* A corporate client of Hybridan LLP.
** Potential means Intention to Float (ITF) or similar announcement has been made.
***Arranged by type of listing and date of announcement.
****Alphabetically arranged and priced on Share Price and Market Capitalisation during the time of writing on the day of Publication.
Admissions:
None
Delistings:
None
What’s baking in the oven?
Potential IPOs:***
4 March: Scotch Corner Designer Village Holdings plc, which is developing a largely pre-let retail and leisure destination in the North of England, announced its intention to apply for Admission to trading on the Aquis Real Asset Market (ARAM) segment of the Aquis Stock Exchange Growth Market. The Company is seeking to raise £25.5m. The listing is expected to complete in April 2026.
24th February: Tapir Holdings announced its intention to IPO onto AIM. Tapir Holding Ltd (TPH.BH) listed on the Bermuda Stock Exchange on 11 March 2024 and sole asset is its 10.04 per cent. equity stake in Rendeavour Holdings Limited, incorporated in Bermuda and is an investor in East and West African urban development projects. On Admission, the Company will be an 'Investing Company' seeking to achieve its investment objective through further investments in Rendeavour and in other development projects or unquoted companies with suitable synergy across Africa. On Admission to AIM, the Bermuda Stock Exchange will become the secondary listing and AIM the primary listing for the Shares. Deal details TBC and expected Admission date is early March 2026.
Reverse Transactions:***
4 March: Vulcan Two (VUL.L), the AIM quoted investing Company is aiming to create the UK's leading regulated ePharmacy through a buy-and-build strategy. On 26 February, the Company announced that it has conditionally agreed to acquire three companies in the UK ePharmacy market, being CloudRx, Hyperdrug Pharmaceuticals and Webmed Pharmacy. The total maximum consideration for the Acquisitions is approximately £41.7m. To satisfy the consideration payable for the Acquisitions, the Company has conditionally raised gross proceeds of £40m. The Acquisitions, individually and collectively, constitute a Reverse Takeover. Anticipated market capitalisation on readmission will be £54.6m.
Expected Admission date is 19 March.
Market Movers:***
25 February: Roquefort Therapeutics (ROQ.L),the Main Market listed biotech Company, is acquiring assets from Coiled Therapeutics, Inc. and A2A Pharmaceuticals, Inc. and at the same time moving to AIM. £8.5m is to be raised on Readmission at an issue price of 10 pence per share with an anticipated market cap of £42.6m. Expected Admission date is 27 March 2026.
Banquet Buffet****
Active Energy Group 0.08p £2.98m (AEG.L)
The Company engaged in renewable energy, engineering soils, and forestry management business announces that it has signed binding Heads of Terms in relation to the proposed acquisition of the Ghummud Site in Abu Dhabi, subject to the completion of customary due diligence. The Asset comprises a 3.5 megavolt-ampere live grid connection with an active transformer and associated electrical infrastructure, providing approximately 2.975 megawatts of available load. The Asset is non-operational and does not comprise revenue-generating activities. It consists solely of the energised grid connection and related electrical infrastructure and land.
Catenai 0.31p £2.72m (CTAI.L)
The AIM-quoted provider of technology and digital solutions has announced that Alludium Ltd, its investee company and developer of a no-code AI Agent Operating System, today launched its platform, making it publicly accessible for the first time. This milestone marks progression in Alludium's development journey, following its public debut at Web Summit 2025 and the onboarding of its first design partners. Alludium is now open to individuals and teams who wish to build, deploy, and collaborate with custom AI agents through conversation, without writing code.
Great Southern Copper 2.70p £17.19m (GSCU.L)
The Company focused on copper-gold-silver exploration in Chile announced the partial assay results of Hole CNG25-DD042 (DD042) recently received for its Phase III drilling programme at the Cerro Negro prospect, part of the Especularita Project. Hole CNG25-DD042 tested the interpreted southern extension of Lens 2 some 300m along trend from the Mostaza mine. The hole intersected multiple zones or lenses of base and precious metals mineralisation including significant intercepts with highlights 21.8m @ 1.04% Cu and 52.26 g/t Ag From 73.0m, including 6.0m @ 2.56% Cu and 128.16 g/t Ag From 79.0m.
Ilika 31.00p £54.25m (IKA.L)
The pioneer in solid state battery technology reports the successful delivery of the initial batch of commercial grade Stereax electrode to Cirtec Medical. In January 2026, Cirtec had initiated the commercial electrode supply arrangement with Ilika to support product manufacturing. Ilika has now fulfilled the initial order for Stereax M300 production, which its first revenue-generating order from Cirtec. The Stereax M300 batteries electrodes will be used for validation and customer sampling across a wide range of active implantable medical device applications, including powering implanted sensors, neurostimulators, orthopaedic implants, orthodontic wearables and ophthalmology devices. The CEO looks forward to increasing supply activities to meet customer demand.
Kendrick Resources 2.20p £6.69m (KEN.L)
The mineral exploration and development Company announced commencement of Phase II drilling on the Teufelskuppe and Keishohe rare earth carbonatites at its Bonya rare earth project. Based on reconnaissance work and a detailed review of extensive historic exploration including channel sampling and drilling, Kendrick has selected drill collars and initiated a drilling programme to formalise historic in-house non-JORC (2012) Mineral Resource Estimates. The decision to progress to Resource definition drilling has been prompted by the consistently high-grade rare earth elements assay results generated by all types of historic exploration.
Nuformix 0.29p £5.49m (NFX.L)
The pharmaceutical development Company targeting unmet medical needs in fibrosis and oncology via drug repurposing announced that the U.S. Food and Drug Administration (FDA) has granted Orphan Drug Designation (ODD) in Idiopathic Pulmonary Fibrosis (IPF) for tranilast lystate, the active drug substance enabled for inhaled delivery in Nuformix's NXP002 lead programme. The FDA grants ODD for investigational treatments for rare diseases, such as IPF, defined as affecting fewer than 200,000 people in the US. ODD qualifies the developer for certain incentives with the goal of accelerating drug development for patients, including tax credits for clinical trials or qualified clinical testing costs, a waiver of the Prescription Drug User Fee Act application fee when a marketing application is submitted, and the potential to receive seven years of marketing exclusivity upon product approval.
Physiomics 0.40p £1.36m (PYC.L)*
The mathematical modelling, data science and biostatistics Company supporting the development of new therapeutics and personalised medicine solutions has announced it has raised £450k at 0.3 pence to fund various growth opportunities. The Company has also launched a WRAP retail offering to the Company’s existing shareholders to raise up to an additional £50k. To date in FY26, the Company has twice exceeded its best monthly revenue in comparison to FY25 with one month achieving over £110k. The Company’s revenue profile is improving with a more diverse pipeline and visibility of future income. In the last two years, the Company has had five new clients that have come back more than once, helping the business to increase the share of revenues which are repeat. The Directors believe that this growth will continue and that the Company is on track to meet market expectations for this current year, which would represent a record year for total income of 27% growth based on market expectations.
Sunda Energy 0.04p £9.76m (SNDA.L)
The AIM-quoted exploration and appraisal Company focused on gas assets in Southeast Asia announced that its wholly owned subsidiary SundaGas Banda Unipessoal, Lda., operator of the TL-SO-19-16 Production Sharing Contract, offshore Democratic Republic of Timor-Leste, has been awarded an Environmental Licence (EL) for the drilling of the Chuditch-2 appraisal well. As announced by the Company on 10 February 2026, SundaGas submitted final Environmental Impact Statement and Environmental Management Plan documents. The EL is valid until 9 March 2028 and includes certain conditions, principally around submission of a waste management plan prior to operations and for a post-drilling environmental survey.
Tap Global Group 1.35p £8.56m (TAP.L)
An innovative digital finance hub that brings money payments and crypto settlement services announced it has acquired three billion XTP tokens from Tap N Go Ltd for nil cost. The tokens are worth approximately US$1.8m based on prevailing market prices. XTP is one of the most actively traded tokens on the Tap platform, with strong user adoption. The acquisition strengthens Tap Group's balance sheet and digital asset treasury, which includes 6.14 Bitcoin, and deepens the Tap-XTP ecosystem integration as the tokens can be used for cashback rewards and other incentives.
The Smarter Web Company 31.35p £105.82m (SWC.L)
The Smarter Web Company announces the purchase of additional Bitcoin as part of their plan which includes an ongoing treasury policy of acquiring Bitcoin. The Company purchased 3 bitcoin in total, at an average price of £48,764, at a total of £146,293. The Company’s total Bitcoin balance is now 2,695 at an average purchase price of £82,553.
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