OptiCept’s capital raise preliminary outcome at 70% of maximum gross proceeds
OptiCept has announced the preliminary outcome of their rights issue, which indicates that subscriptions by exercise of subscription rights and subscription applications without subscription rights amount to a total of ~59% of the Rights Issue. Thus, the preliminary outcome indicates that an additional approximately ~11% will be subscribed for by guarantors. In total, the rights issue is therefore expected to reach 70% of the maximum subscription, or 56.4 MSEK before expenses. While we had anticipated the rights issue to be fully subscribed, the fact that the stock price has occasionally traded slightly below the subscription price makes this outcome less surprising.
In practical terms, this means the company retains most of the additional cash runway it aimed to secure with the raise, resulting in relatively minor adjustments to our valuation, which had assumed 100% subscription. As a result, we are not making any immediate changes to our valuation or recommendation.
