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Analysis of the new rules of the Warsaw Stock Exchange for issuers listed in the NewConnect alternative trading system and methods of delisting a company from NewConnect

Publication date: January 13, 2026

The NewConnect exchange operates as an alternative trading system operated by the Warsaw Stock Exchange. It was established to create a space for small and medium-sized companies with high potential, which can be tapped thanks to the capital injection NewConnect seeks to offer. In November 2025, the WSE announced changes to the regulations of this exchange, as well as the Catalyst exchange. However, it is widely known that the change will primarily affect NewConnect. It is intended to increase the transparency of companies listed there and ensure the attractiveness of the exchange. This is one of the first steps towards the “revitalization of NewConnect.” Nevertheless, companies continue to withdraw from NewConnect or seek to migrate to the regulated market.

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The Polish Stock Exchange and NewConnect

Publication date: February 05, 2025

The Warsaw Stock Exchange (WSE) and NewConnect are key elements of the Polish capital market, enabling investors to trade securities and supporting companies in raising capital for development. The WSE is a regulated market where large and mature companies are listed, while NewConnect serves as an alternative market dedicated to young, dynamically developing companies. Both of these markets have their own specific rules, procedures and requirements that companies applying for a debut must meet.

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