Redeye comments on INQ's SEK7m raise under its existing secured convertible facility from a new US-based investment manager. The tranche is on the same terms as the most recent one, with a conversion price of SEK0.16 per share, and it adds to the roughly USD1.55m of principal still outstanding after Tranches 1-5 were largely converted. The investor also receives warrants worth 20% of the amount funded, with a strike of SEK0.32 and a two-year term. Our estimates already include dilution from the convertible financing, so the news does not change our valuation.
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