InCoax has announced a fully covered rights issue of approximately SEK45m, providing much-needed funding to support its strategic transition following the changed relationship with Nokia. The most striking feature is the subscription price of SEK0.01 per share, representing a 93% discount to the latest closing price of SEK0.15. The issue entails an almost 31-fold increase in the number of shares and 96.8% dilution for shareholders who do not participate. While the deeply discounted terms are likely necessary to secure Saugatuck's extensive commitment, the issue also reflects the financial challenges arising from the longer-than-expected commercialisation process.
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