Translation: Original published in Finnish on 8/14/2026 at 8:03 am EEST.

Spinnova is planning an initial public offering of at least 15 MUSD in the United States, as well as a dual listing of its shares on the Nasdaq Capital Market. If successful, this arrangement would strengthen the company's financial position and support the advancement of technology commercialization. However, a dual listing will increase the company's costs, and the timeline and especially the terms of the offering are still to be determined. Therefore, at this stage, we are taking a neutral stance on the news.

Successful offering would strengthen financial position for commercialization

Spinnova's preliminary target is to raise at least 15 MUSD, or approximately 13 MEUR, in gross proceeds from its initial public offering. The proceeds are intended to be used primarily to ramp up the Eteläportti demo facility in Jyväskylä, commercialize the technology, and fund general corporate purposes. The form, number, or pricing of the securities to be offered in the IPO have not yet been determined, and the board of directors has not made a final decision concerning the execution of the offering. Spinnova has submitted a draft registration statement to the SEC but, as far as we understand, the entire approval process could take several months. Consequently, the exact timeline for the arrangement remains unclear.

We consider the logic behind the plan understandable given Spinnova’s current stage of development. A successful offering would provide the company with more flexibility to ramp up operations at the demo facility and advance the commercialization of the technology. At the same time, a dual listing in the US could broaden the company's investor base and open up a new financing channel. We have estimated that Spinnova's gross cash balance of 44 MEUR at the end of 2025 will provide the company with around 2–3 years to advance commercialization efforts. Of course, this timeframe is influenced to some extent by the company’s strategic decisions and its use of the Eteläportti demo facility.

Details of offering still to be determined

In our view, there is considerable uncertainty regarding the implementation method and, especially, the terms of the planned offering at this stage. The targeted gross proceeds are quite large relative to Spinnova's market capitalization of around 27 MEUR, and the minimum size of the offering appears to partly reflect Nasdaq Capital Market listing requirements. Our baseline assumption is that the offering would be carried out by directing the company's shares to new owners in the US for subscription. Although discounts in directed issues are typically much lower than in rights issues, we believe that achieving sufficient investor demand will likely require a discount relative to the company's share price. Thus, the offering may dilute the holdings of Spinnova's current owners. 

If a dual listing in the US were to be realized, we estimate that ongoing listed company and reporting costs would increase by a six-figure dollar amount annually. In addition, we also expect one-time expenses this year related to exploring the listing and carrying out the process. Thus, a dual listing comes at a price for the company. 

Key questions in the investor narrative remain unchanged

A dual listing or additional financing does not, in itself, change the key uncertainties of Spinnova's investment case. Critical to value creation remain the verification of the competitiveness of the technology's production and investment costs at a demo scale, as well as finding partners committed to the first technology deliveries and production investments. Therefore, we are neutral on the news and await further information on the potential execution method or terms of the offering.