Redeye was not surprised to see that Powercell last night carried out a directed share issue of SEK190m, before transaction costs. In our view, this should be sufficient to take the company to break even in 2026. Proceeds will be used to: “support the OEM commercialization phase and accelerate the development of new products and applications”. The subscription price was SEK33 per share, a discount of around 10%. As the dilution for existing shareholders is limited to ~10% and Powercell’s finances were a bit stretched, the transaction makes sense and will only have a minor impact on our valuation.
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