Rights Issue 2025

Gapwaves’ Fully Underwritten Rights Issue of Approximately SEK 78 Million to Fuel Further Growth

Gapwaves AB (publ) (“Gapwaves” or the “Company”) is entering a pivotal expansion phase with a fully underwritten rights issue of approximately SEK 78 million (the “Rights Issue”). This landing page, together with the Information Document, provides shareholders and investors with all information regarding the Rights Issue, including press releases.

Final outcome of the Rights Issue

The Rights Issue comprised a maximum of 5,191,049 shares. The final outcome concludes that 4,711,706 B-shares, corresponding to approximately 90.8 percent of the Rights Issue, have been subscribed for with the support of subscription rights (including subscription undertakings of approximately 5 percent). Additionally, subscription applications have been received for subscription of 2,570,647 B-shares without the support of subscription rights, corresponding to approximately 49.5 percent of the Rights Issue. Thus, the final outcome concludes that the Rights Issue has been subscribed for at approximately 140.3 percent with and without support of subscription rights, which means that the Rights Issue thereby has been oversubscribed. This means that the entered guarantee commitment will not be utilised. The Rights Issue will provide Gapwaves with approximately SEK 78 million before deduction of issue expenses.

Background & Motive

In 2024, Gapwaves took a decisive step in its development as the first high-volume production of antennas based on Gapwaves’ technology commenced. The production start with Valeo SE (“Valeo”), a world-leading player in automotive components and specifically in advanced driver assistance systems (ADAS), in June 2025 marks an important milestone in the Company’s journey – from a research and development company towards becoming a commercially and industrially established supplier.

The collaboration with Valeo clearly demonstrates that Gapwaves’ waveguide technology has now reached a level of maturity and quality that enables volume production for leading global automotive suppliers. Market interest continues to grow, and both the Company’s technology and business model have during the year proven their competitiveness in a rapidly expanding sector.

Gapwaves is now entering an expansion phase focused on accelerating growth, scaling up production, and consolidating its position as a leading supplier of waveguide technology for radar and sensor applications. The increased commercialization brings a need for enhanced delivery capacity and financial flexibility to meet the growing demand. In parallel, the Company continues to broaden its customer base and strengthen its presence in new segments such as industrial applications, telecommunications, and transport solutions.

Use of proceeds

To fully implement this growth strategy and capitalize on emerging commercial opportunities, the Company carried out the Rights Issue, which will provide the Company with approximately SEK 78 million before issue costs.
The capital is intended to strengthen the Company’s ability to meet rapidly growing demand and create long-term value through focused investments in operations. Based on the current business plan and against this background, the expected net proceeds will be allocated as follows:

Accelerate commercial expansion by executing near-term identified business opportunities, increasing presence with existing customers, and establishing new strategic partnerships in selected geographic markets – approximately 40 percent.
Scale up production and supply chain to meet rapidly increasing demand and ensure capacity for existing and new customer projects – approximately 20 percent.
Broaden the customer base and industry presence by expanding beyond the automotive sector to areas such as smart cities, telecommunications, transport, and other industrial applications, while supporting the continued scaling of Sensrad AB – approximately 20 percent.
Invest in next-generation technologies and profitability-driving initiatives to further strengthen competitiveness and secure a long-term market position – approximately 20 percent.

The Rights Issue is designed to fund these initiatives, enabling Gapwaves to capitalize on emerging commercial opportunities and create long-term shareholder value.

Key Details

Subscription Price: SEK 15.0 per B-share
Record Date: 5 November 2025 – all shareholders registered on this date will receive subscription rights
Subscription Ratio: 6 subscription rights per 1 new B-share
Subscription Period: 7–21 November 2025
Gross Proceeds (if fully subscribed): Approximately SEK 78 million

Extraordinary General Meeting

Report from the Extraordinary General Meeting of Gapwaves AB

Kommuniké från extra bolagsstämma i Gapwaves AB

Information Document

Information document

Subscription Undertakings & Guarantee Commitments

Subscription undertakings from existing shareholders, directors, and senior management: ~SEK 3.7 million (~5% of the Rights Issue)
Guarantee commitment from Buntel AB: ~SEK 74.1 million (~95% of the Rights Issue)
Certain members of the Company’s Board of Directors and senior management intend to subscribe above their pro rata share: ~SEK 0.7 million
The Rights Issue is fully underwritten through the subscription undertakings and guarantee commitment

Indicative Timeline

Event	Date
Extraordinary General Meeting	31 October 2025
Last day of trading with subscription rights	3 November 2025
First day of trading without subscription rights	4 November 2025
Record date	5 November 2025
Publication of Information Document	6 November 2025
Trading in subscription rights	7–18 November 2025
Subscription period	7–21 November 2025
Trading in paid subscribed shares (BTA)	7 November – registration of Rights Issue
Preliminary outcome announcement	24 November 2025