Q4 results, rights issue and earn-out solution
Q4 was softer than we expected, with Q4 sales and adj. EBITDA 13% and 63% below our estimates, respectively. In conjunction with the release of the Q4 results, the company also announced a SEK 98m rights issue that implies 50% dilution given 100% subscription, implying a post-money valuation of ~SEK 197m. The purpose of the rights issue is to remedy a covenant breach and satisfy commitments to bondholders. Moreover, the earn-out that relates to the EFUEL acquisition has been postponed until the earliest of June 2025 or when the outstanding bonds have been fully repaid.
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