Metacon has announced that the outstanding TO1 warrants have been fully subscribed through a combination of subscription commitments (90.9% of the total outstanding warrants) and guarantee commitments (9.1%). As a result, the company will receive approximately 9.2 MSEK before issuing costs. The outcome aligns roughly with our expectations, although we had modelled for full subscription without the need for guarantee commitments. However, since the guarantee commitments were relatively modest, the resulting dilution was only slightly higher than expected. Given this, we are not making any immediate changes to our valuation or recommendation. However, we will update the number of shares no later than in connection with the company's Q1 report.

A total of 104,508,719 TO1 warrants were exercised, representing approximately 90.9% of the outstanding warrants, leading to the subscription of an equivalent number of shares at a price of SEK 0.08 per share. Additionally, guarantee commitments covering 10,439,555 shares (approximately 9.1% of the outstanding warrants) will be utilized. As a result, Metacon will receive approximately 9.2 MSEK before issuing costs. Furthermore, a 10% compensation fee will be paid to the guarantors in newly issued shares at the same exercise price of SEK 0.09.

Overall, the total number of shares will increase by approximately 126 million to around 1,364 million, leading to a dilution of approximately 9.3%.

Well positioned for delivery execution

The outcome was broadly in line with our expectations, and we view the full warrant subscription as a positive development. A stronger cash position will support Metacon’s ability to execute on its deliveries. As stated in our most recent updated report, we expect liquidity to remain tight until June/July 2025, when a significant portion of restricted cash, tied to previously announced orders, is expected to be released. However, with two recent orders secured and clear visibility on the timing of the capital release, we believe Metacon should be able to obtain short-term project financing on reasonable terms, if needed.