We have integrated the new capital increase (issuance of 6,441,300 shares representing 10.8% of its share capital, at a subscription price of €1.704 per share, and the issuance of 6,441,300 stock subscription warrants, subscribed at a price of €0.626 euro per warrant. (4 warrants entitling the holder to subscribe for 5 common shares upon payment of an exercise price of €2.68 per share). Given our target price and the likelihood that the group will get the market approval this year (Emergency Use Authorisation), we have considered that all warrants will be exercised, leading to an additional c.8m shares and a cash inflow of c.€21.5m. This results in a substantial decrease in the target price, even if the upside remains huge.
