Metacon announced on Friday the preliminary outcome of its rights issue, which indicates that subscriptions by exercise of subscription rights amount to approximately 28.1%. Additionally, applications for subscription without the support of subscription rights corresponding to approximately 0.5% of the rights issue have been received. Thus, the preliminary outcome indicates that the rights issue is subscribed to approximately 28.6%, and guarantee commitments corresponding to 42.3% of the rights issue will be utilized. In total, the rights issue is therefore expected to reach approximately 71% of the maximum subscription, or ~77 MSEK before expenses, compared to the maximum amount of approximately 109 MSEK. While we had anticipated the rights issue to be fully subscribed, the fact that the stock price has occasionally traded below the subscription price makes this outcome less surprising.

In practical terms, the proceeds and the previously announced 35 MSEK convertible loan secure the repayment of the expensive January bridge financing. We also expect this capital to provide necessary working capital for ongoing projects, although the financial buffer is smaller than we had modeled. Nevertheless, this means the company retains most of the additional cash runway it aimed to secure with the raise, resulting in relatively minor adjustments to our valuation. As a result, we are not making any immediate changes to our valuation or recommendation.