Redeye adjusts its view and valuation range for Gapwaves after recent market events and the pandemic outbreak of the COVID-19 virus. We note that Gapwaves recently announced that it has received its first order from the automotive supplier ZF Friedrichshafen. At the same time, global activity has made a screeching halt of global activity, which we believe will affect the company’s growth prospects somewhat going forward. However, we still believe that the underlying trends of increased need for automotive sensors and the 5G transformation are largely unaffected. Gapwaves’ technology is still attractive going forward, which was confirmed by the ZF order.