Bioextrax: Capacity to accommodate rising interest - VH Corp

* American start-up company exercises option for the next period* Warrants subscription adds SEK 10.6 million before issue costs* Our model implies a fair valuation of SEK 10.5 per shareBioextrax shows continued progress in its Q2 report for 2023. The companysigned a license agreement with the US start-up, replacing the term sheet fromearlier this year.

Bioextrax project with the cosmetics company has also madeprogress entering phase three in the process. Initial runs in Bioextraxscaled-up facility are completed, giving the company the capacity toaccommodate a rising customer interest.

Bioextrax is in dialogue with severalcounterparts, discussing the next step after successful tests and evaluations.The company’s progress resulted in minor changes in our model, and we maintainthe fair value of SEK 10.5 per share.