Sweden Special Situations

ExpreS2ion Biotech Holding AB (EXPRS2.ST) issued 11.9 million new shares to Vator Securities AB at SEK 1.60 per share in a directed share issue.

SciBase Holding AB (publ) (SCIB.ST) registered a rights issue for SEK 57.5 million (~$5.8M) on October 8, 2026, issuing 3.8 million new shares.

Realfiction Holding AB (REALFI.ST) is conducting a rights issue of units following the October 9, 2026 publication of its Information Memorandum.

Klaria Pharma Holding AB (publ) (KLAR.ST) is launching an underwritten rights issue of up to 61.5 million units at 2.40 SEK per unit to raise a maximum of 147.6 million SEK.

AcuCort resolved on a rights issue of up to 78,148,177 units to raise approximately SEK 70.3 million before costs, subject to an extraordinary general meeting on November 5, 2026.

Orexo resolved on October 6, 2026 to raise approximately SEK 250 million through a rights issue, subject to extraordinary general meeting approval.

Realfiction resolved a rights issue of up to 360,093,600 units at SEK 0.10 per unit, each comprising one new share and one free TO3 warrant.

Soltech Energy Sweden AB is conducting a rights issue of up to 1,984,190,890 new shares at SEK 0.05 per share, raising approximately SEK 99 million gross if fully subscribed.

Maida Vale Capital AB sold SEK 6.5 million (~$647.6K) of shares in Alzinova AB (ALZ.ST) to a new institutional investor.

W5 Solutions intends a directed share issue of approximately SEK 150 million (~$15M) with deviation from shareholders' preferential rights.

Immunovia AB (publ) will hold an Extraordinary General Meeting on Thursday 29 October 2026 at 1 p.m.

BrightBid Group AB (publ) is launching a rights issue to raise approximately SEK 14.9 million.

Bergs Securities AB provided a binding guarantee commitment of SEK 24.2 million (~$2.4M) to SciBase Holding AB (SCIB.ST) to backstop a rights issue. The commitment covers 42% of the SEK 57.5 million (~$5.8M) offering, and together with other subscription undertakings of SEK 33.3 million (~$3.4M), the issue is 100% covered. Subscription is priced at SEK 15 per share, with eight subscription rights entitling the holder to three new shares. The subscription period ends 29 September 2026, with the outcome expected on or around 1 October 2026. The total coverage removes financing shortfall risk, although the guarantee is unsecured by bank guarantees, blocked funds, or pledges.

ExpreS2ion Biotech Holding AB (EXPRS2.ST) reported that 222,953 Series TO 13 warrants were exercised for approximately SEK 0.36 million. Subject to shareholder authorization at the extraordinary general meeting on October 1, 2026, the Board intends to resolve on a directed issue of 11,869,138 shares to Vator Securities AB at SEK 1.60 per share to fulfill the guarantee undertaking. The warrant exercise and intended directed issue would provide approximately SEK 19.3 million in gross proceeds and imply approximately 39.8% dilution after completion.

Aptahem AB (APTA.ST) launched a rights issue of units to raise approximately 15.6 million SEK in cash. Subscription runs from 23 September 2026 to 7 October 2026, with the outcome expected around 9 October 2026. Each Unit bundles three shares and one TO9 warrant, creating a second funding leg through future warrant exercise.

The founders, Head of R&D, and CFO of Realfiction Holding AB (REALFI.ST) intend to invest approximately SEK 0.7 million in the proposed rights issue. This commitment reflects their continued belief in the company's Directional Pixel Technology. Final terms of the rights issue will be announced according to the previously communicated timetable.

Alzinova AB (ALZ.ST) is raising $5.1 million through a rights issue of units. Existing shareholders can subscribe for one unit for every five rights at a price of SEK 1.26 per unit, which equals SEK 0.42 per share, with warrants of series TO5 and TO6 issued free of charge. The subscription period runs from September 22, 2026, through October 6, 2026, with the outcome expected on October 7, 2026. Mangold Fondkommission AB has underwritten 78.3 percent of the offering. The issue is 79.3 percent covered by subscription and underwriting commitments.

Alligator Bioscience (ATORX.ST) saw a low subscription rate for its rights issue of 3.1 billion units. Preliminary outcomes show the offering was subscribed to approximately 17.1 percent, with 16.7 percent subscribed through exercise of unit rights and 0.5 percent without exercise. The subscription period ended September 18, 2026.

Alzinova AB has published the information memorandum for its rights issue of units, first announced September 10, 2026. Record date for receiving unit rights is September 18, 2026. Subscription period runs from September 22, 2026 through October 6, 2026. Trading in unit rights runs September 22, 2026 through October 1, 2026. Trading in BTU runs September 22, 2026 through October 23, 2026. Estimated date for announcement of the outcome is October 7, 2026. Mangold Fondkommission AB is financial advisor. Fredersen Advokatbyrå AB is legal advisor. The Board resolved the Rights Issue on September 10, 2026, based on authorization from the AGM held May 26, 2026.

Each unit consists of one new share and one unlisted warrant series TO 2026/2027; subscription price is SEK 2.31 per unit in both issues. Warrants have approximately six-month term with exercise period May 3-17, 2027 at SEK 2.31 per share, and are not to be listed.

SciBase Holding AB (SCIB.ST) is launching a rights issue to raise SEK 58 million (~$5.9M). The board resolved the offering on 3 September 2026. The subscription period runs from 15 September to 29 September 2026, with trading in paid subscribed shares (BTA) occurring from 15 September to 16 October 2026. The outcome of the issue is expected on 1 October 2026. No backstop or subscription price was disclosed. This is an actionable Swedish rights offering with the subscription period open 15-29 September 2026 and the outcome expected 1 October 2026.

AGM scheduled for 15 October 2026 at NGM's premises in Stockholm. Subscription period runs 22 October 2026 to 5 November 2026. Units priced at SEK 0.34, equivalent to SEK 0.02 per share. Warrants of series TO 2 have an exercise price of SEK 0.024 per share, exercisable 18 May 2027 to 1 June 2027. Rights issue is conditional on AGM approval and amendment of the articles of association. Proposed new articles raise share capital limits to SEK 16.0 million (~$1.6M)–64.0 million and share count limits to 1.6 billion–6.4 billion. Shareholders representing 42.8% of votes have committed to approve the issue at the 15 October 2026 AGM.

Rights issue of maximum 40.5 million units, each consisting of 3 shares, 4 warrants of series TO5 and 3 warrants of series TO6. Subscription price SEK 1.26 per unit, corresponding to SEK 0.42 per share. Upon full subscription, Alzinova receives approximately SEK 51 million (~$5.3M) before issue costs of approximately SEK 8.7 million (~$897.5K). Rights Issue is covered to 79.3 percent by subscription commitments (1.0%) and underwriting commitments (78.3%). One existing share entitles to one unit right; five unit rights entitle to subscription of one unit. Full subscription increases shares from 202.6 million to 324.2 million, a dilution of approximately 37.5 percent. Proceeds fund the ongoing global Phase 2 clinical study of ALZ-101, an oligomer-specific vaccine candidate for Alzheimer's disease.

Biovica International AB (BIOVIC.ST) is launching a preferential rights issue to raise SEK 29.2 million (~$3M) for US commercialisation of DiviTum TKa and pharma service expansion. The company will offer up to 97.3 million new B-shares at SEK 0.30 per share, representing a 23 percent discount to TERP. Three subscription rights entitle the holder to subscribe for one new B-share, with the subscription period running from 7 October to 21 October 2026. The issue is fully covered by subscription commitments and an HDF guarantee, with HDF receiving a Swedish Securities Council exemption to reach a 46.47 percent holding without triggering a mandatory bid. The extraordinary general meeting on 30 September is the key checkpoint for approval of this fully guaranteed issue.

Gigasun AB (publ) (GIGA.ST) is conducting a SEK 102 million (~$11M) rights issue to strengthen its financial position and expand its C&I solar energy business in China. Existing shareholders can subscribe for ten new shares for every seven held, with a record date of 15 September 2026 and a subscription period from 17 September to 1 October 2026. Principal shareholders ASP and Soltech have binding commitments for SEK 57 million (~$5.9M) via debt set-off, while a conditional parallel set-off issue allows SOLT4 bondholders to convert SEK 70 million (~$7.2M) of debt at the same price, pending EGM approval on 6 October 2026. Full subscription results in 58.8% dilution for non-participating shareholders. The immediate catalyst is the subscription rights trading window from 17 to 28 September 2026 to offset dilution, while the bond set-off could remove the SEK 70 million (~$7.2M) SOLT4 overhang.

Terms: one subscription right per share held on record date 10 September 2026; eight rights entitle subscription for three new shares at SEK 15 per share. Subscription period runs 15–29 September 2026; trading in subscription rights expected 15–24 September 2026. Maximum 3,834,487 new shares may be issued, increasing shares from 10,225,300 to 14,059,787, corresponding to maximum dilution of approximately 27%. Subscription rights will trade from September 15 to September 24, 2026, while Castle Biosciences' subscription commitment is subject to a 20% post-issue ownership cap.

Alligator Bioscience AB (ATORX.ST) is launching a SEK 125.6 million (~$13M) rights issue to fund its mitazalimab development and repay bridge loans. The offering consists of 3,140,534,240 units at SEK 0.04 per unit, where each unit comprises two ordinary shares and two free warrants. Existing shareholders receive five unit rights per share, with a subscription period running from September 4 to September 18, 2026. Subscription undertakings and guarantee commitments total approximately 47% of the issue. This leave the majority of the raise uncommitted, making the take-up rate and any shortfall against the guarantee the near-term monitorables.

Rights issue comprises a maximum of 61,494,038 units, each with 4 new shares and 1 warrant of series TO1. Fully subscribed issue would raise approximately SEK 148 million (~$15M) before issue costs of approximately SEK 17 million (~$1.8M). Klaria has received subscription commitments of approximately SEK 40 million (~$4.2M) and intends to secure 70–75% via top-up and bottom-up guarantees of SEK 33–38 million each.

Prostatype Genomics AB (PROGEN.ST), a manufacturer of prognostic gene tests, is seeking SEK 12.5 million (~$1.3M) through the exercise of its TO6 warrants. Each warrant allows the holder to subscribe for one share at SEK 0.10, which would result in 125,225,546 new shares and approximately 18.3% dilution of share capital and votes. Vator Securities AB has provided a top-down underwriting commitment for SEK 6.0 million (~$627.3K), or 48% of the total, for a fee of 2% cash and 10% in shares. The exercise period runs from 1 September to 15 September 2026. While commitments and letters of intent cover approximately 70% of the proceeds, the 70% coverage reduces but does not eliminate the risk of a shortfall.

OncoZenge AB (publ) (ONCOZ.ST) secured a SEK 2.0 million (~$208.5K) bridge loan from John Haurum to maintain liquidity until the completion of a SEK 33.3 million (~$3.5M) rights issue announced on 25 August 2026. Disbursed on 28 August 2026, the loan carries a 5% arrangement fee and 1.5% monthly interest. The lender may request to set off the loan against new shares via a directed issue at the rights issue subscription price, subject to board discretion. This arrangement creates potential dilution for existing holders if the board approves the directed issue.

Realfiction Holding AB (REALFI.ST) announced a rights issue for up to MSEK 36 and a MSEK 2 bridge loan from Tellus Equity AB to fund commercial activities and a strategic review. Tellus Equity AB provides a bottom underwriting commitment of MSEK 21.6, covering approximately 60% of the intended issue. Completion is conditional upon Extraordinary General Meeting approval to amend the Articles of Association. Management estimates the guaranteed MSEK 21.6 in gross proceeds will provide liquidity until approximately June 2027. This financing is the near-term catalyst required to remove going-concern uncertainty, though a meaningful portion of the issue remains uncommitted.

Rights issue of not more than 1,984,190,890 new shares at SEK 0.05 per share for approximately SEK 99 million (~$10M) gross proceeds. Fully guaranteed by Nordic Capital through Artim Balance, Soltech's largest shareholder, which also undertakes to subscribe for its pro rata share. Subscription period runs 5–19 October 2026. EGM expected 29 September 2026. TERP discount of approximately 55.9% based on VWAP during 13–26 August 2026.

S2Medical AB (publ) (S2M.ST) is conducting a rights issue with a subscription period running from 24 August to 10 September 2026. Trading in series B unit rights is open from 24 August to 7 September, while series B BTU trading runs from 24 August to 17 September. Investors without unit rights may apply for subscription without preferential rights. Existing holders must decide whether to exercise or sell unit rights before 7 September, and non-holders may subscribe without preferential rights until 10 September.

The rights issue comprises 3,268,143 new ordinary shares at a subscription price of SEK 125 (~$13) per share. The subscription period runs from 1 September 2026 to 15 September 2026. The record date is 28 August 2026; the last day of trading including subscription rights is 26 August 2026.

Netel Holding AB (publ) is conducting a rights issue and an over-allotment issue in connection with its merger with Infrea AB (publ). The subscription period for the rights issue runs from 27 August to 10 September 2026. A webcast presentation is scheduled for Tuesday 1 September 2026 at 02:00 pm CEST, featuring Martin Reinholdsson, CEO of Infrea and designated CEO of the new group, and Fredrik Helenius, CFO of Netel. Polar Advisory AB is financial adviser, DNB Carnegie is issuing agent, and Linklaters is legal adviser to Netel in connection with the New Issues.

Sleep Cycle (SLEEP.ST) called an EGM for 11 November 2026 to approve acquiring Audiowell AB for SEK2.255 billion through 92,042,212 new shares at SEK24.50 each, a 22.62% premium to the 8 October closing price.

Hexagon AB (HEXA-B.ST) signed an agreement to acquire Rocscience at an enterprise value of $535 million on a cash-free, debt-free basis.

Telenor cleared a regulatory hurdle for its acquisition of Bahnhof AB (BAHN-B.ST) after the Norwegian Competition Authority decided not to proceed with a closer review.

Logistea has entered into an agreement to acquire a property portfolio in Jutland, Denmark.

PPI subsidiaries entered into share purchase agreements to acquire SBB Tuna Äng 1 AB and SBB Nöthagen 5 AB from subsidiaries of Samhällsbyggnadsbolaget i Norden AB (publ).

Sveafastigheter and KlaraBo announced a joint merger plan on 18 May 2026, with Sveafastigheter as the surviving entity. All relevant conditions for completion of the merger have been satisfied. Last day of trading in KlaraBo's Class B shares on Nasdaq Stockholm is 28 September 2026. Completion of the merger is expected to be registered on 30 September 2026. Merger consideration is expected to be distributed, and new Sveafastigheter Class B shares admitted to trading, on 5 October 2026.

Trophy Games is acquiring French game developer Playrion from Paradox Interactive AB. The cash purchase price is EUR 2.25 million (~$2.6M), equivalent to approximately DKK 16.8 million (~$2.6M), payable upon completion. Paradox Interactive is entitled to 9% of net revenue from Playrion's games for the first three years post-completion. Playrion has around 30 employees and annual revenue of approximately DKK 30 million (~$4.6M). The acquisition is the largest in Trophy Games' history.

Calviks has entered into a binding share purchase agreement to acquire 80% of Atrium People AS, a Norwegian recruitment and staffing company. Atrium generated revenue of approximately NOK 90 million (~$9.5M) in 2025, with EBIT of approximately NOK 13.5 million (~$1.4M). Two additional purchase prices may be payable based on Atrium's EBIT during the 24 months following closing. Closing is conditional on Calviks securing financing and customary closing conditions. The agreement follows a letter of intent announced on July 9, 2026.

Calviks (CALVIKS) is acquiring a 70% stake in the Norwegian staffing company Drift Sør for an enterprise value of NOK 107.5 million (~$11M). Drift Sør is expected to generate NOK 270 million (~$28M) in revenue and NOK 21 million (~$2.2M) in operating profit in 2026.

Scandi Standard received CCPC competition clearance for its acquisition of Glenhaven Foods in Ireland. The acquisition was announced on 30 July 2026 and was conditional upon CCPC approval. No further conditions remain outstanding; completion is expected on or about 9 October 2026. On a proforma 2025 basis, the acquisition adds more than 10% to EPS after dilution from the rights issue and incremental financing costs. Glenhaven Foods provides frozen chicken products and gives Scandi Standard a bridgehead into the UK retail market.

Calviks signed a binding share purchase agreement to acquire 70% of Subshore.no AS. Initial purchase price for the 70% stake is approximately NOK 178.5 million (~$19M), of which approximately NOK 125 million (~$13M) is intended to be paid in cash at closing. Two performance-based additional purchase prices may be payable based on Subshore's earnings performance after closing. Current owners will retain 30% ownership of Subshore and continue to lead operations after closing.

EGM convened for Monday 19 October 2026 at 10:00 in Stockholm. Merger is a cross-border absorption with Rejlers as the acquiring company and Multiconsult ASA as the transferring company. Exchange ratio: each Multiconsult share receives 0.9725 new Rejlers Class B shares, or 389 new Class B shares per 400 Multiconsult shares. Combined company will be renamed Multiconsult Rejlers AB (publ). Shareholders representing approximately 18% of share capital and 51% of votes have committed to vote for the merger plan. Merger Plan was registered 11 September 2026, and published 15 September 2026. Board authorized to issue new Class B shares as merger consideration, deviating from shareholders' preemptive rights.

Biosergen applied on 15 September 2026 for delisting from Nasdaq First North Growth Market. Nasdaq approved the delisting application on 17 September 2026. The delisting is conditional upon the Swedish Companies Registration Office granting permission to execute the merger plan with Flerie AB. Last day of trading expected 21 October 2026; merger registration expected around 23 October 2026. BAHR is legal advisor to Biosergen. DNB Carnegie Investment Bank AB is Certified Advisor.

Dlaboratory Sweden AB (DLAB.ST) acquired all shares of Techinova AB. The closing consolidates Techinova into DLAB to create a combined hardware and software offering for power-grid digitalization.

Dlaboratory Sweden AB (DLAB) has satisfied all conditions to acquire Techinova AB. The company received required FDI approval from the Inspektionen för strategiska produkter and obtained shareholder approval for related issuances. The transaction involves a directed issuance of up to 3,960,004 units at 6.00 SEK per unit per share. This event marks the fulfillment of all conditions for the acquisition's completion.

The Extraordinary General Meeting approved the issuance of up to 119,585,679 Netel shares as merger consideration. To fund the transaction, Netel will conduct a rights issue of up to 36,383,904 shares at SEK 3.50 per share, with a record date of 25 August 2026. The meeting also approved two overallotment issues, with the second directed to Etemad Group AB and Shipbridge Investment AB. The shareholder vote was a required step to complete the merger and the associated funding rights issue. Netel Holding AB (publ) (NETEL.ST) will merge with Infrea AB following an EGM approval of the merger plan and a concurrent rights issue. New Issues approved by shareholders at the extraordinary general meeting held on 21 August 2026. Shareholders approved the new issues at an EGM on 21 August 2026, with the subscription period running from 27 August 2026 to 10 September 2026. The subscription price and raise size provide a basis for dilution and participation analysis, with subscription rights trading on Nasdaq Stockholm from 27 August to 7 September 2026.

Eniro Group AB (ENRO.ST) proposed a special dividend of SEK2.50 per share, totaling approximately SEK36 million.

Samhällsbyggnadsbolaget i Norden AB (SBB-B.ST) set an EGM for Friday 23 October 2026 at 10:00 CEST in Stockholm.

B Treasury Capital AB (BTC.ST) is conducting a voluntary redemption offer to buy back B shares for up to SEK 5 million (~$504.3K) at a 28 percent discount to net asset value (self-tender). Shareholders holding shares through banks or nominees must act before earlier intermediary deadlines, such as those set by Avanza and Nordnet for 23 September 2026. The general application period ends 24 September 2026. Participation is voluntary and requires no action to decline.

EGM approved extraordinary cash dividend of maximum SEK 16.00 per share, in two instalments. First instalment SEK 11.00 per share; record date 22 September 2026, expected payment 25 September 2026. Second instalment SEK 5.00 per share is conditional on completion of divestment of all shares in Netgain AB. Second instalment lapses if the Netgain AB divestment is not completed by 18 December 2026. EGM approved related-party investment of SEK 21.5 million (~$2.2M) in Xalerate AB via subscription of newly issued B-shares, implying approximately 35% ownership at a SEK 40.0 million (~$4.1M) pre-money valuation.

Truecaller AB (publ) (TRUE-B.ST) cancelled 24.2 million of its repurchased B-shares on 14 September 2026 to return capital to shareholders. The cancellation followed shareholder approval at an extraordinary general meeting on 10 September 2026. After the action, the company holds 4.7 million B-shares and 2.1 million C-shares, representing approximately 2.2% of total shares and 0.9% of votes. This reduction in total share count mechanically increases EPS and the ownership percentage of remaining shareholders.

EGM resolved a dividend of SEK 13.50 per share, totaling SEK 5.1 billion (~$523M). EGM resolved a reverse share split at a ratio of 10 existing shares to 1 new share. Post-split maximum share count will be 37.6 million shares. Post-split quotient value will be not less than SEK 3.333333 per share. Board authorized to determine the record date for the reverse share split.

BTC AB intends to offer all holders of B shares voluntary redemption at a price below net asset value per B share. The indicative discount is 25 to 30 percent to net asset value per B share. The offer is for up to SEK 5 million (~$516.3K) in aggregate. Net asset value per B share deducts the preference shares' entitlement of SEK 120 (~$12) per share plus accrued dividend. The board will make the final decision on the offer and its terms; the discount and timetable are preliminary. Shareholders are asked to email hello@btc.se by 10 September with a non-binding indication of interest.

Sdiptech AB (publ) (SDIP.ST) is conducting a liability management exercise to repurchase all outstanding SEK 800 million (~$84M) senior bonds 2023/2027 for $84M. The company is offering to buy back the bonds at 101.98% of nominal amount plus accrued interest. This tender offer expires 4 September 2026 and is conditional upon the successful issuance of new SEK 400 million (~$42M) senior secured floating rate bonds. Bonds not tendered will be subject to a conditional early redemption on 25 September 2026 at the same 101.98% price. The conditioning of the tender on the new bond issue creates subscription risk for bondholders.

Genova Property Group AB (publ) (GENOVA.ST) launched a voluntary tender offer to repurchase senior unsecured green bonds (ISIN SE0022725636) at 101.245% of nominal amount plus accrued interest. The offer is conditional upon the issuance of new green bonds with a minimum of SEK 300 million (~$31M) and a framework of SEK 600 million (~$63M). Genova intends to redeem all remaining outstanding bonds early at 101.245% of nominal amount if the new issuance settles successfully. Book building for the new bonds is expected to open no earlier than 25 August 2026. Bondholders must choose between the voluntary tender or conditional full redemption at identical pricing, with the primary incentive being priority allocation in the new green bonds.

Alligator Bioscience resolved on a directed issue of 187.8 million warrants series 2026/2031 to Fenja Capital II A/S, free of charge.

Gothenburg District Court approved a second three-month extension of Enviro's company reorganization, until 27 November 2026.

Adverty (ADVT.ST) converted 50% of outstanding loan claims from lenders Olle Olsson, Biljon, and Rubicourt into equity through a directed set-off issue. The board approved the issuance of 41.3 million shares at SEK 0.075 per share for a total value of SEK 3.1 million (~$312.7K). The remaining 50% of the debt claims are due on July 31, 2027. This debt-for-equity swap reduces total liabilities while leaving half of the lender claims outstanding.

Magle Chemoswed Holding AB (publ) (MAGLE.ST) completed a debt and capital structure restructuring. The process included a debt-for-equity swap that cancelled a portion of initial bonds in exchange for new shares and the issuance of super senior bonds totaling up to SEK 203 million (~$20M). Remaining bond debt was restated as reinstated bonds, while existing shareholders and board members participated in directed share issues. This completion removes the distress overhang and recapitalizes the balance sheet, shifting the investment focus to the company's operational turnaround.

Directed share issues to Capital Four, Arpeggio, SEB-Stiftelsen and Pareto Securities completed, as resolved by EGM on 10 September 2026. Capital Four allocated 939.6 million shares. Pareto Securities was allocated 18.5 million shares. Payment in all directed issues was by set-off of each subscriber's claims against the company. Company's interest-bearing debt fully eliminated; total shares increase from 2.0 billion to 3.1 billion.

M.O.B.A. Network AB (MOBA.ST) is seeking a directed share issue to avoid a bond covenant breach and potential termination. An EGM on 30 September 2026 will vote on issuing up to 11.9 million shares at SEK 0.95 per share to raise SEK 11.3 million (~$1.1M). Proceeds will finance a EUR 1.0 million (~$1.1M) bond amortization commitment due that same day. The issuance consists of SEK 4.5 million (~$457.8K) in cash and SEK 6.9 million (~$702.0K) via a claim offset from a related party. Approval requires nine-tenths of votes cast and shares represented, with full subscription resulting in 34.44% dilution. This issue is the mechanism to cure the bond covenant breach deadline, leaving the company exposed to termination if the resolution fails. M.O.B.A. Network issued EUR 25.0 million (~$29M) in corporate bonds on 26 May 2023. The subscription price equals both the 14 September 2026 closing price and the ten-day VWAP up to that date.

Valuno Group AB (VALUNO.ST) is reducing leverage through debt-for-equity swaps, including a SEK 12.7 million (~$1.3 million) directed issue to Netgraph Project Management Services and a separate, same-terms directed issue to Interlace Sweden AB (size not disclosed in the source), so the combined total may exceed $1.3 million.

A group of hybrid bondholders representing more than 20% of Catena Media's (CTM.ST) hybrid bonds is mobilizing other holders to press the issuer for a better settlement after the company's voluntary buyback offer. The offer's acceptance period ended September 4, 2026, with the bondholder group seeking improved terms. This situation establishes an early-stage distressed-debt negotiation dynamic.

EGM convened for 6 October 2026 at 4:00 p.m. at Convendum, Kungsgatan 9, Stockholm. The set-off issue increases share capital by not more than SEK 11.3 million (~$1.2M) at a subscription price of SEK 1.25 per share. Subscription rights vest in holders of the SOLT4 bond loan, ISIN SE0011721380. Payment is by set-off against each subscriber's claim for nominal amount under the bond loan; accrued and unpaid interest is excluded and payable separately in cash. Total shares and votes at notice date: 57.2 million; all shares carry equal voting rights.

NCC AB (NCC-A.ST) agreed on October 7, 2026 to divest NCC Industry to Heidelberg Materials and CRH for an enterprise value of SEK8.2 billion.

Paradox Interactive (PDX.ST) agreed to sell 100% of French mobile game developer Playrion SASU to Trophy Games for upfront cash consideration of EUR 2.25 million on a cash- and debt-free basis. Closing is expected on September 30, 2026.

Disruptive Pharma AB (DPHA.ST) entered into an agreement to sell its GTX platform to a subsidiary of Aurelia Invest AB. Consideration includes an upfront cash payment described as not financially material, plus future performance-based payments tied to first human dosing, a pivotal registration-enabling study, and first marketing approval. Disruptive Pharma retains royalties and a share of proceeds from any future sale or out-licensing of the platform. This divestment removes future GTX development costs while preserving upside through royalties, milestone payments, and future sale proceeds.

Train Alliance AB (publ) (TRAIN-B.ST) received shareholder approval to transfer assets and secure financing as part of a settlement agreement with Polar Structure AB (publ) (extraordinary general meeting).

Swedbank (SWED-A.ST) is selling a consumer loan portfolio from its subsidiary Entercard to Brocc Finance and Intrum to improve credit-loss provisions. The sale drives a positive revaluation of expected credit losses of approximately SEK 0.5 billion (~$51M) in Q3. Completion is expected in Q4. The transaction is expected to reduce annual net interest income by around SEK 100 million (~$10M). The disposal improves Q3 credit-loss provisions and adds capital upon closing, partially offset by the lower annual net interest income.

EQT AB (EQT.ST) has signed a definitive agreement to sell Ontinue to Quorum Cyber. Ontinue provides AI-powered Managed Extended Detection & Response cybersecurity services and has approximately doubled in scale since 2022 under EQT ownership. The asset was carved out of Open Systems into a standalone company in 2023. Deal value and the expected closing date were not disclosed. This event marks the private equity exit of a scaled cybersecurity asset, though the lack of financial terms precludes an actionable arb spread or timeline.

Morrow Bank AB (MORROW.ST) agreed to divest non-core MedMera operations and NPL portfolios to a global credit investment firm to reduce its cost base and NPL exposure. The MedMera share sale is priced at SEK 90 million (~$9.3M) above equity value, while the sale of Norwegian and Finnish NPL portfolios, totaling SEK 1.5 billion (~$155M) as of 31 August 2026, is priced in line with book value. Morrow Bank will retain MedMera's performing loans, deposits, customers, brand, Coop partnership, and key personnel. The transactions are subject to customary regulatory approvals and are expected to close before year-end 2026. This divestment is expected to improve capital ratios and support the bank's ambition of achieving return on target equity above 20%.

Ambea AB (publ) is acquiring Humana AB (HUM.ST) for SEK 20 in cash, 0.305 Ambea shares, and one CVR per share.

PPI Public Property Invest AB increased its public tender offer for Preservium Property AB (PRESRV.ST).

Candle Lake Limited's public tender offer for Evolution AB (EVO.ST) became unconditional on September 19, 2026. The deal moves into settlement following the completion of the acceptance period. Evolution AB shares fell 3.80 percent on Nasdaq Stockholm the day the offer turned unconditional. The event removes bid-proceed uncertainty and shifts the situation to settlement of tendered shares, with the share price decline signaling investor positioning on remaining upside.

HealthCo Oy extended its cash tender offer for Aino Health (AINO) to October 13, 2026, after securing control of 81.39% of shares. The offer is for SEK 0.20 per share and is now unconditional following the waiver of the 90% acceptance condition. Settlement for shares tendered by September 15 is expected around September 21. Crossing the 80% threshold consolidates control and sets up a potential move above 90% or a squeeze-out plan to clarify delisting risk and the exit path for remaining holders. The buyer controls 81.4% of the shares. The acceptance period has been extended to 15:00 CEST on 13 October 2026, with payment expected on or around 21 October 2026. As of the 15 September 2026 deadline, the buyer controls 166.5 million shares, or 81.39% of the company.

Ambea AB (publ.) has launched a tender offer for the issued and outstanding common shares of Humana AB (HUM.ST). The offer is made to U.S. shareholders on the same terms and conditions as to other shareholders under the Tier I exemption of the U.S. Securities Exchange Act of 1934 and remains subject to Swedish disclosure and procedural requirements.

Ambea launched a recommended public offer for Humana AB (HUM.ST) using mixed consideration of Ambea shares, cash, and a CVR Instrument. The acceptance period runs from 25 August 2026 through 30 September 2026. Settlement is expected on or around 8 October 2026, subject to conditions. The inclusion of a CVR Instrument adds contingent-value complexity for arbitrageurs to evaluate.

Arlandastad (AGROUP.ST) is open to selling Stockholm-Skavsta Airport following a proposal by investigator Anders Flanking to nationalize the asset.

Tobii AB (TOBII.ST) is conducting a board-initiated strategic review that may include partnerships, capital raising, or business divestments. The company appointed Martin Johansson as Acting CFO effective 30 September 2026, following the departure of interim CFO Åsa Wirén. A permanent CFO will be appointed once the strategic review is complete. The process could reshape the company's portfolio and capital structure, though no specific transaction, timeline, or advisor has been disclosed.

Essity is preparing a potential sales process for its Consumer Tissue business as early as October, per Bloomberg sources. The business manufactures toilet paper, tissues and napkins under brands Lotus, Tempo and Cushelle. The business could be valued at between €2.5 billion (~$2.9B) and €3 billion (~$3.4B), with a transaction potentially completing in H1 2027. Consumer Tissue generated SEK 43.5 billion (~$4.4B) in net sales in 2025, 31% of group total, with an 11.9% EBITA margin. Essity announced a strategic review of Consumer Tissue in May to evaluate ownership alternatives. Activist investor Cevian Capital acquired a minority stake in Essity. Bloomberg linked the sale preparation to this development, though Essity has not confirmed a direct trigger. The business employs approximately 13,000 people across 29 production facilities.

SynAct Pharma AB (SYNACT.ST) is evaluating strategic alternatives, including a potential sale of the company or its lead asset resomelagon, following post-hoc analysis of the Phase 2b ADVANCE study. The company plans to submit the Phase 3 trial design and toxicology program to the FDA in early Q4 2026 for a Type C meeting. SynAct is also seeking partnerships for host-directed therapies targeting respiratory viral infections and dengue. The company is explicitly pursuing a sale or licensing deal while using upcoming FDA feedback and clinical milestones as catalysts to strengthen partnering leverage.

Tobii AB (TOBII.ST) is evaluating divestments, partnerships, and capital raising as part of an ongoing strategic review to address a strained liquidity position. The company reported cash and cash equivalents of SEK 37 million (~$3.9M) at quarter end. Management expects Autosense measures to reduce the annual cost base by over SEK 50 million (~$5.2M). The board stated there is no guarantee that any transaction will result. The review has expanded to explicit structural and transactional alternatives amid liquidity pressure.

Krona BidCo acquired additional shares of Krona Public Real Estate (KRONA.ST), taking ownership above 90% of outstanding shares and votes, and invoked compulsory acquisition of the remaining shares.

Ambea declared its public takeover offer for Humana unconditional on 1 October 2026.

White Pearl Technology Group (WPTG) has initiated compulsory redemption of the remaining Aixia Group AB shares and claimed a redemption amount of SEK 87.50 per share.

Studentbostäder i Norden (STUDB.ST) resolved its board composition and member remuneration at an extraordinary general meeting on 23 September 2026. The meeting, convened by shareholder Otre Fund LP, resulted in the re-election of Per Strimbold as Chairman and board members Leiv Synnes, Yaron Zaltsman, and Bo Netz, alongside the election of David Uddare Sevelin. The assembly adopted an alternative board proposal submitted by shareholder Nordstjernan Kredit KB rather than the proposal from Otre Fund LP, which owns at least one-tenth of the shares. The meeting also approved remuneration of SEK 360,000 (~$36.3K) for the Chairman, SEK 240,000 (~$24.2K) for each board member, and SEK 40,000 (~$4.0K) for the Audit Committee Chairman. The outcome removes the immediate board-control contest.

Shareholder iWork EP SA is forcing a board turnover at Neovici Holding AB (publ) (NEOVI.ST) following disagreements over company strategy. Chairman Carl Palmstierna and board members Peder Ramel and Simon Harmark will leave the board in connection with a requested Extraordinary General Meeting to elect new members. Jan Berggren will remain as Chief Executive Officer and a board member. The notice of the meeting and proposals for new directors will be published separately. Control of the strategic direction is in play ahead of the EGM.

Aktiespararna, an organization representing Swedish retail investors, is pressuring Flat Capital AB (FLAT-B.ST) to reduce Sebastian Siemiatkowski's ownership stake. Chief legal counsel Sverre Linton stated on 8 September 2026 that this reduction is required for the investment company to remain suitable for the stock market. Linton argued that Flat Capital's increased Klarna holdings, which contradicted its stated ambition, may have triggered the sudden departure of CEO Rickard El Tarzi. A Swedish shareholder association is publicly pressuring the founder to reduce his ownership stake, arguing the current structure is unsuitable for a listed company.

SKF (SKF) will distribute all shares of its wholly owned subsidiary SKF Vertevo AB to shareholders.

SKF has called an EGM for October 1, 2026 in Gothenburg to vote on distributing all shares in wholly owned subsidiary SKF Vertevo to existing shareholders. Shareholders registered with at least five SKF shares on the record date would automatically receive Vertevo shares if approved. Vertevo is expected to list separately on Nasdaq Stockholm after a dedicated prospectus is published. SKF stock closed at 274.50 SEK on September 7, 2026, about 3.08% above the average analyst target of 266.06 SEK. The spin-off makes SKF a pure-play industrial bearings and motion technologies group, while Vertevo becomes a separately traded automotive-focused entity.

Biosergen is seeking to delist from the Nasdaq First North Growth Market.

2cureX AB (2CUREX.ST) will be delisted from Nasdaq First North Growth Market on August 31, 2026, following a decision by Nasdaq Stockholm. The company has initiated a listing process to migrate its shares to the Spotlight Stock Market. Management opposes the delisting decision. Shareholders face a period of illiquidity and a forced trading suspension from August 31 until the Spotlight Stock Market listing is completed.

Eurobattery Minerals AB (BAT.ST) faces acute key-person risk following the final fraud conviction of CEO and board member Roberto García Martínez. The Spanish Supreme Court ruling on 21 January 2026 imposed a fine, $3.5 million in joint and several damages, and a two-year prison sentence, which was later suspended for five years of probation. Additionally, the Swedish Economic Crime Authority notified the CEO of suspicions regarding three cases of serious insider trading in company financial instruments. The board is currently reviewing the matters to determine appropriate measures. Potential removal or suspension of the CEO is the next catalyst.

Enorama Pharma AB (publ) (ERMA.ST) is challenging a Refuse-to-File decision by the U.S. Food and Drug Administration regarding a PMTA application for oral nicotine products. The FDA filed a statement disputing procedural failures in the handling of the application. The agency must now provide the administrative record by October 9, 2026, after which the court will set a timeline for continued proceedings. The litigation outcome will determine whether Enorama's U.S. subsidiary can proceed with its PMTA application.

Verve Group Media SE (VERVE) is relocating its registered office to Ireland. The relocation is expected to become effective on 2 October 2026. Trading in the company's shares is planned to be suspended on 2 October 2026 and is expected to resume on 5 October 2026 under a new Irish ISIN. This event marks the expected conclusion of a cross-border relocation process.