Why were Leclanché's actions suspended?

The shares were suspended from trading on the Zurich Stock Exchange from 1 June due to the financial difficulties of the company, which failed to publish the 2025 financial year report by the expected deadline at the end of July, necessitating an extension of the terms granted by the SIX Exchange Regulation.

What is the status of the funding negotiations?

The company is in advanced negotiations with a strategic partner to obtain additional funding. Although negotiations are ongoing, they take longer than expected. The objective of the agreement is to demonstrate Leclanché's ability to ensure business operations at least until June 2027.

What should an investor with suspended shares do?

The investor must monitor Leclanché's official communications and the SIX Exchange Regulation bulletins. You must wait for the publication of the annual report to assess the actual financial situation and consult your bank advisor to understand the tax implications or options available on the securities management platform.

Leclanché: financial crisis and postponement of the 2025 report (cross-border guide)

Di Marco Ferrari · Published on 4 August 2026

The Yverdon-les-Bains company suspends the shares and postpones the operating relationship. The point about the financial situation and the ongoing negotiations.

Context

In a nutshell

Leclanché has not published the 2025 annual report.
Stocks suspended from trading on the Zurich Stock Exchange from 1 June.
Ongoing negotiations for new funding with a strategic partner.
Objective: to ensure company operations until June 2027.

Key facts

What: Suspension of actions and budget delay
When: From 1 June 2025 (shares); end of July 2025 (report deadline)
Where: Yverdon-les-Bains (VD), Switzerland
Who: Leclanché SA
Amount: Share value dropped to 8 cents from 49 francs in 2010

Leclanché, a historic Swiss company founded in 1909 and specialized in the production of batteries, is in a phase of extreme financial criticality. The Yverdon-les-Bains company has formally communicated the impossibility of publishing the 2025 financial year report by the deadline set at the end of July. Due to this lack of accounting transparency, which is necessary for the proper functioning of financial markets, the company has requested a new extension of terms from SIX Exchange Regulation (Ser), the independent supervisory authority operating within the SIX group for companies listed on the Zurich Stock Exchange.

The instability of the company is evidenced in a clear way by the suspension of trading in the stock, in force since 1 June. This measure, adopted to protect investors, reflects the profound difficulties that Leclanché has been facing for several years now.

Operational details

Crisis analysis: the implications for shareholders

The Leclanché affair raises important questions for the Swiss stock market and for the confidence of institutional and private investors. The suspension of the stock from the Zurich Stock Exchange, managed under the aegis of the SIX Exchange Regulation, represents an extreme measure that prevents the liquidity of the investment. For a saver, being with suspended shares means not being able to sell their shares, remaining at the mercy of the outcome of the negotiations for the company's rescue.

Comparing the current situation with that of 2010, the decline of a historical industrial reality clearly emerges. The loss of value of about 99.8% (from 49 francs to 8 cents) shows how the battery sector, although strategic for the energy transition, requires massive and constant investments that, in the absence of profits since 2008, have eroded the share capital. The dependence on external partners for financing is nothing new for Leclanché, but the fact that the timing for closing the agreements is extending beyond the mandatory accounting deadlines calls into question the soundness of the recovery plan.

The risk for those who hold securities in similar companies is twofold: on the one hand, the zeroing of

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Key points

Procedures and steps for investors

What should an investor do if they hold shares in a suspended company? First, it is necessary to verify their securities portfolio through the depository bank’s platform. The suspension of Leclanché shares does not mean the disappearance of the securities but renders them untradeable.

1. Monitoring: Check the official SIX Exchange Regulation website daily for any announcements regarding the resumption or definitive delisting of the shares. 2. Corporate communications: Follow the 'Investor Relations' section on Leclanché’s official website for updates on negotiations with the strategic partner. 3. Financial analysis: Once the 2025 annual report is published, carefully review the notes and auditor’s report to assess the extent of liabilities and the company’s prospects for business continuity. 4. Consultation: For significant holdings, it is advisable to consult a financial advisor to evaluate potential tax-deductible capital losses in accordance with Swiss regulations.

Transparency is the cornerstone of Swiss markets. The failure to publish an annual report is a warning signal that should not be ignored. For those managing their wealth in Switzerland, it is always useful to have a clear view of their risk profile, especially when investing in technology or industrial stocks. While Leclanché’s situation is specific, it underscores the importance of diversifying investments and not basing decisions solely on technological growth expectations.

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Frequently Asked Questions

Why were Leclanché's actions suspended?: The shares were suspended from trading on the Zurich Stock Exchange from 1 June due to the financial difficulties of the company, which failed to publish the 2025 financial year report by the expected deadline at the end of July, necessitating an extension of the terms granted by the SIX Exchange Regulation.
What is the status of the funding negotiations?: The company is in advanced negotiations with a strategic partner to obtain additional funding. Although negotiations are ongoing, they take longer than expected. The objective of the agreement is to demonstrate Leclanché's ability to ensure business operations at least until June 2027.
What should an investor with suspended shares do?: The investor must monitor Leclanché's official communications and the SIX Exchange Regulation bulletins. You must wait for the publication of the annual report to assess the actual financial situation and consult your bank advisor to understand the tax implications or options available on the securities management platform.