A running index of rights offerings and rights issues covered in the Special Situations Digest. Below are recent rights offerings, renounceable rights issues, and standby offerings across global markets, with each item linked to the underlying filing. Below: the 97 most recent situations spanning 21 countries.
Rights offerings are a frequently overlooked corner of special-situations investing. A rights issue priced at a discount to current market often creates short-term dislocation: existing shareholders may not exercise (especially smaller retail holders), while standby buyers and oversubscription privileges can offer attractive entry pricing. Internationally, particularly in Australia, the UK, and parts of Europe, rights offerings are a routine capital-raising mechanism that gets less attention from U.S.-focused investors.
The full weekly digest covers 30+ countries and 250-500 situations per issue across all categories, with Excel/PDF/JSON exports and an LLM-ready format. Subscribe for full access.
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Sweden 24 situations
Spago Nanomedical AB SPAGO.ST (SE) · MCAP $8M · EV $5M
EV/Sales: 5.1x (FY2026)
Spago Nanomedical is a Swedish clinical-stage biotech developing nanoparticle-based contrast agents for MRI cancer imaging and radiotherapy.
Spago Nanomedical AB (publ) (SPAGO.ST) registered an information document with the Swedish Financial Supervisory Authority for a rights issue intended to raise approximately SEK 16M in gross proceeds. Subscription rights are scheduled to trade from June 3 through June 12, 2026, with the subscription period running from June 3 until June 17, 2026. Paid subscribed shares (BTAs) will trade on the Nasdaq First North Growth Market starting June 3 until approximately July 1, 2026, with the final outcome of the offering expected around June 18, 2026. The scale of the offering suggests bridge financing for the clinical-stage biotech, with the primary actionable mechanic centered on the June 3–12 subscription-rights trading window.
Featured in Issue #18 ·
Neola Medical AB NEOLA.ST (SE) · MCAP $8M · EV $7M
EV/EBITDA: 11.2x · EV/Sales: 6.7x (FY2026)
Neola Medical AB develops the Neola®, a medical device for continuous lung monitoring of preterm infants using a non-invasive optical technique. The company is based in Lund, Sweden, and is listed on Nasdaq First North Growth Market.
Neola Medical AB (publ) (NEOLA.ST), which has a market capitalization of $8 million, is conducting a rights offering of 46,770,140 new shares at SEK 1.00 per share to raise approximately SEK 46.8 million for the development of its lung monitoring device. Using a 3-for-5 subscription ratio, the offering has a record date of June 1, 2026, and a subscription period from June 3 to June 17. Approximately 70% of the raise is covered by SEK 20.5 million in subscription commitments and a SEK 12 million guarantee from Vator Securities. Bergs Securities is serving as underwriter for the $5 million transaction, which funds clinical validation and regulatory processes in the US and Europe. The 3-for-5 ratio at SEK 1.00 represents a meaningful discount to the pre-announcement price and creates a tradable instrument via the June 3–12 rights trading window, leaving a SEK 14.3 million tail risk if the remaining shareholders do not subscribe.
Featured in Issue #18 ·
IRLAB Therapeutics AB IRLAB-A.ST (SE) · MCAP $11M · EV $9M
EV/Sales: 0.8x (FY2026)
IRLAB discovers and develops treatments for Parkinson's disease using a proprietary systems-biology platform. Its pipeline includes Phase IIb/III-stage mesdopetam for levodopa-induced dyskinesias and Phase IIb pirepemat for fall prevention.
IRLAB Therapeutics AB ser. A (IRLAB-A.ST) is launching a SEK 68 million rights issue of Series A shares with a SEK 33.8 million overallotment option following extraordinary general meeting approval on June 5, 2026. Subscription undertakings cover 91 percent of the rights issue through SEK 56.8 million in binding commitments and SEK 4.9 million in subscription intentions. The transaction follows a June 9 record date, with subscription rights trading from June 11 through June 22 and the subscription period closing June 25. Zonda Partners AB is advising on the capital raise, which is scheduled to announce final outcomes on June 29. High coverage by binding undertakings reduces dilution-arbitrage risk, and any remaining short squeeze or discount-to-TERP dislocation is expected to resolve once trading in subscription rights begins on June 11.
Featured in Issue #18 ·
AlzeCure Pharma AB ALZCUR.ST (SE) · MCAP $17M · EV $13M
EV/Sales: 6.7x (FY2026)
AlzeCure Pharma develops small molecule drug candidates for CNS disorders, primarily Alzheimer's disease and pain. The company is listed on Nasdaq Stockholm First North.
AlzeCure Pharma AB (publ) (ALZCUR.ST) is proceeding with a fully underwritten rights issue of 22,982,891 new shares to raise gross proceeds of approximately SEK 30.1 million. The offering is priced at SEK 1.31 per share on a 1-for-5 subscription ratio, resulting in a 16.7% dilution for non-participating holders. ABG Sundal Collier is acting as financial advisor for the raise, which carries a record date of June 12, 2026. The subscription period will run from June 16 through June 30, 2026, with rights trading scheduled between June 16 and June 25. The company intends to use the capital to strengthen its cash position and fund business development for licensing and collaboration deals involving its CNS drug candidates. This pro-rata offering serves as structured bridge financing ahead of potential partnership catalysts cited by the company during active licensing discussions.
Featured in Issue #18 ·
Cantargia AB CANTA.ST (SE) · MCAP $55M · EV $28M
EV/EBITDA: 7.0x · EV/Sales: 6.3x · EV/GP: 6.3x (FY2026)
Cantargia is a Swedish clinical-stage biotech developing antibody therapies targeting IL1RAP for oncology and autoimmune disease. Its lead program nadunolimab is in Phase II trials for pancreatic cancer and NSCLC; a second asset, CAN10, was sold to Otsuka Pharmaceutical in September 2025.
Cantargia AB (publ) (CANTA.ST) registered an Information Document with the Swedish Financial Supervisory Authority on June 5, 2026, for a rights issue to raise approximately SEK 124 million. Following a May 28 board resolution, subscription rights will trade on Nasdaq Stockholm from June 8 to June 16, with the subscription period closing June 22 and an outcome announcement expected around June 24. DNB Carnegie Investment Bank AB is serving as Sole Global Coordinator and Sole Bookrunner for the Swedish clinical-stage biotech. The absence of disclosed backstop or underwriting commitments makes the SEK 124 million raise binary, which concentrates dilution risk on non-participating holders and creates a short-term pricing dislocation to monitor when subscription rights begin trading June 8.
Featured in Issue #18 ·
Spago Nanomedical AB SPAGO.ST (SE) · MCAP $4M · EV $2M
EV/Sales: 14.0x (FY2026)
Spago Nanomedical is a Swedish clinical-stage biotech developing nanomaterial-based radiopharmaceuticals for cancer treatment. Its lead candidate 177Lu-SN201 targets solid tumors and recently demonstrated proof-of-concept in head and neck cancer patients.
Spago Nanomedical (SPAGO.ST) has resolved on a rights issue of approximately SEK 16M to fund the completion of Phase I and preparation for Phase IIa of its Tumorad-01 clinical study. The offering of 147,016,174 shares is priced at SEK 0.11 per share, where nine existing rights entitle holders to subscribe for two new shares, representing an approximately 18.2% dilution if fully subscribed. Shares trade ex-rights on May 28, with a record date of May 29 and a subscription period running from June 3 to June 17. Subscription commitments from major shareholders, board members, and management total SEK 10.4M, or roughly 64% of the issue, though no bank guarantee or blocked funds have been secured. Peter Lindell, who holds a 42% stake, received an exemption from mandatory bid obligations if his ownership increases due to undersubscription. Shareholders must decide by June 17 whether to participate in the discounted offering or face dilution, while the lead holder's mandatory bid exemption removes a potential regulatory overhang if the issue is poorly received.
Featured in Issue #17 ·
Nordic LEVEL Group AB LEVEL.ST (SE) · MCAP $7M · EV $17M
Fwd P/E: 10.6x · EV/EBITDA: 2.2x · EV/Sales: 0.4x · EV/GP: 0.8x (FY2026)
Nordic LEVEL Group is a pure-play security group operating across two segments: LEVEL Technology (installation and integration) and LEVEL Advisory (consulting), with a focus on critical infrastructure, data centers, and the energy sector in Sweden.
Nordic LEVEL Group (LEVEL) has resolved on a SEK 45M fully-underwritten rights issue of 140,125,104 shares at SEK 0.32 per share, including an over-allotment option of approximately SEK 10M. Shareholders will receive one subscription right per share held, with three rights required to subscribe for two new shares. The board resolution is contingent on an extraordinary general meeting scheduled for June 16, 2026, with a record date of June 18 and a subscription period running from June 23 to July 7. Proceeds are intended to repay a SEK 22.5M bridge loan and provide working capital to support a record SEK 620M order book, while management expects to revise financial targets on August 20. The 21.84% TERP discount and full underwriting by insiders and strategic investors sets a floor but creates a tradable subscription-rights window in late June.
Featured in Issue #17 ·
Neola Medical AB NEOLA.ST (SE) · MCAP $8M · EV $7M
EV/EBITDA: 10.9x · EV/Sales: 6.5x (FY2026)
Neola Medical AB develops medical technology for continuous lung monitoring of preterm infants using a non-invasive optical method.
Neola Medical (NEOLA.ST) is conducting a SEK 46.8 million rights offering of 46,770,140 shares at SEK 1.00 per share with a subscription period running June 3 through June 17, 2026. Shareholders on the June 1 record date receive one right per share, with five rights required to subscribe for three new shares. Total underwriting coverage for the offering has increased to 70%, or SEK 32.5 million, following a new SEK 12 million guarantee commitment from Vator Securities that complements existing 44% subscription undertakings. Vator Securities will receive compensation of 14% cash or 16% in shares and has entered option agreements to transfer any allotted guarantee shares to third-party investors. Bergs Securities is serving as global coordinator and bookrunner for the medical technology company. The new guarantee reduces the risk of a shortfall to 30%, making the issue more likely to price based on the discount versus the theoretical ex-rights price.
Featured in Issue #17 ·
Dicot Pharma AB DICOT.ST (SE) · MCAP $43M · EV $37M
Dicot Pharma develops LIB-01, a drug candidate for erectile dysfunction and premature ejaculation aiming to offer longer duration and fewer side effects than current treatments. The company is listed on Nasdaq First North and targets a global market valued at USD 8 billion.
Dicot Pharma (DICOT.ST) is nearing the June 4, 2026, final subscription deadline for its SEK 210M rights issue of units consisting of shares and TO 7 warrants. Trading in the unit rights is scheduled to conclude on June 1, 2026, following the May 19, 2026, record date and prospectus approval. Gross proceeds are intended to finance a Phase 2b study of drug candidate LIB-01 for erectile dysfunction and premature ejaculation starting in H2 2026. Corpura Fondkommission AB is acting as sole global coordinator and bookrunner for the offering. With unit rights only trading through June 1 and a base of over 16,750 retail shareholders, late selling pressure may widen the discount to the theoretical ex-rights price and create a window for arbitrage or subscription-side entry ahead of the H2 2026 catalyst.
Featured in Issue #17 ·
Cantargia AB CANTA.ST (SE) · MCAP $59M · EV $31M
EV/EBITDA: 11.7x · EV/Sales: 10.5x · EV/GP: 10.5x (FY2026)
Swedish clinical-stage biotech developing anti-IL1RAP antibodies for cancer and inflammatory diseases. Lead candidate nadunolimab (CAN04) has FDA Fast Track Designation in pancreatic cancer (PDAC) and is in Phase Ib/IIa studies in high-risk MDS and AML.
Cantargia AB (CANTA) resolved a SEK 124 million rights issue of 55,247,034 shares and entered a SEK 75 million loan agreement with Fenja Capital II A/S. The offering is priced at SEK 2.25 per share, with terms of two new shares for every nine rights held. Shares trade ex-rights on June 2, 2026, with the subscription period running from June 8 to June 22 and rights trading on Nasdaq Stockholm from June 8 to June 16. Proceeds will fund oncology clinical trials and working capital, with 60.3% of the issue covered by subscription undertakings and guarantee commitments. The 20% TERP discount implies a SEK 2.81 TERP and a SEK 0.38 theoretical subscription-right value, leaving a SEK 49 million rump for excess-subscription allocation.
Featured in Issue #17 ·
Intrum AB INTRUM.ST (SE) · MCAP $298M · EV $5.2B
EV/EBITDA: 6.5x · EV/GP: 2.9x
Intrum AB is a Sweden-based credit management services company covering the full chain from credit optimization and payment services to debt collection and financial services, operating in multiple European markets.
Intrum AB (INTRUM) is proceeding with a fully-guaranteed rights issue and a directed issue involving Norwegian investment company Kistefos. Prior to the announcement, major shareholder Nordic Capital reduced its stake in the Sweden-based credit management services company from 32% to 8%. Kistefos is participating as a potential leading future shareholder alongside a reshuffled investor base and a relatively new management team. The rights issue serves as the near-term recapitalization catalyst, but the primary situational focus remains on whether Nordic Capital’s exit and Kistefos’s ascent turn a distressed balance-sheet fix into a control-shift event, necessitating monitoring of the upcoming EGM vote and Kistefos’s final post-issue stake.
Featured in Issue #17 ·
AB Electrolux ELUX-B.ST (SE) · MCAP $854M · EV $4.6B
Fwd P/E: 7.7x · EV/EBITDA: 5.1x · EV/GP: 2.3x
AB Electrolux is a Swedish multinational manufacturer of home appliances and professional equipment, including refrigerators, washing machines, and vacuum cleaners under the Electrolux, AEG, and Frigidaire brands.
Electrolux Group (ELUX-B.ST) has published a prospectus for a NOK 40M minimum underwritten of a NOK 40-55M raise rights issue of Class A and Class B shares targeting approximately SEK 9 billion in gross proceeds. The Swedish Financial Supervisory Authority approved the prospectus on May 28, 2026, following official resolution approval at an Extraordinary General Meeting on May 27. Morgan Stanley and SEB are acting as Joint Global Coordinators, with Deutsche Bank serving as Co-Bookrunner on the backstopped transaction. Subscription materials for the Swedish home appliance manufacturer are now available for the offering. This SEK 9 billion recapitalization is materially dilutive, with the separate trading of subscription rights and the specific terms-pricing details in the prospectus serving as the next actionable checkpoints.
Featured in Issue #17 ·
Wyld Networks AB WYLD.ST (SE) · MCAP $0.2M · EV $0.2M
EV/Sales: 11.3x (FY2026)
Wyld Networks develops and sells wireless technology solutions enabling global connectivity for IoT and people, addressing gaps in mobile network coverage. Shares trade on Nasdaq First North Growth Market under ticker WYLD.
The subscription period for the Wyld Networks (WYLD.ST) rights issue begins today, May 18, 2026, and is scheduled to close on June 1, 2026. The company intends to raise up to SEK 16.2 million through the issuance of 107,759,898 new shares at SEK 0.15 per share. Existing shareholders of record on May 13, 2026, hold preferential rights to subscribe at an 18:1 ratio. The transaction is 65% secured through 19.3% in subscription commitments and 45.7% in underwriting commitments, with Mangold Fondkommission AB acting as advisor and underwriter. This heavily dilutive recapitalization features a deep discount signaling severe capital need for the wireless technology solutions provider.
Featured in Issue #16 ·
Dicot Pharma AB DICOT.ST (SE) · MCAP $45M · EV $39M
Dicot Pharma AB is a Swedish pharmaceutical company developing treatments for sexual dysfunction and other indications.
Dicot Pharma (DICOT.ST) published a prospectus for a SEK 210 million rights issue of units comprising shares and warrants following Swedish FSA approval on May 19, 2026. The subscription period runs from May 21 to June 4, 2026, with subscription rights trading between May 21 and June 1, 2026. Corpura Fondkommission AB is serving as sole global coordinator, sole bookrunner, and underwriter, while Advokatfirman Lindahl KB is acting as advisor. An outcome announcement is expected on June 8, 2026, ahead of an expected closing date of June 24, 2026. Warrants from the offering are exercisable between May 10 and May 24, 2027. Dicot Pharma (DICOT.ST) is a Swedish pharmaceutical company developing treatments for sexual dysfunction and other indications.
Featured in Issue #16 ·
Elicera Therapeutics AB ELIC.ST (SE) · MCAP $17M · EV $23M
EV/Sales: 17.7x (FY2026)
Elicera Therapeutics is a Swedish biotech that has developed the patented iTANK gene technology platform to enhance CAR T-cell therapies for solid tumors. It has four internal immuno-oncology programs and a non-exclusive licensing model targeting a multibillion-dollar cell therapy market.
Elicera Therapeutics (ELIC.ST) has published the information document for a SEK 73 million rights issue following its registration with the Swedish Financial Supervisory Authority. The company’s board resolved the issue on 21 April 2026, and an extraordinary general meeting approved the offering on 8 May 2026. Subscription rights trading and the primary subscription period are both scheduled to begin on 15 May 2026, with the subscription period concluding on 29 May 2026. DNB Carnegie Investment Bank AB is acting as Sole Global Coordinator and Sole Bookrunner. This highly dilutive issuance for the Swedish biotech creates tradeable subscription rights that provide arbitrage and relative-value opportunities.
Featured in Issue #15 ·
Intrum AB INTRUM.ST (SE)
Intrum is a Sweden-based credit management services company that invests in and collects non-performing loan portfolios, generating returns through collection performance and servicing income.
Intrum (INTRUM) announced a SEK 6b rights issue following a quarterly net loss and recent goodwill and contract impairments. The Sweden-based credit management services firm carries approximately SEK 45b in net debt, positioning the offering as a material recapitalization intended to deleverage the balance sheet and stabilize portfolio returns. Shares have declined 34.7% over the past seven days and 89.8% over five years, with the last close of SEK 23.26 trading at a discount to a consensus fair value estimate of SEK 47.17. Management is pursuing the capital raise to address the firm's distressed equity position following a rapid market repricing. Rights subscription dynamics and the resulting post-issue capital structure will determine the recovery potential for the heavily indebted company.
Featured in Issue #15 ·
Mavshack AB MAV.ST (SE)
Mavshack is a global software company operating since 2007, providing a proprietary cloud-based live shopping platform that enables brands to produce interactive video content for digital marketing and commerce across websites, social media, and digital channels. Listed on Nasdaq First North Growth Market.
The board of Mavshack AB (MAV) has ordered a "kontrollbalansräkning" after identifying that equity has fallen below registered share capital, triggering a distressed recapitalization plan. Subject to approval at an extraordinary general meeting on June 12, 2026, the company will launch a SEK 8M rights issue of 1,599,871,800 shares at SEK 0.005 per share. Concurrent with the rights offering, Mavshack plans a directed set-off issue of 1.6B shares to six creditors to convert SEK 8M of debt into equity. Approximately 67.5% of the rights issue is secured through set-off declarations of intent, with total dilution from both issuances reaching up to 80%. Proceeds will be used to reduce indebtedness and provide working capital, with the subscription period scheduled for June 18 through July 3, 2026. The transaction is intended to restore equity above the statutory threshold.
Featured in Issue #15 ·
Transtema Group AB TRANS.ST (SE)
Transtema is a leading Nordic communications infrastructure provider specializing in installation, service, operation, and monitoring of technical services across the full value chain. The company serves telecom operators, energy companies, city networks, large enterprises, and public sector clients.
Transtema Group AB (publ) (TRANS) has commenced a fully guaranteed rights issue of 16,106,682 new shares at SEK 2.50 per share to raise gross proceeds of approximately SEK 40.3 million. Terms of the offer allow for three new shares for every eight subscription rights held, implying approximately 27.3% dilution for non-participants. Following the publication of an information document, the subscription period began today, May 11, 2026, and runs through May 25, 2026, with subscription rights trading from May 11 to May 20. The capital raise is fully backstopped by subscription and guarantee commitments from Törnäs Invest AB, Fore C Holding AB, Jonas Nordlund, IGC Industrial Growth Company AB, Sune Tholin, and Jovitech Invest AB. Partner Fondkommission AB is acting as advisor to the Nordic communications infrastructure provider for the transaction.
Featured in Issue #15 ·
Västra Hamnen Corporate Finance AB VHCORP.ST (SE)
Västra Hamnen Corporate Finance är ett svenskt värdepappersbolag under Finansinspektionens tillsyn, noterat på Nasdaq First North Growth Market, som bedriver corporate finance-rådgivning.
Västra Hamnen Corporate Finance AB (VHCORP) announced a fully secured rights issue to raise 8 MSEK in gross proceeds at an offering price of 10.00 SEK per share. The company will issue up to 800,000 new shares to strengthen its capital base for regulatory requirements and operational flexibility. The issuance is 100% backstopped through subscription commitments from board members and employees, with Aqurat Fondkommission AB serving as advisor. Shareholders who do not participate face a dilution of approximately 44.4%. The subscription period is scheduled for May 21 through June 11, 2026, based on a record date of May 19, 2026.
Featured in Issue #15 ·
Wyld Networks AB WYLD.ST (SE)
Wyld Networks develops and sells wireless technology solutions enabling affordable global connectivity, primarily for IoT devices, where mobile network coverage is absent.
Wyld Networks (WYLD), a developer of wireless technology solutions for IoT connectivity, registered an information document with the Swedish Financial Supervisory Authority for a SEK 16.2M rights issue. The offering consists of up to 107,759,898 shares priced at SEK 0.15 per share, and the subscription period runs from May 18 to June 1, 2026. Each existing share held on the May 13, 2026 record date receives one subscription right for 18 new shares. The issue is 65% secured via 19.3% in subscription commitments and 45.7% in underwriting commitments. Mangold Fondkommission AB is acting as financial advisor.
Featured in Issue #15 ·
IRLAB Therapeutics AB IRLAB-A.ST (SE) · SEK 1.41 · MCAP $13M · EV $7M
EV/Sales: 7.6x (FY2026)
Swedish clinical-stage CNS biotech developing Parkinson's disease therapies including mesdopetam, pirepemat, and IRL757.
IRLAB resolved on a SEK 68M rights issue at SEK 1.20/share on a 3-for-2 ratio for new A shares. EGM intended June 5, 2026. Subscription period and overallotment to be detailed in the offering prospectus.
Featured in Issue #14 ·
Dicot Pharma AB DICOT.ST (SE) · SEK 0.30 · MCAP $65M · EV $59M
Dicot Pharma AB is a publicly listed company covered for a rights offering situation.
Dicot Pharma AB's board of directors announces its intention to resolve a rights issue of units (shares and warrants) targeting SEK 210 million to fund the planned Phase 2b clinical study of its drug candidate LIB-01. The offering targets SEK 210 million (~USD 20M) gross proceeds; 80% of the raise — SEK 168 million — is already secured via subscription undertakings and guarantee commitments from existing shareholders, Schonfeld Global Master Fund LP, Anavio Capital Partners LLP, and Vator Securities. Final terms are expected to be resolved by the board around May 8, 2026. With 80% of the raise pre-committed, execution risk on the financing is materially reduced, and successful completion would fund the Phase 2b readout that is the key de-risking event ahead of the company's stated out-licensing strategy. The remaining 20% (SEK 42 million) is not yet covered, and the offering is contingent on shareholder authorization at the May 6 AGM; failure to obtain that authorization would delay or block the capital raise entirely. Shareholder authorization vote at the Annual General Meeting on May 6, 2026, followed by formal board resolution on full terms around May 8, 2026.
Featured in Issue #13 ·
Neola Medical AB NEOLA.ST (SE) · SEK 1.20 · MCAP $10M · EV $8M
EV/EBITDA: 11.9x · EV/Sales: 7.2x (FY2026)
Developer of continuous lung monitoring devices for premature infants in neonatal intensive care.
Neola Medical AB's board has resolved to conduct a rights offering of approximately 46,770,140 new shares at SEK 1.0 per share, raising approximately SEK 46.8 million (~USD 4.5 million), subject to shareholder approval at the AGM. 46,770,140 new shares at SEK 1.00 per share (~SEK 46.8 million gross proceeds); subscription ratio is 3 new shares for every 5 held; subscription window runs June 3–17, 2026. AGM approval required on May 28, 2026. The offering is only ~44% covered by subscription commitments, meaning the remaining ~56% is uncovered — existing shareholders face material dilution of approximately 60% of the pre-offering share count if they do not participate. With just 44% of the raise committed and no underwriter backstop disclosed, a shortfall in the uncovered portion leaves the company's US and European regulatory and clinical program underfunded. AGM vote on May 28, 2026 is the first binary gate; subscription period opens June 3 and closes June 17, 2026.
Featured in Issue #13 ·
Electrolux Group ELUX-B.ST (SE) · SEK 45.10 · MCAP $1.3B · EV $5.0B
Fwd P/E: 5.7x · EV/EBITDA: 4.5x · EV/Sales: 0.4x (FY2026)
AB Electrolux (publ), together with its subsidiaries, develops, manufactures, and sells household appliances.
Electrolux Group has launched a rights issue of approximately SEK 9 billion to strengthen its balance sheet, fund a North American partnership with Midea, and optimize its global organization and footprint. Investor AB, holding 17.9% of capital and 30.4% of votes, has committed to subscribe for its pro rata share and provide a separate guarantee undertaking, each amounting to approximately SEK 1.7 billion. The mandatory bid exemption granted by the Swedish Securities Council and the special voting requirements at the EGM introduce a procedural overhang; if minority shareholders reject the resolutions, the guarantee undertaking lapses under its own conditions. Extraordinary General Meeting (EGM) vote on the rights issue — date not yet disclosed.
Featured in Issue #12 ·
United States 14 situations
Mydas Real Estate Investments Ltd. MYDAS (US) · $0.43 · MCAP $13M · EV $62M
Mydas Real Estate Investments Ltd. is an Israeli real estate investment company listed on the Tel-Aviv Stock Exchange.
Mydas Real Estate Investments Ltd. (MYDAS) announced a rights offering on the Tel-Aviv Stock Exchange for new securities under the symbol MYDS.R6. Shares are scheduled to trade ex-rights on June 10, 2026, following the determination of the ex-rights base price using the closing price from June 9, 2026. The ex-rights base price formula is defined as A = Min((98 × B + 525) / 113, B), where B represents the June 9 close. Rights trading is set to begin on June 22, 2026. This TASE rights offering provides a short arbitrage window between the ex-rights date and the start of rights trading, with the formulaic base price relative to the June 9 close determining the theoretical ex-rights price.
Featured in Issue #18 ·
The LGL Group, Inc. LGL (US) · $7.12 · MCAP $38M · EV -$10M
Diversified holding company with subsidiaries in precision timing and frequency technologies (Precise Time and Frequency, LLC) and merchant investments (Lynch Capital International). Headquartered in Orlando, Florida, listed on NYSE American.
LGL Group (LGL) initiated a transferable subscription rights offering for up to 6,540,435 new common shares to raise approximately $44.6 million for defense technology and infrastructure acquisitions. Shareholders of record on June 4, 2026, will receive one right per share, with the subscription window set to expire on June 23, 2026. The offering price will be a discount to the 30-day VWAP with a floor of $6.81 per share, representing the March 31, 2026 book value. Rights are expected to trade on the NYSE American under symbols LGL RTWI and LGL RT, though over-subscription privileges are restricted to record holders and do not extend to secondary-market buyers. The potential raise is nearly equal to LGL’s $46 million market capitalization, creating a transformative dilution event and a tradable rights arbitrage opportunity during the June window.
Featured in Issue #17 ·
Eos Energy Enterprises, Inc. EOSE (US) · $7.87 · MCAP $2.1B · EV $3.2B
EV/Sales: 10.5x (FY2026)
Eos Energy manufactures zinc-based long-duration energy storage systems (4-16+ hours) for utility, microgrid, commercial, and hyperscale data center applications, using proprietary Znyth, Z3, and DawnOS technology.
Eos Energy (EOSE) and Cerberus affiliate CCM Frontier will form Frontier Power USA, a long-duration battery project joint venture capitalized with $100 million from Cerberus and approximately $150 million from Eos. To fund its contribution, Eos plans a rights offering representing roughly 5.5% of its market capitalization. The venture targets multi-GWh deployments for data center, utility, and industrial applications and includes a 2 GWh capacity reservation deal with Eos. Completion is subject to shareholder approvals, the closing of the rights offering, and U.S. Department of Energy consent. Eos concurrently reported Q1 2026 revenue of $57.0 million and reaffirmed full-year 2026 revenue guidance between $300 million and $400 million.
Featured in Issue #15 ·
SKC Ltd. SKC (US) · $0.4700 · MCAP $639M
SKC is a South Korean conglomerate with a growing focus on advanced materials, particularly its U.S. subsidiary Absolics which is commercializing glass substrates for next-generation semiconductors. The company recently returned to profitability after a prolonged earnings downturn.
SKC (SKC) finalized the price for its rights offering at 99,500 won per share for the issuance of 11.73 million new shares. Total gross proceeds of 1.1671 trillion won represent a 340 billion won increase from the preliminary estimate of 828.1 billion won. The company will allocate 589.6 billion won to its glass substrate business and 577.5 billion won to debt repayment, up from an initial 238.5 billion won planned for debt. Pricing follows SKC’s return to operating profit in Q1 2026 after 10 consecutive quarters of losses. Final pricing set above initial estimates signals strong demand and a potential floor for the stock as the company commercializes glass substrates for next-generation semiconductors through its subsidiary Absolics.
Featured in Issue #15 ·
M-tron Industries, Inc. MPTI (US) · $81.20 · MCAP $233M · EV $132M
Fwd P/E: 33.6x · EV/EBITDA: 6.5x · EV/Sales: 2.2x · EV/GP: 5.0x (FY2026)
M-tron Industries, Inc. designs and manufactures electronic components and systems for aerospace and defense applications.
M-tron Industries, Inc. (MPTI) filed an 8-K on May 8, 2026, confirming the completion of a rights offering that raised $42.1 million in gross proceeds. The company designs and manufactures electronic components and systems for aerospace and defense applications and intends to use the capital to fund growth in those sectors. M-tron Industries, Inc. recently reported record revenue and backlog with higher net income and improved margins year-over-year. The capital raise signals an inflection point in funding growth within the defense and aerospace sectors.
Featured in Issue #14 ·
Tortoise Energy Infrastructure Corporation TYG (US) · $46.36 · MCAP $979M · EV $1.3B
Fwd P/E: 5.2x · EV/Sales: 6.8x
Tortoise Energy Infrastructure Corporation (TYG) is a closed-end fund investing primarily in equity securities of energy and power infrastructure companies, including those involved in natural gas, NGLs, refined products, crude oil, and electricity generation/transmission.
Tortoise Energy Infrastructure Corporation (TYG) announced terms for a 1-for-3 transferable rights offering representing 33% of its market capitalization. Shareholders of record as of May 20, 2026, will receive one right per share, with three rights required to purchase a new share at 92.5% of the five-day NYSE average price through the June 17, 2026, expiration. The subscription price is subject to a floor of 90% of the five-day average NAV, and new shares will not receive the distribution payable May 29, 2026. Rights are expected to trade on the NYSE beginning May 19, 2026, under ticker TYG RTWI and subsequently TYG RT. The offering, which includes an over-subscription privilege, follows a period where the fund traded at a premium to NAV. Tortoise Capital Advisors, L.L.C. intends to deploy proceeds toward energy infrastructure and AI-driven electricity demand.
Featured in Issue #14 ·
BayFirst Financial Corp. BAFN (US) · $6.37 · MCAP $26M · EV N/A
Regional bank offering commercial and consumer banking; serves businesses and individuals in Florida markets.
S-1 rights offering: 4,108,072 shares at $3.50/share = ~$14.4M gross / $13.8M net. Record date May 12, 2026. Concurrent $80M PIPE of mandatorily convertible preferred at $3.50 effective (~22.9M shares). Special shareholder meeting July 14, 2026.
Featured in Issue #13 ·
GAMCO Natural Resources, Gold & Income Trust GNT (US) · $8.48 · MCAP $137M · EV N/A
Closed-end fund investing in natural resources and gold equities globally; income-focused strategy.
GAMCO Natural Resources, Gold & Income Trust (GNT) entered into an at-the-market sales agreement with G.research, LLC on April 22, 2026, to sell up to 1,000,000 common shares of beneficial interest, with the offering commencing April 24, 2026. Up to 1,000,000 common shares; minimum sale price on any day is no less than current NAV per share plus the per-share sales commission payable to G.research, LLC; dollar value of proceeds not disclosed. The NAV floor on sale price protects existing shareholders from dilution below intrinsic value, a structural feature specific to closed-end fund ATM offerings that distinguishes this from a typical corporate equity raise. ATM issuance up to 1,000,000 shares creates a persistent supply overhang that can suppress the premium-to-NAV, limiting near-term price appreciation for current holders.
Featured in Issue #13 ·
Sagimet Biosciences Inc. SGMT (US) · $7.61 · MCAP $470M · EV $135M
Sagimet Biosciences Inc. operates in the Biotechnology industry within the Healthcare sector.
Sagimet Biosciences entered into an underwriting agreement on April 27, 2026 with Leerink Partners LLC, TD Securities (USA) LLC, and Guggenheim Securities LLC as representatives of the underwriters for an underwritten public offering of 29,166,700 shares of Series A common stock. Offering price is $6.00 per share for 29,166,700 shares, implying gross proceeds of approximately $175 million before underwriter discounts and commissions; no overallotment or closing date was disclosed in the available materials. The offering size is large relative to the share base, and the fixed $6.00 price creates a hard reference point — any post-pricing trading above or below that level reflects the market's real-time judgment on dilution versus use-of-proceeds value. Dilution from 29+ million new shares.
Featured in Issue #13 ·
Neuberger High Yield Strategies Fund Inc. NHS (US) · $6.54 · MCAP $205M · EV $332M
Closed-end fixed income fund investing in high-yield bonds globally; managed by Neuberger Berman.
Neuberger High Yield Strategies Fund completed its transferable rights offering that expired April 15. The fund will issue approximately 10.46 million shares at $6.50 per share (92.5% of NAV), raising approximately $68 million in gross proceeds. Rights offering at discount to NAV provides existing shareholders.
Featured in Issue #11 ·
M-tron Industries, Inc. MPTI (US) · $67.56 · MCAP $194M · EV $132M
Fwd P/E: 21.1x · EV/EBITDA: 5.8x · EV/Sales: 2.0x · EV/GP: 4.5x (FY2027)
Manufacturer of frequency and spectrum control products; specialized supplier of quartz crystals and related components.
M-tron Industries extended the expiration of its rights offering from April 15 to April 20, 2026, with administrative purposes cited for the five-day delay. Rights holders purchase one share at $59.00 for every five rights held, with over-subscription privileges available and no fractional shares issued. The $59.00 subscription price creates potential arbitrage opportunities if the stock trades above that level, while dilution from up to 713,362 new shares pressures existing holders. Rights offering expires Monday April 20, 2026 at 5:00 p.m. Eastern Time.
Featured in Issue #10 ·
Bloomia Holdings Inc. TULP (US) · $7M · EV $121M
Lendway, Inc. engages in the provision of in-store and digital advertising solutions.
Bloomia Holdings announced preliminary results of its rights offering. Terms not available in source text. Rights offering was structured to enable debt paydown and settlement of seller’s note at substantial discount, potentially improving capital structure for shareholders who participated. Monitor for final results filing with subscription totals and use of proceeds. Previously : Company completed name change from Lendway and announced $15.5M rights offering with March 27 expiration to fund debt reduction and discounted seller’s note settlement.
Featured in Issue #9 ·
The Gabelli Equity Trust Inc. GAB (US) · $1.7B · EV $2.0B
Closed-end investment fund providing equity exposure; actively managed portfolio with value-oriented strategy.
The Gabelli Equity Trust reduced the subscription price for its rights offering from $5.50 to $5.00 per share and extended the expiration date to April 21, 2026. Ten rights enable shareholders to purchase one additional share at $5.00 per share, with over-subscription privileges available. Previous broker subscriptions cancelled and must be resubmitted at the new price. The price reduction to below current trading levels increases the likelihood of full subscription while creating potential arbitrage opportunities for rights holders who can capture the discount. Rights offering expires April 21, 2026 at 5:00 PM Eastern Time.
Featured in Issue #9 ·
NXG NextGen Infrastructure Income Fund NXG (US) · $55.80 · MCAP $257M
Infrastructure income fund investing in NextGen assets; provides diversified exposure to essential utility and digital infrastructure.
NXG NextGen Infrastructure Income Fund announces transferable rights offering allowing shareholders to purchase one new share for every three rights held. Subscription ratio 1-for-3, pricing at 95% of average market price over five trading days ending on expiration date. Record date April 6, 2026, subscription period ends April 30, 2026. Rights trade on NYSE as NXG RT. Rights offering creates arbitrage opportunity through guaranteed 5% discount to market price while increasing fund assets for new infrastructure investments in current high-yield environment. Success depends on market price stability during subscription period and fund’s ability to deploy incremental capital effectively in infrastructure debt markets. Rights begin trading April 6, 2026. Subscription period closes April 30, 2026.
Featured in Issue #8 ·
Hong Kong 11 situations
Gaodi Holdings Limited 1676.HK (HK) · MCAP $7M · EV $12M
Gaodi Holdings Limited is a Cayman-incorporated company listed on the Hong Kong Stock Exchange (stock code 1676).
Gaodi Holdings Limited (1676.T) announced a 1-for-2 non-underwritten rights issue of 131,548,114 shares at HK$0.19 per share to raise up to HK$24.99M. The offer price represents a 12.4% discount to the last close of HK$0.217, and the structure includes no minimum proceeds floor or backstop. To comply with HKEX guidelines, the board lot size will increase from 4,000 to 10,000 shares effective June 29, 2026. The register of members closes for entitlement determination from June 17 through June 24, 2026, with nil-paid rights trading to begin following the June 25 prospectus despatch. The lack of a backstop creates uncertain dilution math should the compensatory placement fail, while the nil-paid rights trading window offers a short-term arbitrage opportunity for holders.
Featured in Issue #18 ·
FDB Holdings Limited 1826.HK (HK) · MCAP $23M · EV $28M
Fwd P/E: 1.3x · EV/GP: 1.4x
FDB Holdings is an investment holding company that provides contracting services (alteration, maintenance, specialist works) and financial information/technology services, mainly in Hong Kong.
FDB Holdings Limited (1826.HK) proposed a rights issue of 799.2 million shares at HK$0.10 per share to raise approximately HK$79.1 million in gross proceeds. The offering from the Hong Kong-based provider of contracting and financial technology services follows a "going concern" doubt raised by its auditor in April 2026. The transaction follows an established capital-raising pattern for the micro-cap issuer. This deep-discount rights offering signals a distress-driven capital raise that could significantly restructure the equity base through its highly dilutive structure.
Featured in Issue #18 ·
FDB Holdings Limited 1826.HK (HK) · MCAP $26M · EV $31M
Fwd P/E: 1.3x
FDB Holdings Limited is a Hong Kong-listed construction and engineering contractor specializing in fitting-out, alteration, and addition works for commercial and residential properties in Hong Kong.
FDB Holdings Limited (1826.HK) proposed a non-underwritten 1-for-2 rights issue of 799,200,000 shares at HK$0.10 per share to raise gross proceeds of HK$79.9 million. Net proceeds of approximately HK$79.1 million are designated for general working capital and potential project financing. The offering contains no minimum subscription requirement, with unsubscribed shares to be placed on a best-effort basis. The transaction timeline includes a June 9, 2026, ex-rights date and a June 10 record date, with nil-paid rights trading occurring between June 23 and June 30. The absence of underwriting and compensatory placement mechanics creates a take-up-linked dilution risk of up to 33.33%, making the June 23–30 nil-paid trading window the primary arbitrage event.
Featured in Issue #17 ·
Hang Pin Living Technology Company Limited 1682.HK (HK) · MCAP $26M · EV $15M
Hang Pin Living Technology Company Limited is a Bermuda-incorporated company listed on the Hong Kong Stock Exchange (stock code: 1682). The group engages in garment sourcing and related businesses.
Hang Pin Living Technology Company Limited (1682.HK) published a prospectus on May 19, 2026, for a one-for-one non-underwritten rights issue. Nil-paid rights are scheduled to trade from May 21 to May 29, 2026, with the latest time for acceptance set at 4:00 p.m. on June 3, 2026. The offering requires no minimum subscription level, and any unsold shares will be placed with independent third parties under compensatory arrangements. Kingston Securities Limited is serving as the placing agent, while Kingston Corporate Finance is the financial adviser. Ex-rights trading commenced on May 8, 2026.
Featured in Issue #16 ·
WT Group Holdings Limited 8422.HK (HK)
WT Group Holdings Limited is a Hong Kong-listed company on the GEM board (stock code 8422), incorporated in the Cayman Islands, operating small to mid-sized businesses.
WT Group Holdings Limited (8422.HK) proposed a 2:1 rights issue on a non-underwritten basis, representing 200% of its market capitalization. Any unsubscribed shares will not be issued, although Suncorp Securities Limited has been appointed as a placing agent to handle compensatory arrangements on a best-effort basis. An EGM to approve the rights issue is scheduled for June 10, 2026, with a proxy deadline of June 8, 2026. Shares trade ex-rights beginning June 12, 2026, and nil-paid rights dealings are scheduled from June 25 to July 3, 2026. The latest time for acceptance is July 8, 2026, with final closing expected by July 20, 2026. Vinco Financial Limited is acting as advisor.
Featured in Issue #16 ·
Mindtell Technology Limited 8611.HK (HK)
Mindtell Technology Limited is a Cayman-incorporated, Hong Kong-listed (GEM board) IT services company.
Mindtell Technology Limited (8611.T) released a revised timetable for its one-for-one rights issue, delaying the despatch of prospectus documents from June 4 to June 25, 2026, to finalize the group's indebtedness statement. The updated schedule sets the ex-rights date for June 15, 2026, and the record date for June 24, 2026. Shareholders face a deadline of July 10, 2026, for acceptance and payment of the rights shares. Dealings in fully-paid rights shares are expected to commence on August 5, 2026. This 1-for-1 rights issue represents a significant dilutive event for non-participating shareholders of the Hong Kong-listed IT services company.
Featured in Issue #16 ·
MTT Group Holdings Limited 2350.HK (HK) · MCAP $64M · EV $34M
MTT Group Holdings Limited is a Cayman Islands-incorporated company listed on the Hong Kong Stock Exchange (Stock Code: 2350), operating in the technology sector.
MTT Group Holdings Limited (2350.HK) has proposed a non-underwritten rights issue on a 2-for-5 basis at HK$0.275 per share to raise maximum gross proceeds of HK$68.8 million. The offering of 250,000,000 Rights Shares represents 40% of market capitalization and is intended to fund general working capital and growth. TradeGo Markets will serve as the placing agent to place unsubscribed shares on a best-effort basis under compensatory arrangements. The transaction does not require shareholder approval and will not trigger mandatory general offer obligations. Shares are scheduled to trade ex-rights on 15 June 2026, with the record date set for 24 June 2026 and nil-paid rights trading from 29 June to 7 July 2026. This deeply discounted issuance presents dilution risk and potential for share price volatility during the subscription period.
Featured in Issue #15 ·
Sandmartin International Holdings Limited 0482.HK (HK) · HK$0.76 · MCAP $15M
HK-listed manufacturer and trader of satellite TV equipment, antennas, multimedia products, and related electronics.
Sandmartin International Holdings Limited (0482) completed a one-for-one rights issue that lacked underwriting support, resulting in approximately 45% take-up by existing shareholders. Most unsubscribed shares were placed with four independent investors at the subscription price, making the issue unconditional with no net gain distribution to non-participating shareholders. The Bermuda-incorporated, Hong Kong-listed electronics and technology company has a market capitalization of approximately HK$157.5M. The undersubscribed issue signals weak shareholder support and results in dilution of non-participating shareholders.
Featured in Issue #14 ·
Citychamp Watch & Jewellery Group Limited 00256.HK (HK) · HK$0.10 · MCAP $53M
Fwd P/E: 1.7x
Citychamp Watch & Jewellery Group Limited is a publicly listed company in the HK market covered for a rights offering situation.
Citychamp Watch & Jewellery Group is conducting a rights issue at HK$0.155/share on a 1-for-3 basis. Maximum gross proceeds approximately HK$170M.
Featured in Issue #14 ·
Minerva Group Holdings Limited 00397.HK (HK) · HK$0.69 · MCAP $13M · EV N/A
Fwd P/E: 33.0x · EV/EBITDA: 20.4x · EV/Sales: 0.5x
Minerva Group Holdings Limited is a publicly listed company in the HK market covered for a rights offering situation.
Minerva Group Holdings (00397.HK) proposes a 2-for-1 rights issue, offering up to 1.14 billion new shares at a subscription price of HKD 0.038 per share. Subscription price is HKD 0.038 per share at a 20.83% discount; up to 1.14 billion shares to be issued under the 2-for-1 structure. Net proceeds not disclosed in materials provided. A deep-discount 2-for-1 rights issue on a small Hong Kong listed company creates mechanical forced selling. If the offering is fully backstopped by a cornerstone or controlling shareholder, the forced-selling dynamic is neutralized; thin liquidity in the stock independently limits the ability to establish or exit positions efficiently.
Featured in Issue #13 ·
China Youran Dairy Group Limited 9858.HK (HK) · HK$3.86 · MCAP $2.1B · EV $5.0B
Fwd P/E: 10.8x · EV/EBITDA: 12.4x · EV/Sales: 1.9x · EV/GP: 34.4x (FY2026)
Producer of raw milk and dairy products; integrated dairy operation serving Chinese market.
China Youran Dairy Group (9858.HK) announced a connected-party subscription with whitewash waiver. Gross proceeds approximately HK$1.17 billion; new shares issued to a connected-party subscriber will increase its stake — Rule 26 mandatory offer waiver (whitewash) and EGM vote required from independent shareholders. This is a connected subscription, not a rights offering.
Featured in Issue #13 ·
South Korea 9 situations
Hanwha Solutions 009830.KS (KR) · MCAP $4.8B · EV $10.2B
Fwd P/E: 30.5x · EV/EBITDA: 12.3x · EV/Sales: 0.9x · EV/GP: 8.6x (FY2026)
South Korean energy and chemicals conglomerate, parent of solar manufacturer Qcells. Operates in petrochemicals and renewable energy, with a fully integrated solar supply chain in North America and a lead in next-generation perovskite-silicon tandem cell technology.
Hanwha Solutions (009830.KS) reduced its planned rights offering to KRW 1.71T ($1.14B) from KRW 2.4T following two rejections by South Korea's Financial Supervisory Service. Management will issue 53,000,000 new shares at KRW 32,250 per share, lowering potential dilution to approximately 30% from the originally proposed 42%. To cover a KRW 100B funding gap, the board authorized the sale of U.S. venture fund stakes as a direct concession to shareholder protests. The revised allocation directs KRW 801.5B toward debt repayment and KRW 907.7B to perovskite tandem cell and TOPCon production expansion. Existing shareholder subscription is scheduled for July 22-23, with new shares expected to list on August 11. With final terms established after significant regulatory and investor pushback, the focus shifts to whether the reduced dilution and fund-sale concessions are enough to stabilize the stock into the July subscription window.
Featured in Issue #17 ·
Hanwha Solutions 009830.KS (KR) · MCAP $4.8B · EV $10.1B
Fwd P/E: 31.2x · EV/EBITDA: 12.4x · EV/Sales: 0.9x · EV/GP: 8.7x (FY2026)
Hanwha Solutions is a South Korean conglomerate with businesses spanning energy (solar, hydrogen), advanced materials, and chemicals.
Hanwha Solutions (009830.KS) resumed its KRW 1.8 trillion rights offering on May 14 following a two-day suspension driven by FSS revision requests. The offering of 56,000,000 common shares follows a size reduction from an initial KRW 2.4 trillion plan and is scheduled for a June 5 record date with subscription from July 10 to July 16. Gross proceeds are allocated as 907.7 billion won for facility investment and 906.7 billion won for debt repayment. Major shareholder Hanwha plans to subscribe for its full allocation plus up to 20% oversubscription. The 50% debt-repayment allocation has drawn investor concern alongside broader dilution risks and recent regulatory pushback.
Featured in Issue #16 ·
Hanwha Solutions Corp. 009830.KS (KR) · ₩15 · MCAP $19M · EV $10.2B
Fwd P/E: 29.6x · EV/EBITDA: 12.4x · EV/Sales: 0.9x · EV/GP: 8.7x (FY2026)
Hanwha Solutions is a Korean conglomerate division operating in chemicals, advanced materials, and renewable energy, including solar manufacturing and energy solutions.
Hanwha Solutions (009830.KS) is proceeding with a KRW 1.81 trillion ($1.22B) rights offering of 56,000,000 common shares after the Financial Supervisory Service (FSS) demanded disclosure corrections regarding liquidity risks and alternative financing. The offering price is currently set at KRW 32,400 per share, with the final price to be determined July 7, 2026, and shareholder subscriptions scheduled for July 10 to 13. Gross proceeds are allocated as KRW 907.7 billion for facility investments and KRW 906.7 billion for debt repayment. Parent company Hanwha Corp. will participate in the capital increase, and new shares are expected to begin trading on July 31, 2026. The FSS’s scrutiny represents an ongoing regulatory overhang that could impact the offering’s timeline, pricing, or terms.
Featured in Issue #15 ·
Hanwha Solutions Corporation 009830.KS (KR) · ₩49,900 · MCAP $5.7B · EV $10.4B
Fwd P/E: 43.0x · EV/EBITDA: 12.4x · EV/Sales: 0.9x · EV/GP: 8.7x (FY2026)
Manufacturer of synthetic resins, chemicals, and advanced materials; leading South Korean producer serving automotive and construction sectors.
The offering was reduced on April 17 from approximately KRW 2.4 trillion to KRW 1.8 trillion, with funds earmarked for debt repayment cut from KRW 1.5 trillion to approximately KRW 900 billion; the offering represents roughly 30% of the company's market capitalization. Two FSS revision requests in under four weeks signal that disclosure deficiencies remain unresolved, keeping the offering in regulatory limbo and extending share price overhang; the bull case hinges on a scaled-back, growth-focused deal clearing approval and triggering a re-rating once dilution risk is priced. A third revision cycle or outright abandonment of the offering remains possible, and any further reduction in deal size or additional delay prolongs.
Featured in Issue #14 ·
Lunit Inc. 328130.KQ (KR) · ₩36,950 · MCAP $784M · EV $881M
EV/Sales: 11.6x (FY2027)
AI-powered diagnostic software for cancer screening and treatment; leader in medical imaging AI solutions.
Lunit secured a $21 million anchor commitment from Atinum Investment for its ongoing $140 million rights offering, with Atinum acquiring 960,000 shares including 85% of subscription rights from the chairman and CEO. Rights offering targets $140 million at a 21% discount to market price, with Atinum committing $21 million and management reinvesting proceeds from their rights sales back into the offering. Institutional anchor reduces execution risk for dilutive financing while management reinvestment signals confidence, plus planned 1-for-1 bonus issue provides additional shareholder value post-closing.
Featured in Issue #11 ·
Hanwha Solutions Corp. 009830.KS (KR) · ₩44,050 · MCAP $5.1B · EV $10.5B
Fwd P/E: NM · EV/EBITDA: 13.9x · EV/Sales: 1.0x · EV/GP: 9.7x (FY2026)
Manufacturer of synthetic resins, chemicals, and advanced materials; leading South Korean producer serving automotive and construction sectors.
Hanwha Solutions scaled back its rights offering from ₩2.4 trillion to ₩1.8 trillion ($1.2 billion) following regulatory scrutiny from Korea's Financial Supervisory Service. The company will issue 56 million new shares at ₩32,400 per share (down from 72 million shares at ₩33,300), with a rights ratio of 0.2604 new shares per existing share and subscription deadline May 14. The scaled-back offering addresses regulatory concerns and shareholder criticism while still providing ₩906.7 billion for debt reduction, potentially reducing dilution impact by 22% compared to the original plan. The offering still creates substantial dilution for existing shareholders, and the company reduced debt repayment allocation by ₩583 billion while maintaining facility investment spending unchanged.
Featured in Issue #11 ·
Clobot Co., Ltd. N/A (KR)
Korean autonomous driving and robotics technology company.
Clobot announced a rights offering to issue 5.49 million common shares at 36,400 won per share, raising approximately 200 billion won through shareholder allotment with forfeited shares offered to the general public. Issue price 36,400 won per share for 5,494,500 new shares, raising ~200 billion won. Proceeds allocated: 37.6 billion won for operating expenses, 162.3 billion won for acquiring other companies' securities. The stock dropped 17% to 42,700 won on announcement, trading at a 15% premium to the 36,400 won issue price, creating potential value opportunity if the discount to trading price persists and management's acquisition strategy delivers synergies. Rights offering dilutes existing shareholders by 22%, and 81% of proceeds will fund unspecified acquisitions rather than core autonomous driving operations. Monitor for rights offering record date and subscription period details.
Featured in Issue #10 ·
Lunit Inc. 328130.KS (KR)
Develops AI-powered medical imaging software for cancer detection; leader in radiology AI diagnostics.
Lunit announced a rights offering to raise up to ₩250 billion ($165 million), with preliminary proceeds now estimated at ₩211.5 billion ($140 million) following shareholder approval at the annual meeting. Rights offering proceeds estimated at ₩211.5 billion ($140 million) with final pricing on April 17, 2026. Maximum offering size ₩250 billion ($165 million). The offering removes ₩197 billion ($130 million) put option risk from convertible bonds used to acquire Volpara Health, eliminating forced redemption pressure from short-duration bondholders and moving the company toward break-even. Shareholders expressed concerns about dilution and limited management participation in the offering, with convertible bond overhang creating additional equity valuation complexity. Final rights offering price set April 17, 2026.
Featured in Issue #9 ·
Clobot Co., Ltd. 466100.KS (KR)
Korean robotics company developing autonomous mobile robots for commercial and industrial applications.
Clobot is preparing to complete a rights offering of 5.49 million common shares representing 22% of outstanding shares. Rights offering priced at ₩36,400 per share, a 29.3% discount to the ₩51,500 closing price. Total proceeds ₩200 billion. Rights offering at steep discount creates arbitrage opportunity as shares trade above offering price, with downward pressure likely as dilution approaches. Monitor for rights offering completion date and subscription results.
Featured in Issue #9 ·
Norway 7 situations
NEXT Biometrics Group ASA NEXT.OL (NO) · MCAP $2.3B · EV $3M
EV/Sales: 0.3x (FY2027)
NEXT Biometrics Group ASA (NEXT.OL) announced the approval and publication of a prospectus supplement for its rights issue on May 22, 2026. Arctic Securities AS is acting as the advisor for the offering. The company, which designs high-security fingerprint sensor technology based on its proprietary Active Thermal platform, currently has a market capitalization of $1M and an enterprise value of $3M. The subscription period for the rights issue is scheduled to conclude on June 09, 2026.
Featured in Issue #18 ·
EAM.OL (NO) · MCAP $9M · EV $11M
EAM Solar AS is a Norwegian solar power producer owning and operating photovoltaic plants in Italy.
EAM Solar ASA (EAM.OL) received confirmation from Intesa Sanpaolo regarding the validity of a settlement agreement, satisfying the final condition precedent to disburse proceeds from a $3M rights issue. The offering proceeds are intended to fund a EUR 2.5 million settlement payment to the bank. Shareholders are scheduled to vote on the rights issue as Item 9 at the Annual General Meeting on June 17, 2026. Removal of the settlement-confirmation condition unlocks prefunding and clears the way for the transaction to proceed, making the June 17 shareholder vote the final hurdle for the rights issue to close.
Featured in Issue #18 ·
Norse Atlantic ASA NORSE.OL (NO) · MCAP $10M · EV $848M
Fwd P/E: 12.8x · EV/EBITDA: NM · EV/Sales: 12.7x · EV/GP: NM (FY2026)
Norse Atlantic ASA (NORSE.OL) announced terms for a fully underwritten rights issue of 2,039,664,000 shares at NOK 0.50 per share to raise gross proceeds of NOK 1,019,832,000. The $108 million offering is backstopped by a group including B T Larsen & Co Limited, Songa Capital AS, Geveran Trading & Co Limited, and Athinais Maritime Corp. Arctic Securities AS, Pareto Securities AS, and SB1 Markets AS are advising on the transaction. Proceeds are designated for the repayment of a bridge loan facility and general corporate purposes for the long-haul airline. The fully underwritten structure secures the capital necessary to retire the bridge loan by the June 19, 2026, subscription deadline.
Featured in Issue #18 ·
Circio Holding ASA CRNA (NO) · MCAP $212M · EV $2.0B
Circio Holding ASA is a Norwegian clinical-stage biotech company developing circular RNA-based therapeutics for cancer.
Circio Holding ASA (CRNA) warrants issued in connection with a prior rights issue and private placement have entered their final exercise period. Trading for the 67,680,945 warrants (ISIN NO0013711523) on the Oslo Stock Exchange under the ticker CRNAS ceases today, June 3, 2026, at 16:30 CEST. Holders have until June 9, 2026, to exercise their warrants at a price of NOK 8.2508 per share, after which any unexercised warrants will lapse without compensation. The warrant exercise window creates a short-term capital-structure event where the share price spread relative to the NOK 8.2508 strike drives the conversion outcome, with the resulting NOK-denominated dilution for the underlying equity being the primary post-expiry consideration.
Featured in Issue #18 ·
EAM Solar ASA EAM.OL (NO) · MCAP $3M · EV $5M
EV/GP: 5.3x
EAM Solar ASA owns and operates four solar power plants in Italy with long-term electricity sales contracts, targeting steady cash flows from renewable energy generation. The company also pursues legal claims to restore asset value, including a €4.3M arbitration award already granted and up to €40-60M in potential additional damages.
EAM Solar ASA (EAM) announced a NOK 40M minimum underwritten of a NOK 40-55M raise rights issue of 110,000,000 shares at NOK 0.50 per share to raise between NOK 40 million and NOK 55 million. Twelve independent investors have backstopped the minimum NOK 40 million, with NOK 30 million to be prefunded into escrow before the June 12 annual general meeting to cover a €2.5 million settlement payment with Intesa Sanpaolo due May 29. Existing shareholders on the June 16 record date will receive approximately 5.4131 tradable subscription rights per share. Proceeds are earmarked for the settlement, working capital, and upgrades to four Italian solar plants targeting a production increase from 4.1 GWh to 7.2 GWh. Norne Securities AS is acting as advisor on the transaction. The NOK 0.50 subscription price represents a 76% discount to the last close of NOK 2.08, creating a highly dilutive structure that invites heavy price discovery due to the gap between the market price and the offer price.
Featured in Issue #17 ·
NEXT Biometrics Group ASA NEXT.OL (NO) · MCAP $1M · EV $3M
EV/EBITDA: 460.1x
NEXT Biometrics develops and commercializes fingerprint sensor technology for smart cards, government ID, access control, and notebook PC applications.
NEXT Biometrics (NEXT.OL) commenced a NOK 50M rights issue with warrants today, May 26, 2026, offering shares at NOK 1.00 per share. Shareholders receive 4.1715 subscription rights per existing share, and every two shares allocated include one free warrant exercisable at NOK 1.00 in March and June 2027. Arctic Securities AS acts as advisor for the offering, which is 82% pre-underwritten by shareholders, insiders, and Arctic Securities. The subscription period runs through June 9, 2026, and subscription rights trade on the Oslo Børs under ticker NEXTT until June 3, 2026. The rights trading window serves as the near-term price-discovery mechanism for investors sizing dilution risk against the 82% underwriting floor after a 93% year-to-date decline in market capitalization.
Featured in Issue #17 ·
NEXT.OL (NO) · MCAP $4M · EV $4M
EV/Sales: 1.9x (FY2027)
NEXT Biometrics Group ASA develops and commercializes fingerprint sensor technology for smart cards, government ID, access control, and notebook applications.
NEXT Biometrics Group ASA (NEXT.OL) announced a preferential rights issue of up to 50,000,000 new shares at NOK 1.00 per share to raise gross proceeds of up to NOK 50 million. Following approval at the May 19, 2026, annual general meeting, the offering carries an ex-date of May 20, 2026, and a record date of May 21, 2026, based on a subscription ratio of 1:1 with 4.1715 preferential rights. Subscribers receive one warrant for every two offer shares allocated, exercisable at the subscription price in two tranches in March 2027 and June 2027. Arctic Securities AS is managing the partially underwritten issue, which remains subject to a share capital reduction and prospectus approval. While the NOK 50 million size limits institutional appeal, the discounted rights and attached warrants provide potential arbitrage or subscription opportunities.
Featured in Issue #16 ·
New Zealand 6 situations
AoFrio Limited AOF.NZ (NZ) · MCAP $17M · EV $25M
EV/EBITDA: 13.8x · EV/Sales: 0.5x (FY2026)
AoFrio designs and sells IoT-enabled smart refrigeration controllers and software for cold-drink and food-retail equipment, targeting commercial customers globally from its New Zealand base.
AoFrio Limited (AOF.NZ) launched a 1-for-7 renounceable rights offer of 71,338,121 shares at NZ$0.07 per share to raise gross proceeds of approximately NZ$4.994M. The issue price reflects a 3.14% discount to the 10-day VWAP through May 22, 2026, and a 2.41% discount to the theoretical ex-rights price. Rights are scheduled to trade on the NZX Main Board from June 3 to June 12, 2026, with the subscription period closing June 18, 2026. The capital raise follows a NZ$4.559M placement at the same price to Wairahi Investments, which now holds a 19.19% stake. The renounceable structure creates a short-dated trading opportunity on-market through June 12, though the absence of underwriting means the capital raise is not backstopped.
Featured in Issue #18 ·
TruScreen Group Limited TRU.NZ (NZ) · MCAP $9M · EV $7M
Fwd P/E: 14.2x · EV/GP: 6.7x
TruScreen Group Limited develops and manufactures an AI-enabled cervical cancer screening device that uses optical and electrical stimuli for real-time tissue abnormality detection. The device is registered in multiple markets including China, Australia, the UK, and Saudi Arabia, and is used across 29 countries via distributors.
TruScreen Group Limited (TRU.NZ) raised NZ$1.82m through an oversubscribed placement of approximately 130 million shares at NZ$0.014/A$0.012. The developer of AI-enabled cervical cancer screening devices utilized a two-tranche deferred settlement structure requiring shareholder approval for the second tranche and associated two-year options on approximately July 7, 2026. A 1-for-5 renounceable rights issue at NZ$0.013/A$0.011 per share opens May 29, 2026, for shareholders of record on May 28, 2026. S P Corporate Advisory Pty Limited and Erity Capital Pty Limited advised on the transaction. The rights issue at NZ$0.013 offers a small discount to the placement price, creating a tradable entitlement window for existing shareholders in a situation where micro-cap size and sub-dollar share prices limit institutional scale.
Featured in Issue #17 ·
AoFrio Limited AOF.NZ (NZ) · MCAP $18M · EV $31M
EV/EBITDA: 17.0x · EV/Sales: 0.7x (FY2026)
AoFrio Limited designs and manufactures energy-efficient refrigeration and cooling solutions for commercial beverage and foodservice applications globally.
AoFrio Limited (AOF.NZ) is launching a 1-for-7 pro-rata renounceable rights offer at NZ$0.07 per share to raise up to NZD 4.99M. The offer price is a 3.14% discount to the 10-day VWAP through 22 May 2026 and includes an oversubscription facility. This follows a private placement of 65.1M shares to Wairahi Investments Limited at NZ$0.07 per share which raised NZ$4.559M. Rights will trade on the NZX Main Board from 5 June to 12 June 2026 before the subscription window closes on 18 June 2026. The renounceable structure creates a tradable instrument for shareholders, though a thin 3.14% discount and the absence of a backstop make rights value sensitive to price movements and introduce execution risk if retail participation is weak.
Featured in Issue #17 ·
AoFrio Limited AOF.NZ (NZ) · MCAP $18M · EV $31M
EV/EBITDA: 17.0x · EV/Sales: 0.7x (FY2026)
AoFrio Limited provides Internet of Things (IoT) solutions for commercial refrigeration, including energy management and asset monitoring systems.
AoFrio Limited (AOF.NZ) issued 65,134,806 shares at NZ$0.07 via placement to Wairahi Investments Limited, raising gross proceeds of NZ$4,559,436. The board additionally resolved to conduct a pro-rata renounceable rights issue to all eligible shareholders at the same NZ$0.07 offering price. Proceeds are earmarked to strengthen the balance sheet, improve liquidity, and fund an accelerated growth strategy. Specific terms for the rights issue, including the ratio, record date, and timetable, have not yet been determined. The placement price represents a minor discount to market, and the rights issue will include an oversubscription facility to reduce dilution.
Featured in Issue #16 ·
Accordant Group Limited AGL.NZ (NZ) · NZ$0.14 · MCAP $3M · EV $25M
Fwd P/E: 1.5x · EV/EBITDA: 10.3x · EV/Sales: 0.5x (FY2026)
Accordant Group Limited provides recruitment and staffing services in New Zealand.
Accordant Group Limited (NZX: AGL) has opened its 1.269-for-1 pro-rata renounceable rights offer to eligible New Zealand-registered shareholders, with new shares priced at NZ$0.15 each. The offer targets gross proceeds of up to ~NZ$6.7 million, with a minimum raise of NZ$5.0 million required for the offer to proceed; the subscription price is NZ$0.15 per new share. Rights offer closes at 5:00pm NZT on May 6, 2026 (unless extended); rights trading on the NZX Main Board runs through April 30, 2026.
Featured in Issue #12 ·
KMD Brands Limited KMD.NZ (NZ) · NZ$0.07 · MCAP $57M · EV $285M
Fwd P/E: 22.3x · EV/EBITDA: 3.5x · EV/Sales: 0.5x (FY2026)
KMD Brands Limited, together with its subsidiaries, designs, markets, wholesales, and retails apparel, footwear, and equipment for surfing and the outdoors under the Kathmandu, Rip Curl, and Oboz brand names.
KMD Brands (NZX/ASX: KMD) has completed the retail component of its approximately NZ$58.5 million fully underwritten 1-for-0.73 pro-rata accelerated renounceable entitlement offer, with eligible retail shareholders subscribing for approximately 182.6 million new shares at NZ$0.06 per share, raising approximately NZ$11.0 million at a 52% participation rate. Offer price NZ$0.06 per new share; total raise approximately NZ$58.5 million (fully underwritten); retail tranche raised approximately NZ$11.0 million; approximately 169.3 million shortfall shares to be cleared via bookbuild today; any premium over NZ$0.06 paid to eligible shareholders by May 5, 2026. The fully underwritten structure eliminates capital-raise execution risk; the retail shortfall bookbuild today resolves pricing for the 48% of unsubscribed retail entitlements, and any clearing price above NZ$0.06 returns cash directly to shareholders who did not participate. The 48% retail non-take-up rate signals limited shareholder conviction at the NZ$0.06 offer price, and a weak shortfall bookbuild clearing price would confirm dilution. Retail Shortfall Bookbuild runs today, April 21, with KMD shares in a trading halt; trading resumes at NZX open Wednesday, April 22, 2026, when the clearing price becomes visible.
Featured in Issue #12 ·
United Kingdom 5 situations
Faron Pharmaceuticals Ltd FARN.L (UK) · 41.00 GBp · MCAP $113M · EV $128M
Fwd P/E: NM · EV/EBITDA: 16.7x · EV/Sales: 24.6x
Develops immune modulation drug candidates for oncology and organ protection; clinical-stage biotech company.
Faron Pharmaceuticals completed its EUR 40.1M rights issue: 80.0M new shares, final results announced April 9, 2026. The May 4 AGM only approved general issuance authorities and loss carryforward — it did not launch a new rights offering.
Featured in Issue #14 ·
SRT Marine Systems SRT.L (UK) · 83.00 GBp · MCAP $282M · EV $252M
Fwd P/E: NM · EV/Sales: 1.5x · EV/GP: 4.9x (FY2027)
Develops AIS-based maritime domain awareness technologies and systems; leading provider to global shipping and coastal surveillance markets.
SRT Marine Systems announced a fundraising comprising a placing to raise at least £12.5 million, subscription by Ocean Infinity for £1.5 million, and retail offer for up to £1.0 million, all at 82 pence per share. Total fundraising up to £17.5 million at 82 pence per share. Placing component at least £12.5 million, Ocean Infinity subscription £1.5 million, retail offer up to £1.0 million. Maritime technology company raising capital to strengthen balance sheet and accelerate product development for civil defence surveillance systems, with strategic participation from Ocean Infinity.
Featured in Issue #11 ·
Aptamer Group plc APTA.L (UK) · $21M · EV $9M
Fwd P/E: 6.7x · EV/Sales: 0.4x · EV/GP: 1.3x (FY2026)
Develops aptamer-based diagnostic and therapeutic products; leader in aptamer technology platform for precision medicine applications.
Aptamer Group completed a £4.5 million capital raise through a Placing, Subscription and Retail Offer, with the Retail Offer portion raising £274,000 through 45.7 million shares at 0.6p per share. Total raise £4.5 million with £3.1 million conditional on shareholder approval at General Meeting April 13, 2026. Retail Offer: 45,665,573 shares at 0.6p per share for £274,000. Synthetic binder developer addresses funding needs but faces execution risk with 69% of proceeds contingent on shareholder approval, creating binary outcome for operational funding. General Meeting April 13, 2026 — two weeks away for shareholder approval of conditional £3.1 million.
Featured in Issue #9 ·
Mkango Resources Ltd MKA.L (UK) · $179M · EV $36M
Rare earth elements and minerals developer; advancing separation technology for critical materials processing.
Mkango Resources launched a conditional retail offering of new common shares via RetailBook platform at 33 pence per share. Issue price 33 pence per share represents 14.5% discount to AIM closing mid-price on March 31, 2026. Minimum subscription £250. Available to existing shareholders and new UK investors through RetailBook’s partner network. Capital raise at meaningful discount provides arbitrage opportunity for retail investors while company maintains dual listing strategy ahead of planned Nasdaq debut through SPAC transaction. Monitor for completion of retail offering and progress on Crown PropTech SPAC merger targeting September 2026 deadline. Previously : Subsidiary filed confidential Form F-4 for Crown PropTech SPAC deal with $400M pro forma valuation and Nasdaq listing plans.
Featured in Issue #9 ·
Optima Health plc OPT.L (UK) · $212M · EV $125M
Fwd P/E: NM · EV/EBITDA: 6.7x · EV/Sales: 0.7x · EV/GP: 2.1x (FY2028)
UK occupational health services provider; delivers workplace health assessments and employee wellness programs.
Optima Health launched an underwritten open offer to raise £35 million at 175 pence per share, offering 1 new share for every 4.439 existing shares held. Issue price 175 pence per share, up to 19,999,149 new shares, 1-for-4.439 ratio to existing holders, excess application facility available. Dilutive equity raise creates arbitrage opportunity between current share price and 175p offer price, with underwritten structure providing execution certainty for the full £35 million. Monitor for open offer closing date and general meeting approval of the equity raise.
Featured in Issue #9 ·
Australia 4 situations
Alice Queen Limited AQX.AX (AU) · MCAP $10M · EV $8M
Alice Queen Limited (AQX.AX) extended the closing date for its backstopped 1 for 3 rights issue to June 12, 2026. The Australian mineral exploration company is offering shares at A$0.009 per share, compared to a last price of AUD 0.01. GBA Capital Pty Ltd is acting as advisor and underwriter for the offering. The rights subscription period concludes June 12, 2026, with the next catalyst date scheduled for June 19, 2026.
Featured in Issue #18 ·
Fat Prophets Global Contrarian Fund FPC.AX (AU) · MCAP $120M · EV $142M
Fat Prophets Global Contrarian Fund Ltd (FPC.AX) appointed an additional underwriter for its rights issue on June 2, 2026. The investment fund providing exposure to a concentrated portfolio of global equities maintains a market capitalization of $29M with a last price of AUD 1.49. The rights issue is backstopped.
Featured in Issue #18 ·
Canadian Phosphate Ltd CP8.AX (AU) · MCAP $45M · EV $44M
Canadian Phosphate Ltd is an ASX-listed phosphate developer pursuing a mine-to-market strategy for fertiliser and lithium-iron-phosphate battery materials. It holds tenements in Canada (Wapiti, Fernie) and the recently-acquired advanced Diamond Mountain project in Utah.
Canadian Phosphate Limited (CP8.AX) launched a 1-for-10 renounceable rights issue priced at A$0.14 per share to raise gross proceeds of up to A$4.85 million. The offer includes one free listed option, exercisable at A$0.25 with a two-year term, for every two new shares subscribed. Proceeds are earmarked to fund the Diamond Mountain phosphate project acquisition in Utah, exploration at the Wapiti and Fernie tenements in Canada, and working capital. The rights are tradable on the ASX, allowing eligible Australian and New Zealand shareholders to sell their entitlements or apply for additional securities beyond their pro-rata allocation. This renounceable structure with free-attaching options creates a tradable-entitlement window and a potential arbitrage if the stock remains above the A$0.14 subscription price during the offer period.
Featured in Issue #18 ·
Tanami Gold NL TAM.AX (AU) · A$0.08 · MCAP $67M · EV $57M
Fwd P/E: 7.9x · EV/EBITDA: 3.5x · EV/Sales: 0.9x
Gold exploration and development company; focused on the Central Tanami project in Australia.
Tanami Gold is conducting a 1-for-1 renounceable rights issue at A$0.06/share, raising up to A$70.5M (approximately 100%+ of market cap). Bell Potter is underwriter; key shareholders have indicated commitment.
Featured in Issue #14 ·
Germany 2 situations
EAM Solar AS EAM (DE) · $4.00 · MCAP $9M · EV $11M
EV/EBITDA: 0.4x · EV/GP: 5.1x
EAM Solar AS is a Norwegian-listed company that owns and operates solar power plants in Italy.
EAM Solar AS (EAM) received confirmation from Intesa Sanpaolo on June 4, 2026, validating a $3M settlement agreement. The EUR 2.5M settlement will be paid using proceeds from a rights issue that were previously blocked from disbursement. Utilization of the funds is now contingent on a shareholder vote at the Annual General Meeting scheduled for June 17, 2026. This confirmation removes the final contractual blockage preventing the solar plant operator from receiving and using the equity issue proceeds. The settlement clears the last pre-AGM obstacle for the equity injection, which could meaningfully alter the company’s capital structure.
Featured in Issue #18 ·
Mutares SE & Co. KGaA MUX.DE (DE) · $699M · EV $1.7B
Fwd P/E: NM · EV/EBITDA: 1.8x · EV/Sales: 0.2x · EV/GP: 4.8x (FY2027)
Acquires and operationally improves mid-market industrial and specialty businesses; buy-and-build platform focused on European SMEs.
Mutares SE & Co. KGaA launched a rights offering to issue up to 4.27 million new shares with pre-placement to institutional investors. Up to EUR 105 million gross proceeds from 20% capital increase, with subscription period April 8-21, 2026 and 16% discount to theoretical ex-rights price for institutional pre-placement. Rights offering at significant discount creates arbitrage opportunity for shareholders who can subscribe to new shares at below-market pricing while company funds U.S. acquisition strategy. Subscription period opens April 8, 2026.
Featured in Issue #9 ·
Canada 2 situations
Crown Point Energy Inc. CWV.V (CA) · MCAP $10M · EV $148M
EV/GP: 19.1x
International oil and gas exploration and production company headquartered in Buenos Aires, operating in four basins in Argentina (Golfo San Jorge, Austral, Neuquén, and Cuyo). Incorporated in Canada and listed on the TSX Venture Exchange.
Rights offering to raise US$30M via 1 Right per share held, with each Right exercisable for ~3.29 shares at US$0.125/share (US$0.4115 per Right). Record date June 15, 2026; rights trade on TSX-V under CWV.RT from June 15; expiry 5:00 p.m. Toronto time July 13, 2026. Largest shareholder Liminar (63.9% owner) fully backstops the offering via a standby purchase agreement, committing to exercise its basic and additional subscription privileges. Proceeds earmarked to repay a US$30M Liminar loan used to fund the recent acquisition of 95% operated interest in El Tordillo, La Tapera, and Puesto Quiroga concessions in Argentina.
Featured in Issue #18 ·
Crown Point Energy Inc. CWV.V (CA) · MCAP $15M · EV $106M
Crown Point Energy is a Canadian-incorporated, Argentina-focused oil and gas exploration and production company operating across four producing basins in Argentina, with headquarters in Buenos Aires.
Crown Point Energy (CWV.V), a Canadian-incorporated, Argentina-focused oil and gas exploration and production company, filed a preliminary short form prospectus on May 13, 2026, for a US$30 million rights offering involving transferable subscription rights. Liminar Energía SA, which holds a 63.9% stake, has agreed to fully backstop the issuance by exercising its basic and additional subscription privileges. Gross proceeds will be used to repay a US$30 million related-party loan from Liminar utilized to fund the acquisition of operated hydrocarbon concessions in Argentina. The record date and subscription price per share will be determined before the final prospectus is filed, and the offering will remain open for at least 21 days.
Featured in Issue #15 ·
Italy 2 situations
Trevi - Finanziaria Industriale S.p.A. TFIN.MI (IT) · $71.27 · MCAP $1.7B
Trevi Group is a global leader in subsoil engineering (special foundations, ground consolidation, contaminated-site remediation) and designs, manufactures, and sells specialist subsoil-engineering machinery through its Soilmec division. The parent Trevifin is listed on Euronext Milan (TFIN).
TREVI - Finanziaria Industriale S.p.A. (TFIN.MI) scheduled a June 4, 2026, board meeting to set final terms for its rights offering, including the subscription price, option ratio, and maximum proceeds. The rights exercise period will run from June 8 to June 25, 2026, with rights trading on Euronext Milan between June 8 and June 19, 2026. This capital increase, authorized under Article 2441 of the Italian Civil Code, remains subject to CONSOB approval of the prospectus. Trevifin expects the offering will not be classified as hyper-dilutive under CONSOB Communication 88305/2016. Any unexercised rights will be offered on Euronext Milan within the month following the subscription period. With final pricing determined June 4, the discount to last close becomes actionable ahead of the June 8 rights trading launch, creating a near-term subscription arbitrage for existing holders.
Featured in Issue #18 ·
Innovatec S.p.A. INC.MI (IT) · €0.19 · MCAP $21M · EV $41M
Innovatec S.p.A. is an Italian group active in the circular economy and energy efficiency sectors, providing environmental services, waste management, and sustainable technology solutions.
Innovatec S.p.A. (INC.MI) launched a €8.0M rights offering for up to 40,805,138 new shares at €0.196 per share. Shareholders are eligible to receive 11 new shares for every 26 held, with a subscription period scheduled for 1 June to 18 June 2026. The associated rights will trade on Euronext Growth Milan from 1 June to 12 June 2026 under ISIN IT0005712101. Sostenya Group S.r.l., which maintains a 42.71% stake, has provided an irrevocable commitment to exercise its rights and backstop the remainder of the offering. The transaction represents a 27.5% discount to the pre-announcement close, where tradable rights offer near-term arbitrage and the backstop de-risks the capital raise by eliminating potential rump-placement overhang.
Featured in Issue #17 ·
India 2 situations
Shah Metacorp Ltd. SHAH.BO (IN) · MCAP $39M · EV $65M
EV/GP: 22.7x
Shah Metacorp Ltd. is an India-listed micro-cap primarily engaged in stainless steel manufacturing, now diversifying into renewable energy and US-based operations via a newly formed subsidiary.
Shah Metacorp (SHAH.BO) announced a ₹49.80 crore rights issue to fund a 26% stake in Strike Eco Grid Private Limited and investments in its new US subsidiary. The company will issue 10.24 crore shares at ₹4.86 per share, representing a 4.5% discount to the pre-announcement closing price of ₹5.09. The rights ratio is set at 36 new shares for every 311 existing shares held as of the 27 May record date. The subscription period runs from 11 June to 24 June, with on-market renunciation of rights entitlements closing 22 June. Given the narrow discount to market, the renunciation window may see thin value for traded rights, and the resulting take-up will signal whether insiders support the current equity expansion.
Featured in Issue #17 ·
Shakti Press Ltd. 526841.BO (IN) · MCAP $1M · EV $2M
Shakti Press is a Central India-based printing and packaging company offering cartons, labels, corrugated boxes, and stationery products. Also authorized dealer for major paper brands with an in-house ink manufacturing facility.
Shakti Press Ltd. (526841.BO) is conducting a rights issue of up to 24,641,400 equity shares at ₹20.00 per share to raise gross proceeds of ₹49.28 crore. The offering features an entitlement ratio of seven rights shares for every one share held as of the April 29, 2026, record date. The subscription period is currently open and scheduled to close on May 29, 2026. Proceeds are intended to strengthen working capital and drive growth for the printing and packaging company. Existing shareholders face significant dilution if they do not participate in the 7:1 offering.
Featured in Issue #16 ·
Finland 1 situations
Suominen Corporation SUY1V.HE (FI) · MCAP $67M · EV $210M
EV/EBITDA: 9.4x · EV/Sales: 0.4x · EV/GP: 6.7x (FY2026)
Suominen manufactures nonwovens as roll goods for wipes and other applications, supplying global consumers and industrial markets. The company operates in Europe and the Americas with net sales of EUR 412.4 million in 2025 and approximately 700 employees.
Suominen (SUY1V.HE) is planning a fully underwritten rights issue to raise up to EUR 28 million in gross proceeds to fund its Full Potential Program and strengthen its capital structure. Shareholders representing 49.02% of shares have committed to vote for the issuance, subscribe pro rata, and fully underwrite any unsubscribed shares. An Extraordinary General Meeting to authorize the issuance is scheduled for June 8, 2026, with the subscription period expected to launch in Q2 2026. The nonwovens manufacturer also negotiated a two-year maturity extension of its syndicated credit facility and additional financial covenant headroom, conditional on the rights issue completion. Danske Bank A/S, Finland Branch, and Nordea Bank Abp are acting as underwriters and advisors, alongside advisor Aventum Partners Ltd. The offering serves as a turnaround catalyst through the execution of the Full Potential Program launched on January 29, 2026.
Featured in Issue #16 ·
Kazakhstan 1 situations
ForteBank JSC ASBN.KZ (KZ)
ForteBank JSC is a Kazakhstan-based joint-stock commercial bank headquartered in Astana, listed on the Kazakhstan Stock Exchange (KASE) under ticker ASBN.
ForteBank (ASBN) is offering 4,168,359,147 ordinary shares at a price of 12.80 tenge per share via a pre-emptive rights offering to existing shareholders. Based on a record date of May 12, 2026, the entitlement ratio is 22.12 existing shares to 1 new share. The offering represents approximately 4.5% of market capitalization, with the subscription period scheduled to end June 12, 2026. ForteBank JSC is a Kazakhstan-based joint-stock commercial bank listed on the Kazakhstan Stock Exchange.
Featured in Issue #15 ·
British Virgin Islands 1 situations
Zanaga Iron Ore Company Limited ZIOC.L (VG) · £0.0666 · MCAP $50M · EV $58.0K
Zanaga Iron Ore Company is an AIM-listed developer of the world-class Zanaga iron ore project in the Republic of Congo, one of the largest undeveloped iron ore deposits globally.
Zanaga Iron Ore Co. Ltd (ZIOC.L) raised £5.7M through a materially oversubscribed equity placing, subscription, and retail offer of 142,295,459 new shares at 4 pence per share. This capital raising was upsized from an original target of approximately $5.6M and represents 17.1% of pre-raise share capital. Directors converted US$888k of deferred fees into 16.4M shares at the issue price, and CEO Martin Knauth subscribed for $270k on the same terms. Proceeds are intended for working capital headroom and the acceleration of Zanaga Project workstreams. Panmure Liberum Limited and Tamesis Partners LLP served as advisors and underwriters. Admission to AIM and the commencement of dealings for the new shares is expected on 22 May 2026.
Featured in Issue #15 ·
NG 1 situations
Universal Insurance Plc UNIVINSURE.LG (NG) · ₦1.11 · MCAP $13M
Nigerian non-life insurance provider; underwrites property, motor, and engineering lines via NGX-listed parent.
Universal Insurance Plc has executed transaction documents for a N3.2 billion rights issue in Lagos, closing its offer preparation phase ahead of a market launch pending final Securities and Exchange Commission approval. The offer comprises 2,666,666,667 ordinary shares of 50 kobo each, priced at N1.20 per share, on a 1-for-6 basis to shareholders on the register as of March 30, 2026. Universal Insurance is a small, illiquid Nigerian insurer with limited international investor access, and an undersubscribed rights issue would defeat the recapitalization objective while further pressuring the stock.
Featured in Issue #14 ·
Singapore 1 situations
Duty Free International Ltd 5SO.SI (SG) · S$0.08 · MCAP $73M · EV $50M
Fwd P/E: 1.3x · EV/EBITDA: 0.7x · EV/Sales: 0.1x
Duty Free International Ltd operates duty-free retail outlets, primarily in Malaysia, and is listed on the Singapore Exchange as a 75.53%-controlled subsidiary of Atlan Holdings Bhd.
Duty Free International Ltd (Singapore: 5SO) is conducting a 1-for-3 warrants rights issue with parent Atlan Holdings Bhd (75.53% owner) acting as backstop, raising up to S$33.9M potential proceeds.
Featured in Issue #14 ·
ID 1 situations
PT Pyridam Farma Tbk PYFA.JK (ID) · Rp302 · MCAP $195M · EV $479M
Fwd P/E: 5.0x
Manufacturer of antibiotics, vitamins, supplements, and herbal products; leading specialty pharmaceutical producer in Indonesia.
PT Pyridam Farma Tbk (PYFA) is conducting a rights issue that will dilute existing shareholders by up to 45.69%, following three consecutive years of net losses; offer price and total proceeds have not been confirmed in available materials. The capital raise addresses near-term liquidity but does not resolve the underlying operational losses; if proceeds are insufficient to restore profitability, dilution compounds without a recovery.
Featured in Issue #13 ·
Philippines 1 situations
ACEN Corp. ACEN.PS (PH)
ACEN Corp. is evaluating a fresh equity raise of up to P30 billion within the next six to twelve months, with a stock rights offering as one option among several funding structures under consideration. No structure or pricing has been disclosed; the CEO indicated any raise is unlikely to exceed P30 billion, the size of the previously deferred SRO. The deferred P30-billion SRO now re-emerges as a live possibility, creating a dilution overhang for existing shareholders while signaling that management sees a near-term capital need to fund its renewable energy pipeline. Timeline and structure remain undefined, and ACEN has already once deferred this raise — execution risk and potential shareholder dilution are both unresolved.
Featured in Issue #12 ·
Denmark 1 situations
Mdundo.com MDUNDO.CO (DK) · DKK 1.20 · MCAP $2M · EV $1M
Mdundo.com A/S, together with its subsidiary, Mdundo Limited, develops and operates online music services in Sub-Saharan Africa.
Mdundo.com A/S has opened the subscription period for a 1-for-1 rights issue of up to 10,196,668 new shares at DKK 1.00 per share, targeting gross proceeds of DKK 10.2 million (~$1.4M USD). Subscription price DKK 1.00 per share; 1-for-1 ratio based on the April 21 record date. DKK 7.5 million (~73.2%) covered by pre-subscription and guarantee commitments; subscription period April 22 – May 5, 2026. Existing shareholders face a binary dilution decision: exercise rights at DKK 1.00 or absorb full dilution from the ~26.8% of the raise not yet backstopped, making the participation rate a direct read on shareholder conviction in the company's capital needs. Approximately 27% of the raise (~DKK 2.7 million) carries shortfall risk with no disclosed underwriter of last resort, leaving the company potentially underfunded relative to its stated raise target. Results of the rights issue announced May 8, 2026; subscription window closes May 5, 2026.
Featured in Issue #12 ·
INTL 1 situations
PetroVietnam General Services Corporation PET (INTL)
Vietnamese state-affiliated company providing technical services and equipment to the oil and gas industry.
PetroVietnam General Services Corporation announces plans to triple charter capital from VND1.07 trillion to VND2.6 trillion through 5% stock dividend, 40% bonus shares, and 1:1 rights offering. Rights offering of 106.7 million shares at VND10,000 per share raising VND1 trillion ($37.97 million). Total dilution of 45% from combined issuances. Bonus/dividend shares to be issued Q2-Q3 pending regulatory approval. Forced selling from non-participating shareholders creates downward pressure while company pivots from services into higher-margin infrastructure and real estate development requiring significant capital investment. Massive dilution and capital deployment into unfamiliar infrastructure sector risks destroying shareholder value if execution falters or real estate cycle turns. Monitor for regulatory approval of bonus/dividend issuance expected Q2-Q3 2026.
Featured in Issue #9 ·
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