Kernel delisting from Warsaw exchange stalled — Polish media

According to the Polish business daily Parkiet, the process of delisting Kernel from the Warsaw Stock Exchange (WSE) remains blocked due to ongoing court proceedings in Luxembourg, and no final decision on the company’s status has been made yet.

The Polish Financial Supervision Authority (KNF) has suspended the delisting procedure until the Luxembourg court completes its review of resolutions adopted by Kernel’s board of directors on 13 April 2023, including the decision to delist the company.

“The delisting proceedings concerning Kernel, conducted by the KNF, remain suspended because the court in Luxembourg has not yet issued a decision in the case seeking to invalidate the board resolutions of 13 April 2023, including the resolution on delisting,” KNF spokesperson Jacek Barszczewski said.

Parkiet says the situation has effectively “reached a deadlock.” The key uncertainty concerns the actual ownership stake of Namsen, the company controlled by Andrii Verevskyi.

If the 2023 share issue was lawful, Namsen would control more than 95% of Kernel’s shares. If the court later invalidates that share issue, the 95% threshold would not be reached.

Recent court developments

In late 2024, Kernel won its first court case against a group of minority shareholders.

Kernel secured a second court victory against minority shareholders in March 2025.

On 13 March 2026, the Luxembourg Court of Appeal rejected the minority shareholders’ appeal and fully upheld the first-instance court decision of 27 November 2024.

On 20 March 2026, the Luxembourg Court of Appeal again dismissed the plaintiffs’ appeal and confirmed the earlier decision of 28 March 2025. Minority shareholders had sought to suspend the board resolutions related to the August–September 2023 capital increase, including the issuance of 216 million new shares. The first-instance court ruled the claims inadmissible and dismissed them, and the Court of Appeal upheld that ruling and ordered the plaintiffs to pay court costs.

Current status

Despite these court victories for Kernel, the delisting process remains formally suspended while the Luxembourg proceedings continue. Until the remaining legal questions are resolved, the company’s final status on the Warsaw Stock Exchange remains uncertain.