The outcome of warrants of series TO2 was announced by Saniona earlier this week. The subscription rate was 90%, and the company will receive proceeds of approximately SEK 33.2 million. It comes on top of an already strong financial position. We continue to guide for around SEK 600 million cash on hand at yearend. The news hasn’t any material impact on our valuation, and we reiterate our Base Case of SEK 75 per share.
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