Today, the company also announced the outcome of the rights issue. Approximately 54% of the rights issue was subscribed with and without subscription rights, and a corresponding 46% of the rights issue was underwritten. Regardless, the company will now have cash to maintain its long-term strategy. Finally, the '23e P/sales multiple implied by the rights issue (i.e., post-money valuation) is 2.1x based on our unrevised estimates.
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