I have a bit of a feeling that this is the culprit behind that strange dip and volume spike that occurred around the time of the Annual General Meeting. It’s a dirty game in Sweden, just like in the US, but the FI (Finansinspektionen) is unlikely to start investigating and cracking down on it.
At one point, it was over 15%. I believe it was the second most shorted stock in Sweden back then. The situation is a bit different now, as shorters have the opportunity to fish for subscription rights after the rights issue and then close their positions cheaply, since at this rate, the subscription price is unlikely to be anywhere above 15 SEK.
It seems to be a fairly common practice in Sweden to announce a rights issue and then wait until much later to reveal the terms and pricing. Of course, in this case, it was a total pinnacle of idiocy from the management, as the rights issue was significantly larger than the market cap at the time of the announcement. In such a case, they should have at least provided some sort of floor price for the subscription price.