InCoax raises $4.52M in rights issue priced at 93% discount
What's the deal? InCoax Network EuropeDealroom has a profile for this one. Try Dealroom → has secured roughly US$5.44M through a fully covered rights issue, with Saugatuck leading the commitment. The post-IPO equity raise was announced in October 2026.
Why now? The funding supports a strategic transition following a changed relationship with NokiaDealroom has a profile for this one. Try Dealroom →. The issue also reflects financial strain from a longer-than-expected commercialisation process.
The terms: The subscription price is US$0 per share — a 93% discount to the latest closing price of US$0.02. The deal entails an almost 31-fold increase in share count and 96.8% dilution for shareholders who do not participate.
What could go wrong? The deeply discounted terms, while likely necessary to secure Saugatuck's extensive commitment, heavily penalise non-participating investors.
The signal: The raise marks a notable step-up against the company's previous round, but the pricing underscores the cost of securing capital during a difficult commercial stretch.
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Image credit: Ronnie Garcia
