We are living in exciting times. To ease my own suspense, I’ll describe the process from my own limited perspective. Sources are included at the end of each section so that readers can correct any misconceptions of mine if needed. I have been guilty of careless mistakes before, so double-checking is recommended for any fellow investors acting in earnest.
The dual listing in the United States is presumably causing a stir for others besides myself. “The company currently expects the dual listing to take place in the fourth quarter of 2026, although the schedule depends on market conditions and other factors, and there is no certainty that the dual listing will materialize.”
The share issue authorization of up to 45,900,000 shares corresponds to approximately 87.7% of the company’s shares, and the offering can be executed as a directed share issue until February 28, 2027.
Source Spinnova Oyj:n ylimääräisen yhtiökokouksen päätökset - Spinnovagroup
The minimum requirement for listing is USD 15,000,000 (EUR 13,350,000 on Oct 12, 2026), meaning the theoretical minimum listing price to meet the aforementioned requirement would be approx. USD 0.327, or approx. EUR 0.291. There are also other requirements and exceptions, an overview of which can be gathered from the table on page 11 at https://listingcenter.nasdaq.com/assets/initialguide.pdf. Anyone with an in-depth understanding of the requirements can probably tell which column applies here.
The incentive plan tied to the US IPO pays out in full starting from EUR 0.52 Spinnova Oyj perustaa uuden kannustinjärjestelmän avainhenkilöille - Spinnovagroup
The figures above aren’t anything to write home about. Could the offering price be higher? I have previously speculated on a potential M&A deal and consider it very likely that at some point an offer was made or the waters were at least tested. Consequently, a directed issue in the form of a dual listing would essentially be a partial sale of the company. P/B is hovering around one, and in this calculation, Woodspin’s value is EUR 4 (EUR 2 for Suzano’s half + write-down of the previously owned half). Surely some consultant has looked this over.
On top of that come patents and future prospects. Some believe no value can be attributed to patents, but despite this, someone might well pay for them. Others lump Spinnova’s fiber together with Lyocell, which I suppose mainly replaces viscose. Personally, I don’t lump them together. If it is believed that it can credibly supplement/replace cotton, wool, or linen in terms of quality and ecology, then the outlook immediately becomes much more attractive. People pay a premium for many reasons.
Then there’s also Respin. Ecco made the first shoes in the spring ECCO lanseeraa ensimmäisen kengän innovatiivisesta proteiinipohjaisesta tekstiilikuidusta - Spinnovagroup, and understandably, the material has tremendous potential.
Finally, it must be said that I’m looking at this through a possible lens of confirmation bias. Those who participated in the original IPO have been severely disappointed, and building up new hype is difficult. I was only disappointed with a small tracking position prior to Suzano’s exit, and have since increased my holding to a (too?) large size based on the idea of the sum-of-the-parts value and tax-deductible losses relative to the share price. I think I saw some kind of margin of safety in an unloved, low-volume stock. Perhaps it’s actually a good idea to try now in the US market with a more mature product, where “once-lost causes” have certainly been revived before. In time, we will surely be wiser about this as well.
Registration statement (dated Sep 22, 2026)
https://www.sec.gov/Archives/edgar/data/2141512/000118518526004224/spinnovaf1a1092126.htm#a_011
Have a great autumn, both skeptics and fellow nail-biters alike!