Viljakainen has provided his comments after Spinnova’s Extraordinary General Meeting, as expected, approved the plan for a dual listing in the United States and additionally granted the Board of Directors authorizations for a share issue.
In our view, the full utilization of the substantial authorization, in line with the original proposal and relative to the company’s current number of shares, would pose a dilution risk for existing shareholders, although this is naturally only an authorization and the final terms as well as the schedule for the US listing remain open. However, we expect the company to announce the terms of the US initial public offering in the near future, which, according to our understanding, also still requires the SEC’s final approval for the transaction documents.