borsa Italiana orders the admission and the simultaneous suspension.
If the free float requirement has not met for 2 years, Borsa Italiana orders the delisting from the Professional Segment

Formal requirements on going

Euronext Growth Milan

Professional Segment

Corporate Governance Code

Not mandatory

Not mandatory

Specialist

Mandatory (liquidity provider / 2 annual research)

Not mandatory

Takeover

Statutory takeover

Statutory takeover

Related parties

Procedure semplificate e obblighi informativi

Quarterly data

Not mandatory

Not mandatory

Half year data

Yes - within 3 months from half year end

Yes - within 3 months from half year end

Annual data

Yes - within 6 months from year end

Yes - within 6 months from year end

Accounting information

TUF and Issuer Regulation

Price sensitive and extraordinary deals

These documents need to be produced according to (i) Italian GAAP (ii) International GAAP – mandatory in case the issuer has widespread financial instruments, (iii) US GAAP – Generally Accepted Accounting Principles

Communication, as soon as possible, of: preferred info, i.e. asset acquisition /sale , extraordinary deal, change in expected financial results (profit warning and earning surprise), change in key manager.

In case of acquisitions / divesture with a significant impact on the issuer and / or critical deals with related parties, the issuer has to publish and information addendum

Technical information

The issuers communicate further information, according to Borsa Italiana Regulation, in order to ensure a correct and organized market management (i.e. agenda of events, change in capital, change of company name)

For further details please send an email to: borsaitalianaprimarymarkets@euronext.com

Consult the Statistics prepared by Borsa Italiana and the Market Regulations

Formal requirements on going	Euronext Growth Milan	Professional Segment
Corporate Governance Code	Not mandatory	Not mandatory
Specialist	Mandatory (liquidity provider / 2 annual research)	Not mandatory
Takeover	Statutory takeover	Statutory takeover
Related parties	Procedure semplificate e obblighi informativi
Quarterly data	Not mandatory	Not mandatory
Half year data	Yes - within 3 months from half year end	Yes - within 3 months from half year end
Annual data	Yes - within 6 months from year end	Yes - within 6 months from year end
Accounting information	TUF and Issuer Regulation
Price sensitive and extraordinary deals These documents need to be produced according to (i) Italian GAAP (ii) International GAAP – mandatory in case the issuer has widespread financial instruments, (iii) US GAAP – Generally Accepted Accounting Principles	Communication, as soon as possible, of: preferred info, i.e. asset acquisition /sale , extraordinary deal, change in expected financial results (profit warning and earning surprise), change in key manager. In case of acquisitions / divesture with a significant impact on the issuer and / or critical deals with related parties, the issuer has to publish and information addendum
Technical information	The issuers communicate further information, according to Borsa Italiana Regulation, in order to ensure a correct and organized market management (i.e. agenda of events, change in capital, change of company name)