Shares of issuers shall be classified in the ALERT LIST segment where the average price of the shares of the issuer is lower than PLN 0.10.

For the purpose of periodic verification, the average share price of an issuer shall equal the arithmetic mean of closing prices of the shares in the last three calendar months (including the month of the verification but excluding the last three trading days of that month).


When qualification for the ALERT LIST takes place?

Two trading days before the last trading day in March, June, September, and December each year, the Exchange shall perform a periodic verification and classification or discontinuation of classification of shares in the Alert List segment.

Information about classification or discontinuation of classification of shares in the ALERT LIST segment shall be published for information of trading participants in a communiqué no later than on the trading day following the day of the periodic verification.

What are the consequences of classification of shares in the ALERT LIST?

 If the shares of an issuer are classified in the ALERT LIST segment:

1. the shares of the issuer shall be moved to the single-price auction system with a double fixing of the single price, subject to § 4 and § 5 and the applicable provisions of the Detailed Exchange Trading Rules in the UTP System,
2. the name of the shares of the issuer shall be marked with a specific designation in the Exchange information services and the GPW Daily Bulletin (Ceduła Giełdy Warszawskiej) - as of the third trading day after the date of publication of the classification of the shares in the ALERT LIST segment for information of trading participants,
3. if an issuer’s shares are classified in the ALERT LIST segment such shares may be removed from index portfolios on the terms and conditions defined in the regulations of GPW Benchmark S.A.

ACTIONS THE COMPANY MAY TAKE TO LEAVE ALERT LIST

The shares classified in the ALERT LIST shall not longer be classified in the ALERT LIST segment and they shall be listed in the continuous trading system if the nominal value of shares classified in the ALERT LIST segment is increased (reverse split), as a result of which the reference price of the shares referred to in § 125 of Division 4 of the Detailed Exchange Trading Rules in the UTP System is at least PLN 0.10. Such shares will not be classified in the ALERT LIST and will be listed in the continuous trading system as of the first trading session on which such shares are listed after the reverse split, unless the Exchange Management Board decides otherwise.

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