Redeye comments on Azelio’s updated guidance released last night. Azelio reduced its 2023 guidance as it no longer expects to reach 10 project deliveries during the year. The adjusted project timeline leads to the company confirming the need for a capital raise during 2023, which we already had expected. Still, we expect to reduce our base case valuation driven by a slower-than-expected sales ramp-up in the coming years.