1 October 2025

Comment: Information published on October 1 regarding the separation of subscription rights and share price in Soltech

October 1 was the first day that Soltech’s share was traded excluding the right to receive subscription rights in the company’s rights issue, also referred to as the X-day. When this happened, data providers, including Nasdaq, used an adjustment factor to avoid the theoretically expected price drop looking like a real decrease in value. The price movement shown on October 1 is thus what the share traded at on October 1 compared to a closed price adjusted in this way from September 30, not compared to actual prices as of September 30. For example, on Nasdaq’s website, historical prices are also adjusted in the same way, while some other data providers show unadjusted historical information. The market and the Index Calculator (which manages indices such as OMX) need a consistent reference point when the number of shares in a company changes; this point is always the X-day.  

Regarding the number of shares, some data providers also adjust the number of shares – as if the rights issue has already been completed and the number of shares has already been adjusted – which is not the correct way to the actual number of issued shares in Soltech and actual market value to date, but rather shows a theoretical market value of Soltech after the rights issue has been completed with the current share price. According to Avanza, it is industry practice that, for risk management purposes, the market prices and calculates based on the guaranteed maximum number of shares already from the X-day when the issue is fully underwritten, assuming that the maximum number of shares will be issued. This standardized process, with the X-day as the decisive reference point, is in Avanza’s view the best way to ensure transparent and consistent reporting

For current information regarding the number of shares and the current market value of Soltech Energy, we refer to Nasdaq’s website.