Redeye views BeammWave’s rights issue of up to SEK65m as a positive and necessary step to expedite industrialisation, driven by a veritable cri de coeur from customers. The issue, which is approximately 87% secured, significantly mitigates financing risk by establishing a clear financial runway for the company until at least late 2026. Redeye calculates a theoretical ex-rights price (TERP) of SEK13.38 and believes the recent share price decline is a temporary effect of retail investor behaviour, expecting the share to recover towards its TERP during cum-rights period ending August 7. Depending on guarantor allocation, the share could face an overhang during September if short term guarantors exist their positions.

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