Osborne Clarke advises ecotel on first segment change to the Scale segment following amendment of Deutsche Börse AG’s General Terms and Conditions for the Open Market
Published on 29th June 2026
Osborne Clarke has advised ecotel communication ag on the transfer of its shares from the regulated market (Prime Standard) of the Frankfurt Stock Exchange to the Scale segment (SME growth market) of the Frankfurt Stock Exchange, effective as of 23 June 2026. This is the first segment change of this kind since the new General Terms and Conditions of Deutsche Börse AG for the Open Market of the Frankfurt Stock Exchange entered into force on 12 June 2026.
The legal basis for the transfer is the revised version of section 39 BörsG, which entered into force in February 2026 by virtue of the Standortförderungsgesetz (StoFöG) and which, in conjunction with the amended General Terms and Conditions of Deutsche Börse AG for the Open Market, permits a transfer from the regulated market to an SME growth market without an accompanying delisting tender offer. The revised General Terms and Conditions for the Open Market provide in particular that the previously applicable requirement of a minimum market capitalisation (previously: EUR 30 million, see section 17(1)(d) GTC FWB old version) is abolished without replacement. At the same time, the free float requirement in the Scale segment has been adjusted from 20% to 10% of the total nominal amount of the included shares. These amendments are intended to ease access requirements to the capital market for small and medium-sized issuers without losing sight of market liquidity.
By doing so, the company is the first issuer to make use of the newly designed inclusion requirements in the Open Market for a segment change into the Scale segment. The amendments to the General Terms and Conditions of Deutsche Börse AG create a clear and practicable framework for companies that wish to benefit from the specific advantages of an SME growth market while at the same time meeting the requirements on transparency and free float.
In this segment change, SMC Investmentbank AG, Munich, acted as Deutsche Börse Capital Market Partner. Osborne Clarke provided ecotel with comprehensive advice on stock corporation and capital markets law and, in particular, prepared the inclusion document required for inclusion in the Scale segment and coordinated the process with Deutsche Börse AG. The advising team from Osborne Clarke consisted of Dr Alexander Thomas (Partner) and Dr Fabian von Rabenau (Associate), both Corporate.
