Sweden Special Situations

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Soltech Energy Sweden (publ) (SOLT.ST) announced subsidiary Sesol AB terminated its reconstruction and filed for bankruptcy in March 2026, part of a broader initiative to liquidate or restructure consumer solar units across Sweden and Norway. Q1 results included SEK 80.5 million in non-cash revaluation and deconsolidation gains from these insolvencies and the January 29 sale of a Dutch subsidiary, masking an underlying adjusted EBITDA loss of SEK -31.1 million. The group reported negative operating cash flow of SEK -72.2 million for the period, and a new interim CEO and CFO were appointed in April 2026 to pivot the platform toward large-scale B2B projects. This distressed carve-out deconsolidates loss-making entities and flatters headline earnings, leaving the turnaround thesis dependent on the core B2B business’s ability to reach profitability through catalysts such as the SEK 125 million Finnish battery park order and the SEK 60–80 million SISAB framework agreement.

Scout Gaming Group agreed to sell its entire operating business (Scout Holding Ltd and subsidiaries) to ImpactWin Group for SEK 25 million, paid via 10.6 million ImpactWin shares representing 15.2% ownership. Following shareholder approval and completion in April 2026, Scout will distribute the ImpactWin shares to shareholders, then apply for delisting and voluntary liquidation.

BiBBInstruments AB shareholders approved amendments to articles of association enabling a rights offering, with three alternative share capital structures allowing for significant dilution (up to 16x current share count in Option C). The board was also authorized to issue shares, convertibles, and warrants with or without preemptive rights until the next AGM.

Secured new guarantors for SEK 31.4 million rights offering while pursuing reverse takeover with Hipro Biotechnology. Letter of intent for reverse takeover extended until end of 2026.

Nanologica is conducting a rights issue with 7:3 terms (7 new shares for every 3 existing shares) at SEK 0.40 per share. Subscription period runs March 11-25, 2026, with rights trading March 11-20. The company trades ex-rights starting March 6, 2026.

Fasadgruppen’s extraordinary general meeting approved a rights issue of approximately SEK 504 million (~$48 million USD). The board initially resolved on the rights issue on February 3, 2026, subject to shareholder approval, which was granted on March 6, 2026.

Company is launching a SEK 200 million rights issue with 1:2 terms at SEK 1.55 per share, subscription period March 2-16. The company has secured commitments/guarantees covering SEK 190 million of the offering to strengthen the balance sheet and fund Pepaxti commercialization in Europe.

Company published disclosure document for a fully guaranteed rights issue of approximately SEK 1.5 billion to strengthen its capital base. The rights offering will run from late February to mid-March 2026, with Handelsbanken and Nordea serving as bookrunners.

Nobia AB announced final terms of its fully guaranteed rights issue of up to 841.3 million new shares at SEK 1.78 per share, raising approximately SEK 1.5 billion. The rights issue (4 rights for 5 new shares) will run from Feb 24-Mar 11, 2026, and is fully backed by major shareholders Nordstjernan, If Skadeförsäkring, and AP4.

LIDDS AB has been declared bankrupt by Gothenburg District Court after the liquidator determined company assets cannot cover debts and liquidation costs. Nasdaq has delisted the shares from First North Growth Market with immediate effect, and a bankruptcy trustee has been appointed.

Peptonic Medical AB completed a rights issue as part of restructuring measures under a reconstruction plan, and has now issued 1,005,578 units (100.6M shares + warrants) to guarantors as compensation at SEK 0.16 per unit. The guarantors provided guarantee commitments of ~35.6% for the rights issue and chose to receive 20% compensation in units rather than 15% in cash.

aXichem announced SEK 11 million rights issue to existing shareholders at SEK 1.30 per unit (one share plus one warrant). Issue is 100% covered by subscription and guarantee commitments, with proceeds intended to strengthen working capital and build inventory.

Board resolved on SEK 504 million rights issue subject to extraordinary general meeting approval. The rights issue is fully secured by subscription and guarantee undertakings from largest shareholders, board members, executives and external investors, with amendments to existing loan facility agreement.

Midsummer finalized a bond-to-equity conversion of SEK 79.6 million in debt into 57.7 million new shares at SEK 1.38 per share, following a completed rights issue. The conversion significantly reduces the company’s debt load and strengthens its equity base, though it results in substantial dilution for existing shareholders.

Nanologica is conducting share issues totaling SEK 96.2 million including SEK 8.6 million set-off issue for acquisition, SEK 5.1 million directed issue, and SEK 82.5 million fully-secured rights issue. Main shareholder Flerie Invest will subscribe for 43.6% of rights issue and provide additional underwriting guarantee.

Nexam Chemical received additional letters of intent worth SEK 6.5 million from three major shareholders for its ongoing rights issue of approximately SEK 51.8 million announced December 22, 2025. The rights issue remains fully covered by subscription undertakings and underwriting commitments, with subscription period running until February 9, 2026.

Diamyd Medical AB ser. B (DMYD-B.ST) has disclosed that its ongoing strategic review has yielded multiple formal non-binding letters of intent and investment proposals from external parties. The review follows the termination of a Phase 3 study for the retogatein drug candidate and the April appointment of Chairman Anders Essen-Möller as CEO. Key assets under evaluation include the retogatein candidate, patents, and a GMP-certified manufacturing facility in Umeå, with year-end cash expected to be approximately SEK 225M. On June 29, Anna Styrud will return to the company as acting CFO. The strategic review's transition to active inbound interest and the potential divestiture of the Umeå facility could provide a floor under the remaining cash value for the micro-cap entity.

Sparc Group AB (publ) (SPARC.ST) has initiated a strategic review to evaluate alternatives for growth acceleration and shareholder value maximization. The board of the Nordic roll-up retained Danske Bank A/S NUF as financial and strategic advisor for the process. Potential outcomes include strategic partnerships, structural changes, or equity-related transactions such as a share issue. Since its founding in 2021, Sparc Group has acquired over 90 firms in the HVAC, electrical, data/telecom, and automation sectors across Sweden and Norway. The hiring of a sell-side advisor signals a possible full-company exit, takeover, or material equity raise, creating both M&A optionality and dilution risk as the mandate clarifies the dominant path.

Done.ai Group AB (DONE.ST) has formally resolved to initiate an evaluation of strategic alternatives. The Nasdaq Stockholm-listed technology company announced on May 25 that options under consideration include continued independent execution and other unspecified strategic alternatives. While the board resolution has initiated an active process, no financial advisors have been named and no timeline for the review has been established. This board-initiated strategic review functions similarly to a U.S. exploration of strategic alternatives and signals a potential path toward a full or partial sale, although the lack of advisors or a stated timeline indicates the situation remains in an early stage.

Diamyd Medical (DMYD-B.ST) is proceeding with a strategic review and evaluating the potential divestment of its Umeå manufacturing facility. Advised by G&W Fondkommission and Vinge, the Swedish biopharmaceutical company also provided updates on its financial position and clinical development plans for its autoimmune diabetes therapies. The review follows the appointment of a new CEO and Chairman in April and occurs as the company’s stock has declined 89% year-to-date. No definitive agreement or firm offer has been reached, and the timing for the evaluation remains uncertain.

Essity (ESSITY-B.ST) initiated a formal strategic review of its Consumer Tissue division, which accounted for 31% of Group net sales at SEK 43.5bn in 2025. Formally announced at a May 7, 2026 Capital Markets Day, the review assesses potential separation through divestment or a separate public listing. The segment reported an 11.9% EBITA margin, trailing the Group target of greater than 15%. Effective January 1, 2026, the unit assumed end-to-end responsibility for R&D, production, and marketing to function autonomously ahead of structural changes. The division is pivoting from low-margin private label contracts toward premium brands including Lotus, Tempo, and Plenty. A separation could surface value for the company and create a potential spin-off or sale catalyst.

Teneo AI AB (TENEO) is advancing a strategic review and M&A discussions while securing new financing following a sharp decline in Q1 2026 revenue and ARR. The revenue contraction resulted from the loss of a key customer, although gross margins remained strong and cost controls were effective. Market interest in the company’s technology is reported as strong. This distressed strategic review and M&A interest suggests an active restructuring process or sale that could unlock value or wipe out equity.

CTEK AB announced in its May 6, 2026 interim report that it has initiated a strategic review of its EVSE (Electric Vehicle Supply Equipment) business segment, citing ongoing market weakness as the driver. No specific outcomes, financial parameters, or timelines for the EVSE review have been disclosed. Whether a formal process — such as a special committee, financial advisor mandate, or board authorization — has been established has not been confirmed in available materials. With no formal process confirmed and no timeline stated, the review carries material risk of prolonged delay.

Essity's Board of Directors has initiated a strategic review of the Consumer Tissue business area's global operations on May 6, 2026. The review will evaluate strategic alternatives including a potential separation, though no such decision has been taken yet. The Consumer Tissue segment has strong branded, retailer brand, and private label positions with leading market presence. Essity's Board formally announced the strategic review today (May 6, 2026), making this the initiation date — the earliest opportunity to position ahead of any separation announcement.

Diamyd Medical discontinued its Diagnode-3 Phase 3 trial following futility evaluation and initiated a formal strategic review aimed at maximizing shareholder value.

Swedish company developing Directional Pixel Technology for glasses-free 3D/holographic displays Engaged Grant Thornton as financial advisor to monetize its Directional Pixel Technology through partnerships, licensing, or strategic transactions. Named advisor (Grant Thornton), named technology, named mandate. Small company with potentially valuable IP in an emerging display technology market. The glasses-free 3D display space has attracted significant interest (LG, Samsung, various startups). A technology licensing deal or IP sale to a display manufacturer or consumer electronics company is the likely outcome. Grant Thornton’s engagement suggests a formal process with a specific timeline.

Realfiction’s board initiated a strategic review to strengthen commercialization of its DPT technology, exploring industrial partnerships, joint ventures, or strategic combinations including potential acquisition of the company or subsidiaries. The process aims to accelerate commercialization, mass production, and global sales of the display technology.

Maha Energy swung to a Q4 loss and announced it is evaluating strategic alternatives for its Venezuela operations. The company is conducting a formal strategic review that could result in divestiture, restructuring, or other corporate actions affecting its Venezuelan assets.

Insplorion AB has completed its strategic review and entered into an agreement in principle to sell its hydrogen sensor business to Mann Teknik AB for SEK 5.5 million cash. The definitive agreement is expected to be signed in Q1 2026 subject to shareholder approval. The company is also exploring value-creating alternatives for its remaining assets including research instruments business.

SKF completed divestment of its precision elastomeric device operation in Elgin, Illinois to Carco PRP Group for $75 million enterprise value, generating approximately SEK 400 million capital gain in Q1. The transaction concludes SKF’s strategic review to exit non-core aerospace business lines and focus on core aeroengine and aerostructure bearing offerings.

Tobii appointed new CEO Fadi Pharaon effective January 1, 2026, and continues strategic review with external advisors evaluating financing and capital market alternatives. The company implemented SEK 43M in Q4 cost reductions, wrote off SEK 244M in goodwill, and secured a DMS licensing deal contributing to Q4 free cash flow of SEK 57M.

HAKI Safety AB ser. B (HAKI-B.ST) signed a definitive agreement to acquire the Combisafe fall protection business from PIP Global Safety for USD 2 million in net assets. The transaction is structured as an asset deal covering the brand, product portfolio, patent rights, and customer relationships across six countries. While the purchase price is USD 2 million, the sellers will contribute an equivalent amount to cover change-related costs, effectively offsetting the cash outlay. Combisafe generates approximately SEK 80 million in turnover and has been unprofitable in recent years. Closing is expected at the beginning of Q3 2026. This small bolt-on acquisition provides HAKI with an established brand and European distribution footprint at minimal net cost, with the investment case centered on a synergy plan to restore target profitability.

KlaraBo (KLARA-B.ST) and Sveafastigheter AB have adopted a joint merger plan to create a residential property platform holding approximately 26,500 apartments. Under the agreement, KlaraBo will be absorbed by Sveafastigheter, with KlaraBo shareholders receiving new shares at an implied NAV of SEK 35.03 per share and a conditional SEK 1.40 extraordinary dividend. The KlaraBo board recommends the transaction, which includes a pre-close portfolio acquisition from SBB and is projected to generate at least SEK 120M in annual cost synergies. Savills Sweden AB and Newsec Advisory Sweden AB are serving as advisors. The deal is subject to a June 26, 2026 shareholder vote and is expected to close on December 1, 2026.

Episurf Medical (EPIS-B.ST) signed a definitive agreement to acquire a SEK 845 million community property portfolio in Linköping from Botrygg. Financing for the transaction includes a SEK 220 million B-share issuance at SEK 0.055 per share, representing up to 47.7 percent dilution, alongside a SEK 161 million promissory note and bank debt. The nine-property portfolio generates approximately SEK 67 million in annual rental income and SEK 54 million in net operating income with the Linköping municipality as the primary tenant. This acquisition follows the company's December 2025 pivot toward a Nordic real estate platform, with pro-forma annual rental income expected to reach SEK 285 million. Panreal is acting as the seller's advisor for the deal. Closing is contingent on securing bank financing and is expected no later than October 31, 2026.

Precise Biometrics (PREC.ST), a provider of biometric identification and authentication solutions, is undergoing a statutory merger with Fingerprint Cards AB. The Extraordinary General Meeting has approved the merger plan and the merger document has been published. For Q1 2026, adjusted EBITDA was positive at SEK 0.6 million, with SEK 2.0 million in one-off transaction costs related to the merger. The transaction is intended to create a combined global leader in biometrics and identity, strengthening the combined offering and expanding commercial reach to create a more scalable foundation for growth.

Precise Biometrics is absorbing Fingerprint Cards through a statutory merger under Swedish Companies Act, creating a combined biometrics business with stronger scale and commercial reach. The merger creates meaningful synergies and establishes a profitable foundation for future organic growth and consolidation in the fragmented biometrics industry. Shareholder vote April 30, 2026.

Swedish listed investment company focused on Latin American oil and gas assets Maha Capital exercised its call option to acquire 24% indirect equity in Venezuelan oil company PetroUrdaneta for EUR 4.6 million, made possible by OFAC’s publication of General License 52 authorizing transactions involving PdVSA entities. PetroUrdaneta operates in the Maracaibo Basin with medium and light oil production. The OFAC regulatory unlock is the signal — a new US general license enables Venezuelan oil investment that was previously blocked. Maha is one of the first Western-listed investors to move on Venezuelan oil post-license. JV structure: PdVSA 60%, Maha 24% indirect through the call option structure.

Maha Capital AB (MAHA-A.ST) resolved to split into two independent divisions, Keo Capital and Keo Energy, with the energy unit targeting a US listing via an in-kind share distribution to existing shareholders. Keo Energy holds a 24% indirect equity stake in PetroUrdaneta, a Venezuelan oil-and-gas joint venture with PdVSA and Odebrecht E&P, acquired for EUR 4.6 million in March 2026. The company maintains a call option on an additional 16% stake in the venture until March 2028, and the Stockholm-listed parent will be renamed Keo Capital following a January 2026 shareholder resolution. The distribution of a pure-play energy stub creates a structural catalyst to attract a different US investor base and unlock value currently obscured within the fintech holding company, though the listing remains contingent on the OFAC GL 52 framework governing the transfer of Venezuelan oil assets.

Volati AB (VOLO.ST) will distribute shares of Salix Group to ordinary shareholders on a one-for-one basis via a pro-rata spin-off with a record date of June 11, 2026. Volati shares trade ex-distribution starting June 9, 2026, and Salix Group is expected to commence trading on Nasdaq Stockholm on June 15, 2026. Salix Group, a Nordic B2B distribution platform, has received listing clearance from Nasdaq Stockholm and the Swedish FSA. Post-distribution. Volati will continue as a diversified industrial group with SEK 8.5B in annual sales and 2,400 employees across 20 countries. Completion of the one-for-one pro-rata spin-off and imminent listing creates a near-term event for index-rebalancing and forced-selling dynamics while providing direct exposure to a focused distribution platform.

Embracer Group (EMBRAC-B.ST) intends to spin off its Fellowship Entertainment AAA video game development and transmedia IP segment as a separate Nasdaq Stockholm main market listing in calendar year 2027. Fellowship Entertainment houses the Dark Horse comics arm and franchises including. The Lord of the Rings/Middle-earth, Tomb Raider, Kingdom Come: Deliverance, Dead Island, and Darksiders. The separation follows prior spin-offs of Asmodee and Coffee Stain and aims to realize value for assets the Chairman characterizes as among the most undervalued in the industry. Fellowship Entertainment targets a cadence of 2+ AAA releases per year starting in fiscal year 2027/28. A Capital Markets Day is planned ahead of the listing.

Hexagon AB (HEXA-B.ST) has published the prospectus and its registration statement became effective for the spin-off and independent Nasdaq listing of Octave Intelligence. Shareholders approved the distribution of all shares in Octave, an enterprise cloud-native video software subsidiary, at the April 24, 2026, annual general meeting. When-issued trading of Octave Class B shares on the Nasdaq is expected to begin May 21, 2026. Octave also announced the acquisition of VXG Inc. to enhance its enterprise video analytics capabilities. The carve-out creates a US-listed video intelligence entity, providing exposure separate from Hexagon’s industrial parent operations.

Maha Energy is exploring a separation into a Brazilian fintech vehicle and a Venezuelan PetroUrdaneta oil vehicle; distribution ratio, listing venue, and record date have not been determined. A separation into two pure-play listed companies — one fintech, one Venezuelan oil — forces explicit market pricing on the PetroUrdaneta stake, which is currently obscured inside a mixed-asset holding structure on Stockholm's Main Market. The Venezuelan oil asset carries material regulatory complexity: any distribution requires OFAC General License 52 compliance, and sanctions risk creates a narrow window of viable listing venues and investor bases for the new entity.

Hexagon will propose at its April 24 AGM a spin-off distribution of Octave Intelligence plc shares to existing shareholders at a 10:1 ratio. Octave Class B shares are expected to list on Nasdaq New York with Swedish Depositary Receipts trading on Nasdaq Stockholm for approximately two years, with record date set for May 22 and first New York trading beginning May 28. The structure creates a pure-play intelligence software entity while maintaining dual-market access for Nordic investors through the SDR program. The Stockholm listing faces potential termination after two years based on liquidity conditions, creating uncertainty around long-term Nordic market access. AGM vote scheduled April 24 — approval needed for distribution to proceed on outlined timeline.

Iconovo is conducting a rights issue to raise approximately SEK 24.6 million at SEK 1.15 per share. The subscription period runs from February 13-27, 2026, with existing shareholders receiving preferential rights (7 subscription rights for 2 new shares). The rights issue is 100% covered by subscription undertakings and guarantee commitments.

Announced plans for a SEK 60 million (~$5.7 million USD) rights offering. The company develops medical instruments and has been reporting increasing operating losses while expanding into the U.S. market through distribution partnerships.

Completed fully subscribed rights issue raising approximately SEK 51.8 million (~$5M USD) through 21.6 million shares at SEK 2.40 per share. 64.8% was subscribed by existing shareholders and 35.2% covered by underwriters including management, diluting existing shareholders by approximately 21.1%.

Cell Impact is conducting a rights issue where shareholders receive one subscription right per share held, allowing them to subscribe for new shares at SEK 0.13 per share. The rights issue is approximately 60% covered by subscription and guarantee commitments, with subscription period running February 6-20, 2026.

Insplorion is selling its hydrogen sensor business division to Manntek. The transaction represents a strategic divestiture of a business segment for the Swedish technology company.

Hexagon completed the sale of its Design & Engineering business to Cadence Design Systems for approximately 2.7bn EUR in cash and Cadence stock, generating an expected net gain of around 1.4bn EUR. Proceeds will be used for de-leveraging and funding acquisitions including the planned Octave separation in H1 2026.

Hexagon filed a Registration Statement on Form 10 with the SEC for its planned spin-off of Octave Intelligence Limited, which will become an independent software and SaaS company focused on operational intelligence. The spin-off is expected to complete in late Q2 2026 with dual listings on Nasdaq Global Select Market and Nasdaq Stockholm, subject to regulatory approvals.

Insplorion (INSP.ST) completed the sale of its hydrogen sensor business to Consilium for 10 MSEK, a transaction involving the transfer of most operations and staff. Following the divestiture, Q1 2026 net sales fell to 340 KSEK, leaving the company as a shell with 1,215 KSEK in cash and no debt. The board is exploring a reverse acquisition but intends to recommend delisting and voluntary liquidation if no target is identified. This creates a binary outcome for shareholders between a potential re-rating via a new business entity or a capped liquidating distribution of the remaining SEK 1.2M in residual cash.

Samhällsbyggnadsbolaget i Norden (SBB) (SBBB.ST) will divest its SBB Residential Property and residential portfolio to Klarabo for SEK 6.83 billion. Consideration for the transaction will be paid in Klarabo shares, making SBB a significant shareholder in Klarabo. The transaction reshapes SBB’s portfolio and creates a strategic cross-shareholding with the counterparty.

TriCarbs BidCo AB has updated its public cash tender offer for Cint Group AB (publ) (CINT.ST) at SEK 5.60 per share, extending the acceptance period until June 22, 2026. Following Swedish Securities Council rulings AMN 2026:18 and AMN 2026:20, consortium members Patrick Comer and Brett Schnittlich were removed from the bidding group and instead provided irrevocable undertakings for their combined 4.4% stake. These undertakings remain binding even if a higher competing offer emerges, while all other terms of the tender offer remain unchanged at SEK 5.60 per share. The removal of these consortium members shifts 4.4% of the shares from buyers to locked-in sellers, reducing the free float available to block the deal but signaling possible regulatory friction and providing a fresh timetable for market participants through June 22.

ShaMaran Petroleum Corp. (SNM.V) has completed its corporate continuance from Canada to Bermuda and delisted from the TSX Venture Exchange ahead of a planned migration to Euronext Growth Oslo. The company’s shares are currently represented by Swedish Depositary Receipts trading conditionally on Nasdaq First North, and a retail private placement of up to the NOK equivalent of €1 million has opened at a 10% discount to the SDR volume-weighted average price to satisfy listing criteria. Pareto Securities AS is acting as advisor for the offering, with shares expected to begin trading on Euronext Growth Oslo by June 5, 2026. Existing Canadian shareholders must register shares in the Norwegian Central Securities Depository to facilitate trading on the new exchange. The migration shifts the primary listing jurisdiction and investor base, while a fee-free SDR-to-share conversion period through June 30, 2026, creates a brief arbitrage window.

Maha Capital (MAHA-A.ST) and Blue Water Acquisition Corp. IV mutually terminated their non-binding letter of intent for a proposed business combination on May 15, 2026. The companies cited the evolving regulatory environment, transaction complexity, and timing considerations as reasons for the decision. No definitive agreement was signed prior to the termination. Blue Water Acquisition Corp. IV remains active in evaluating other SPAC merger opportunities in the AI, energy, and tech sectors. The termination extinguishes a near-term liquidity or de-SPAC path for Maha Capital shareholders.

Nasdaq First North issued a delisting notice to Hotel Fast SSE AB for failing to meet operational requirements, with delisting set for May 23, 2026. The company can avoid delisting by presenting credible operational plans or submitting a new listing application by May 23, 2026. No financial terms disclosed. Delisting pressure creates urgency for strategic alternatives that could unlock value through asset sales, operational restructuring, or acquisition by hotel operators seeking Swedish market exposure. The company provides no guarantees that current strategic alternatives will satisfy Nasdaq’s requirements, risking forced delisting and reduced liquidity. Delisting deadline May 23, 2026.