We have received some investor questions regarding our net liquidity calculation for Metacon's recent rights issue, as presented in our latest research update. This note clarifies those details. As noted in our recent research report, 41 MSEK is our estimate of the net new funding coming in at the conclusion of the rights issue after the company repaid its bridge loan and related costs. To clarify, this comes on top of the 50 MSEK bridge loan taken earlier at the beginning of the rights issue. In total, we estimate the company to have secured 91 MSEK new funding in Q4’24. As detailed in our report, we estimate that the current funding will last until around summer 2025, based on a quarterly burn rate of 25–30 MSEK. We also anticipate that approximately 180–190 MSEK from the Motor Oil order will be released around the same time. This means that the liquidity situation is tight and that the burn rate over the coming quarters and the timing of when liquidity from the project is released will significantly influence whether the company will need to secure additional financing before generating positive cash flows from the Motor Oil order. Regardless of the timing, based on our current estimates outlined in the recent research report, we believe that Metacon will require additional financing during the next 2–3 years before reaching cash flow neutrality, unless new customer projects require less working capital during the initial phase. We are particularly interested in more details regarding the timing of cash flows from the Motor Oil order, the current burn rate, and Metacon’s financial position in its Q4’24 report, which will be released on February 26.

Metacon has announced the preliminary outcome of their rights issue, which indicates that subscriptions by exercise of subscription rights amount to 24.6%. Additionally, applications for subscription of 4,672,411 shares without the support of subscription rights, corresponding to approximately 0.7% of the rights issue, have been received. Thus, the preliminary outcome indicates that the rights issue is subscribed to approximately 25.3%, and an additional ~54.7% will be subscribed for by guarantors. In total, the rights issue is therefore expected to reach 80% of the maximum subscription, or ~110 MSEK before expenses. While we had anticipated the rights issue to be fully subscribed, the fact that the stock price has occasionally traded below the subscription price makes this outcome less surprising.