Here is Luiro’s latest company report on SciBase. 
SciBase grew strongly in the US during Q3, but the day’s biggest news was the large “capital raise,” which is expected to support the turn to positive cash flow.
SciBase kept building its commercial momentum in the US where it achieved strong revenue growth in Q3 from low levels. Yet, the major news of the day was the large capital raise, which according to our current assumptions would carry the company to cash flow positivity. After adjusting for the capital raise, the risk/reward is starting to improve but is not yet looking attractive enough as we also expect the rights issue to put downward pressure on the share. We adjust our target price to SEK 0.45 per share (was 0.40) and reiterate our Reduce recommendation.