Metacon has announced the preliminary outcome of their rights issue, which indicates that subscriptions by exercise of subscription rights amount to 24.6%. Additionally, applications for subscription of 4,672,411 shares without the support of subscription rights, corresponding to approximately 0.7% of the rights issue, have been received. Thus, the preliminary outcome indicates that the rights issue is subscribed to approximately 25.3%, and an additional ~54.7% will be subscribed for by guarantors. In total, the rights issue is therefore expected to reach 80% of the maximum subscription, or ~110 MSEK before expenses. 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, 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, which had assumed 100% subscription. As a result, we are not making any immediate changes to our valuation or recommendation.