Addex Therapeutics raises USD 2.8 million under its at-the-market agreement
The Geneva biopharmaceutical company sold 437,869 ADSs under its ATM programme and said the proceeds extend its cash runway to the fourth quarter of 2027.
Top Stories from Europe
Coverage of exchanges, regulators, and corporate issuers across the United Kingdom and the Continent.
Market overview
GSN covers five European markets: the United Kingdom, Germany, France, Switzerland and Spain. Four of them share a single regulatory chassis, and the fifth deliberately does not.
Read the full overview and sources
The common chassis is European Union law. Directive 2014/65/EU, known as MiFID II, sets the conditions for authorising investment firms and operating regulated markets, multilateral trading facilities and organised trading facilities across the Union, so a French or German or Spanish venue is not simply a national institution but a licensed category defined at Union level. Regulation (EU) 2017/1129, the Prospectus Regulation, then decides when an issuer must publish a prospectus to offer securities to the public or admit them to trading.
Its exemptions are what most small issuances turn on: offers addressed solely to qualified investors, offers to fewer than 150 natural or legal persons per Member State other than qualified investors, offers with a total consideration of at least EUR 100 000 per investor, and offers with a total consideration in the Union of less than EUR 1 000 000 calculated over a period of 12 months, with Member States able to exempt domestic offers up to EUR 20 000 000 over the same window. Cross-border listing inside the Union runs on the passporting of an approved prospectus rather than on a fresh national review.
Euronext is the clearest expression of that single-market design. One operator runs Amsterdam, Brussels, Dublin, Lisbon, Milan, Oslo and Paris as regulated markets, with Euronext Growth and Euronext Access segments beneath them in the same cities, so a Paris listing and a Milan listing sit on shared infrastructure and shared EU rules while keeping national supervisors. In Germany the Frankfurt exchange, operated by Deutsche Boerse, publishes separate statistics for new companies, listed companies, turnover and foreign shares on Xetra and Frankfurt, which is where the German end of GSN’s coverage begins.
The United Kingdom left that chassis and kept its own. Its growth market, AIM, runs on the London Stock Exchange’s AIM Rules for Companies, which require an applicant to appoint a nominated adviser and an AIM company to retain one at all times; if a company ceases to have a nominated adviser the Exchange suspends trading in its securities, and cancels admission if the position is not filled within one month. Rule 11 sets the general disclosure obligation, sitting on top of every other notification requirement in the book.
Switzerland is outside the Union altogether. The Swiss Stock Exchange has operated since 1850, built the first fully automated trading, clearing and settlement system for equity capital in 1996, describes itself as Europe’s third largest exchange by free float market capitalization as at January 2020, and carries a free float market capitalisation of around CHF 1.4 trillion concentrated in financial services, pharmaceuticals, food products and life sciences. That concentration, rather than any regulatory difference, is what makes Swiss market news read differently from the rest of the region.
Sources
This overview is based on the official documents listed below, last checked 2026-09-03. Figures are as stated in those documents.
- Directive 2014/65/EU on markets in financial instruments · EUR-Lex · 2026-09-03
- Regulation (EU) 2017/1129 on the prospectus · EUR-Lex · 2026-09-03
- Stocks all markets · Euronext · 2026-09-03
- Trading Statistics Xetra and Frankfurt · Deutsche Boerse · 2026-09-03
- AIM Rules for Companies · London Stock Exchange · 2026-09-03
- Equity capital at the Swiss Stock Exchange · SIX · 2026-09-03
Top stories
Andrada Mining reports high-grade lithium intersections at Lithium Ridge in Namibia
The AIM-listed tin and critical metals producer said drill hole LRD097 intersected 35.59 metres at 1.52 percent lithium oxide.
Ernst Russ raises guidance after strong first half and entry into tankers
The Hamburg shipowner reported first-half revenues of EUR 78.6 million, lifted its EBIT outlook and announced the acquisition of four product and chemical tankers.
Ipsen completes acquisition of Kartos Therapeutics
The French biopharmaceutical company said it has finalized the purchase of Kartos Therapeutics to strengthen its oncology pipeline.
Izertis pauses and resumes liquidity contract to buy 69,821 treasury shares
The Asturian technology company briefly suspended its liquidity agreement with Renta 4 Banco on 17 August to execute a block purchase of own shares.
Sportradar extends Euroleague Basketball data and betting rights deal through 2031
The St. Gallen sports technology group renewed its exclusive global rights to Euroleague Basketball official data and AV betting feeds, covering more than 650 games a year.
Nexteq wins automotive display contract for Densitron brand in electric vehicle push
The AIM-listed technology group said its Densitron brand will supply customized displays for an electric delivery vehicle application.
Immatics Updates SUPRAME Phase 3 Trial Progress and Q2 Financials
Immatics N.V. reported second quarter 2026 financial results and provided a business update on its lead melanoma therapy anzu-cel.
Voltalia lines up IFC investment of up to 120 million euros for solar and storage
The renewable energy producer said the International Finance Corporation plans to subscribe convertible preferred shares in its VMI subsidiary, pending a September shareholder vote.
OHLA lifts recurring EBITDA 39 percent to 116.9 million euros in first half of 2026
The Spanish construction group returned to positive net profit despite the impact of the Flaggers litigation and reported 711.3 million euros of liquidity.
DocMorris raises 2026 guidance after first-half external revenue growth of 12.5 per cent
The Swiss online pharmacy group reported first-half external revenue of CHF 627.8 million and said it has increased all elements of its full-year 2026 guidance.
Savannah Energy reports 13 percent rise in cash collections as Uquo 13 delivers first gas
The Africa-focused energy company said seven-month cash collections reached 247.9 million dollars and revenue rose 10 percent.
Exasol confirms first-half figures, cuts churn as data sovereignty push builds
The Nuremberg database company reported annual recurring revenue of EUR 37.9 million and a sharply lower churn rate in its half-year report for 2026.
Eutelsat clears IRIS2 milestone, paving way for Europe's sovereign constellation
The French satellite operator said completion of the programme's First Rendez-Vous opens full industrial execution, with investments of over 3 billion euros planned through 2034.
Ecoener to issue 15 million euros in mandatory convertible bonds to fund growth
The Spanish renewables group priced the bonds at an 11.50 percent annual coupon with mandatory conversion at 5.00 euros per share in 2029.
Comet Holding lifts first-half net sales to CHF 239.8 million as semiconductor demand accelerates
The Swiss plasma control and x-ray group reported a 5.6% rise in first-half net sales, a book-to-bill ratio of 1.48 and full-year sales guidance of CHF 540 to 570 million.
Diaceutics and Precision Cancer Consortium launch NGS concordance study
The AIM-listed diagnostics data firm said the study will evaluate up to 20 next-generation sequencing assays across US laboratories.
Eckert & Ziegler holds course in first half, confirms 2026 profit forecast
The Berlin isotope specialist reported stable half-year sales of EUR 149.3 million and slightly higher net income, reiterating its full-year guidance.
Cellectis reports $169 million cash position and advances two CAR-T programs
The French gene-editing biotech confirmed a cash runway into the fourth quarter of 2027 and pointed to pivotal-stage data expected for lasme-cel in late 2026.
Zepzelca wins EU marketing authorisation, reshaping PharmaMar's European revenue
The EU authorised lurbinectedin with atezolizumab on 29 May 2026, turning the French compassionate use programme that drove PharmaMar's European growth into an authorised market.
Basilea receives USD 30 million in additional BARDA funding for fosmanogepix phase 3 program
The Swiss anti-infectives specialist said BARDA released a further USD 30 million under an existing agreement after a prespecified enrollment milestone was met.
Seraphim Space commits 30 million dollars to satellite Bluetooth firm Hubble Network
The listed SpaceTech investor said the C Share investment takes deployed proceeds past 40 million pounds, triggering partial share conversion.
Viscom lifts order intake 30 percent on battery cell inspection demand
The Hanover-based inspection systems maker reported a sharply higher order book for the first half of 2026 and confirmed its full-year forecast despite lower revenue.
SPIE lifts first-half EBITA 6.9% and steps up German acquisitions
The multi-technical services group reported revenue of 5,156.6 million euros, a 6.2% EBITA margin and five bolt-on acquisitions representing about 670 million euros of annual revenue.
Talgo lifts first-half revenue 39.1 percent and reports record 6.239 billion euro backlog
The Spanish train maker posted revenue of 375.8 million euros in the first half of 2026 and kept its full-year guidance intact.
WISeKey reports preliminary first-half revenue of about $11.4 million, up 115%
The Geneva cybersecurity and satellite group posted preliminary H1 2026 revenue up 115%, reported about $495 million in cash and reaffirmed full-year guidance.
Costain doubles interim dividend as forward work holds at record 7 billion pounds
The UK infrastructure group reported half-year revenue of 543.1 million pounds and raised its interim dividend to 2.0p per share.
thyssenkrupp nucera lowers EBIT guidance as it ends SOEC manufacturing plan
The hydrogen electrolysis specialist cut its fiscal 2025/26 earnings outlook and will book about EUR 30 million in one-time impairments after discontinuing SOEC mass production.
Eramet's adjusted EBITDA climbs 45% in first half as lithium plant nears capacity
The French mining group reported 276 million euros of adjusted EBITDA and a return to positive free cash flow, with its Argentine lithium plant at 90% of nameplate capacity.
Tubacex closes demanding first half of 2026 with 1.148 billion euro backlog
The Spanish stainless steel tube maker kept a double-digit EBITDA margin and secured over 100 million euros in umbilical tube orders despite a difficult environment.
Seeing Machines secures advanced robotics development contract in factory automation
The AIM-quoted computer vision company said it will deliver a robotics proof-of-concept for a global industrial technology company.
OHB posts double-digit first-half growth as order backlog tops EUR 3.3 billion
The Bremen-based space group reported higher revenues and earnings for the first half of 2026 and confirmed its full-year guidance.
Kalray and Bull Partner to Develop High-Speed Networking Technology for Artificial Intelligence
Kalray, a French semiconductor company, announced a partnership with Bull (Eviden) to co-develop Ultra Ethernet-compatible networking technology for AI and high-performance computing.
Airtificial signs first Japanese OEM contract, will build eVTOL parts for SkyDrive
The Spanish aerospace and engineering group will manufacture carbon fibre structural parts for SkyDrive's SD-05 electric aircraft at its Jerez plant.
GenIP reports $87,000 of new and recurring contract wins across three markets
The AIM-quoted AI services firm said new and repeat orders in Chile, the UK and North America total $87,000 in contract value.
SGL Carbon reports higher margins on lower sales, confirms 2026 targets
The Wiesbaden-based carbon specialist posted a positive net result and stronger free cash flow in the first half of 2026 despite a 13 percent sales decline.
LightOn reports 51% first-half revenue growth as new CEO refocuses on execution
The Paris-listed enterprise AI company posted 1.1 million euros in half-year revenue and said it is in advanced financing discussions to extend its cash runway.
CNMV authorises Bondalti's delisting takeover bid for Ercros at 3.505 euros
Spain's market regulator has cleared Bondalti Iberica's exclusion offer for the 22.77 percent of chemicals group Ercros it does not already own.
TPXimpact confirms provisional £25 million Ministry of Justice contract
The digital transformation group said the three-year award remains subject to final signature after a standstill period that ended on 30 July.
Exail Technologies posts 17% organic revenue growth in second quarter of 2026
The French defense technology group reported quarterly revenue of 144 million euros and confirmed its full-year targets as a Thales tender offer looms.
Filtronic full-year revenue slips to £55.5m on warrant charges and currency
The RF technology maker reported adjusted EBITDA of £11.3m and said its order book covers about 90 percent of market expectations for FY2027 revenue.
European Green Transition reports £8.5m first-half wind services revenue
The AIM-listed group said its Wind Energy Services platform is on track for £17m to £18m of full-year revenue, with a £50m medium-term target.
hVIVO orderbook more than doubles to £65 million as revenue shifts to second half
The human challenge trial specialist reported H1 2026 revenue of £16.3m and said proposal volumes are up around 45 percent year on year.
EnSilica wins 1.1 million euro follow-on orders for satellite beamformer chip
The AIM-listed chip designer said a European satellite communications customer placed follow-on orders for its ENS92040 distributed digital beamformer.
Netcall reports 20 percent revenue growth for FY26 as AI product sales near triple
The AIM-listed software group said revenue rose to £57.7m and cloud annual contract value grew 37 percent, with AI products in over 40 percent of new orders.
Amaroq reports high-grade underground drilling results at Nalunaq gold mine
The Greenland-focused miner said Main Vein drilling in the Mountain Block averaged 42.8 g/t gold, with a best intercept of 132.5 g/t over 0.50 metres.
Galliford Try expects sixth consecutive year of revenue, profit and cash growth
The UK construction group said adjusted pre-tax profit will land at the top end of analyst forecasts of £51.4m to £53.4m for the year to 30 June 2026.
Market Explainers
Same Profit, Different Number: Why Companies on the SIX Swiss Exchange Can Use Different Accounting Standards
On the SIX Swiss Exchange, listed companies may report results under IFRS, US GAAP, or Swiss GAAP FER depending on their listing standard, which complicates direct profit comparisons between firms.
The Profit Deviation That Can't Wait for the Official Earnings Calendar
In Spain there is a mechanism, the material fact disclosure, that requires listed companies to warn immediately when their figures deviate from expectations, without waiting for the scheduled earnings date.
Profit Warnings: What Legally Forces a Listed Company to Alert the Market
When does a gap from financial targets become a legal duty to disclose immediately? An explainer on the European mechanism that separates a mandatory profit warning from a routine guidance update.
How the Regulatory News Service Delivers Market-Moving Announcements to Everyone at Once
A single London plumbing system decides who learns a listed company's earnings first, and the rule is that nobody should. Here is how it actually works.
The Invisible Gatekeeper Before Every IPO on SIX
Before a single share trades on SIX Swiss Exchange, a private, FINMA-licensed review body must approve the listing prospectus. How this two-step approval process works under FinSA.
The legal mechanism that lets a bank sell more shares than exist in an IPO
For weeks after a stock market debut, the underwriter can buy and sell shares of the company itself without it counting as manipulation. Here is how the greenshoe works under the Market Abuse Regulation.
Liquidity Contracts: How This AMF-Overseen Mechanism Narrows the Spread Without Manipulating the Market
How a liquidity contract, overseen by the AMF, lets an independent provider narrow the bid-ask spread on a thinly traded stock without crossing the line into market manipulation.
Two Balance Sheets, One Company: Why German Corporations Keep a Double Set of Books
Why listed German companies must prepare both an IFRS consolidated group statement and separate HGB statutory accounts, and what investors, tax authorities and shareholders actually use each set of figures for.
The Hidden Buyer Behind a New London Listing's First Month of Trading
A look at how underwriters use the over-allotment option, nicknamed the greenshoe, to manage price swings in the weeks after a London IPO.
Why some Swiss shareholders can't vote even after buying the stock
A look at registered shares with transfer restrictions (vinkulierte Namenaktien): how Swiss companies use their articles of association to decide who is entered in the share register as a voting shareholder, and how this can separate ownership from voting rights.
Prime Standard, General Standard, Scale: How the Listing Segment Determines an IPO Candidate's Disclosure Duties
Why can one listed company in Frankfurt skip quarterly reports entirely while another must report in English every three months? The answer lies in which listing segment it chose.
Why Some Short Sellers End Up With Their Name Published by Spain's CNMV
A look at the mechanism through which Spain's securities regulator requires short positions in listed shares to be reported, and, above a certain threshold, made public.
OCEANE Bonds: How French Convertible Debt Turns Into Shares
Conversion ratio, premium, and dilution: how OCEANE bonds let French listed companies raise funds without an immediate capital increase.
The Fraction of a Percent That Turns a Short Sale Into Public Information
A net short position of 0.2% of a company's issued share capital has to be reported to the FCA. Here is how that threshold works under the Short Selling Regulations 2025, what gets published, and what the regime deliberately does not cover.
Two Institutions, One Safety Net: How the Swiss Pfandbrief Works
How Switzerland's two Pfandbrief institutions refinance mortgages, what the cover pool contains, and the four layers of security behind the instrument.
How Spain's Treasury Auctions Work: Buying Government Debt Without Knowing the Exact Price
How Spain's Tesoro Público places Treasury bills, medium-term and long-term bonds at auction, the difference between competitive and non-competitive bids, and the role of primary dealers.
Why a properly placed IPO order can end up only half filled
On Euronext Paris, IPOs run on two separate tracks for retail and institutional investors, which is why the same kind of order can be treated very differently depending on which tranche it falls into.
95 Percent Is Enough: How a Majority Shareholder Can Buy Out the Rest of the Company
A look at Section 327a of Germany's Stock Corporation Act explains how the law lets a majority shareholder push out remaining minority shareholders for cash compensation, and where this procedure's limits lie.
How a Single UK Gilt Can Become More Than 60 Separate Securities
An explainer on the gilt strips market, where the coupon and principal payments of a UK government bond are separated and traded as individual zero-coupon instruments.
Why Holding 33.3% of the Vote in Switzerland Triggers a Mandatory Takeover Offer
A look at Swiss takeover law: the 33.3% mandatory-offer threshold, the Takeover Board's review of offer documents, and the best price rule that protects minority shareholders.
What happens to Pfandbriefe when the issuing bank becomes insolvent
A look at the legally protected cover pool that gives Pfandbrief holders a priority claim over other creditors if the issuing bank fails.
Why a Stock's Exit from the Ibex 35 Forces Selling Even When Its Results Do Not Change
Twice a year, a technical committee decides which companies enter and leave the Ibex 35 based on liquidity and free float, forcing index-tracking funds to buy or sell automatically.
PEA: Why the Account's Opening Date Can Matter More Than Portfolio Performance
Contribution cap, eligibility limited to European securities, taxation that eases over time: how the French equity savings plan (PEA) works, the country's flagship tax-advantaged wrapper for stock market investing.
The 0.5% Charge on Every UK Share Purchase, and Why One London Market Is Exempt
UK Stamp Duty Reserve Tax adds 0.5% to most purchases of UK-incorporated shares and is collected automatically through the settlement system, but shares on London's AIM market are structurally exempt.
When Silence Is Permitted: What Swiss Ad-Hoc Disclosure Really Requires
Why listed companies in Switzerland can sometimes withhold price-sensitive information for weeks without violating securities law.
Listing Without a Full Prospectus: How BME Growth's Process Actually Works
A company can begin trading in Spain on BME Growth without full-prospectus approval from the CNMV. Here is how that process differs from the main market.
Settlement and Delivery: What Really Happens Between Your Stock Order and Your Cash
From order execution to the moment securities and funds actually exchange hands, several days and multiple intermediaries are involved, a mechanism largely invisible to retail investors.
Common or Preferred Shares: Why Some Shareholders Have No Vote but Get a Bigger Dividend
A look at Germany's two-tier share structure of common and preferred stock: why companies issue both classes and what stock corporation law says happens when the preferred dividend is skipped.
How Rights Issue Subscription Prices Are Actually Set Below the Market
A company offering new shares at a discount is not simply giving investors a bargain: the math behind rights issue pricing, and the theoretical ex-rights price it points to, explains why.
Why a Single Sentence From a Central Bank Can Move Bond Prices Worldwide
How the interest-rate outlook forms, who reads it, and why the mere expectation of a price change moves markets more than the change itself.
What an Investor Really Buys When Signing a Structured Note
Behind a name that sounds like a bond lies a hybrid instrument with derivatives, issuer risk, and liquidity rules far different from traditional fixed income.
Why a Billion-Euro Bond Issuance Sometimes Puts Twenty Banks on the Phone
A behind-the-scenes look at bond syndication: how lead managers, bookrunners, and co-managers bring a large issuance to market together.
What Tracking Error Really Measures, and Why It Never Hits Zero
A passive fund can hold every stock in its benchmark and still finish the year in a different place. Here is why that gap, known as tracking error, is a structural feature of indexing rather than a flaw.
Why Short-Term Rates Sometimes Rise Above Long-Term Ones
A simple bond-market mechanism explains why lending to the state for two years can pay more than lending for ten.
CoCo Bonds: The Bond That Can Convert to Stocks or Vanish Entirely
How contingent convertible and write-down bonds are built, what event triggers them, and what happened to Credit Suisse's AT1 instruments in 2023.
What Really Happens When a Stock's Price Cuts in Half Overnight
A stock split multiplies the shares in circulation without changing the company's value. Here's how the mechanism works and why listed companies use it.
Why Short Bets Must Eventually Come to Light
Net short-selling positions don't stay hidden forever: above certain thresholds, they must be reported to regulators, and some of that data becomes publicly accessible.
Oversubscribed IPOs: What a Price Above the Range Really Hides
When an IPO prices at or above its indicative range, it chiefly reveals the order book's construction, not a guarantee of future performance.
Inside a Gilt Auction: How Britain Sells Its Debt to the World
Auctions raise most of the money the UK government borrows each year. Here is how the Debt Management Office structures them, who is allowed to bid, and what the 2026-27 remit puts on offer.
Stock Split: Why One Share Suddenly Becomes Two Without Your Wealth Changing
After a stock split, the number of shares in your portfolio doubles, but its value remains exactly the same. A look at what really changes and what's pure cosmetics.
What Spain's Risk Premium Is and Why It's Measured Against the German Bond
The same state pays different interest rates based on when it issues debt; this explains how the spread comparing Spanish and German bonds is calculated and what it actually reveals.
How New Disclosure Requirements for German Listed Companies Actually Get Created
From initial consultation to binding rule: how financial regulators like BaFin develop and enforce disclosure requirements for listed companies through a multi-stage process.
Who Decides What's In the FTSE 100? The Quarterly Ritual Few Investors Ever See
A look at how index committees like the one behind the FTSE 100 set objective rules for membership, then apply them on a fixed quarterly schedule rather than by discretion.
Why 30% and Not 25% or 50%: The Threshold That Triggers a Mandatory Offer in France
In France, crossing the 30% threshold of capital or voting rights, alone or acting in concert, in a listed company requires the acquirer to offer to buy all remaining shares. A mechanism central to minority shareholder protection.
How SIX Swiss Exchange Oversees Trading Stability
How the market model, trade surveillance and the supervisor interact in Switzerland, and why none of these layers aims to limit price swings.
Capital Raise: What Really Happens to Your Shares
When a Spanish-listed company issues new shares, the number of shares outstanding grows overnight. Here's how that effect gets distributed between existing and new shareholders.
What It Really Means When Quarterly Results 'Beat Expectations'
A company can achieve record profits and still be punished by markets. The reason: a number no one officially publishes: analyst consensus.
How to Verify That Green-Bond Proceeds Go Where Promised
How green bonds actually work, who verifies the use of proceeds, and what concretely sets them apart from ordinary bonds.
Scheme of Arrangement: The Court-Approved Route to Taking a Company Private
A UK take-private can hinge on a single shareholder vote threshold rather than a simple majority. Here is how a scheme of arrangement differs from a contractual offer.
What Delisting Means for Shareholders in Germany
How a German stock exchange withdrawal proceeds legally and what it practically means for shareholders' trading ability, information rights, and compensation.
UK Market Abuse Rules Go Well Beyond Insider Trading
The UK's Market Abuse Regulation covers far more than trading on secret tips. Here is what it actually bans, and why the scope is wider than most people assume.
How a Stock Listing Works on Euronext Paris
From the subscription period through first trading, the concrete steps that define an IPO on Euronext Paris.
Why Some Takeovers Automatically Trigger Mandatory Offers
Anyone acquiring more than 30 percent of a publicly listed company in Germany must make an offer to all remaining shareholders under rules the WpÜG spells out in precise detail.
Why Owning More Shares After a Rights Issue Can Still Leave You Worse Off, Unless You Act
A UK rights issue hands existing shareholders new shares at a discount, but the mechanics of dilution and pre-emption mean the outcome depends entirely on what an investor chooses to do next.
How a Buy Order Becomes a Trade in Milliseconds: Inside Xetra
A look behind the scenes of the Frankfurt Stock Exchange's electronic Xetra system: from the central order book to price determination.