Kernel Holding S.A. — Share Issue/Capital Change 2023

Sep 1, 2023

Current report no 31/2023

dated 01 September 2023

RESULTS OF THE SHARE OFFERING TO QUALIFIED INVESTORS – EXISTING SHAREHOLDERS OF KERNEL HOLDING S.A.

Kernel Holding S.A. (the "Company") is pleased to announce the results of the offering (the "Offering") of ordinary shares of the Company, as previously informed in the Current Report No 30/2023 dated 22 August 2023.

The Offering raised gross proceeds of USD 59,983,200.02 from several qualified investors existing shareholders of the Company participating in the auction. A total of 216,000,000 million ordinary shares were placed at a price of USD 0.2777 per share. Allottees in the Offering will be acknowledged as shareholders of the Company in the share register of the Company on or around Monday, 4 September 2023, and will receive a certificate of inscription confirming the number of shares issued to such allottee on or around 06 September 2023. Shares will be kept in the registered form and will not be admitted to trading on any stock exchange.

Legal grounds: Art. 17 of REGULATION (EU) No 596/2014 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 April 2014 on market abuse (market abuse regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC.

Signatures of individuals authorized to represent the Company:

Anastasiia Usachova

Viktoriia Lukianenko