Redeye comments on ISAB’s rights issue announcement of approximately SEK17.1m before issue-related costs. The subscription price is set to SEK3.6, corresponding to a c31% discount compared to yesterday’s closing price. Moreover, the issue is guaranteed up to 80% by subscription commitments (c10.4%) and guarantee commitments (c69.6%). We had already included an assumed rights issue in our valuation; however, we will not adjust our model before the outcome in May.