Funding
Gapwaves Calls November 10 EGM to Approve SEK 62.5M Unit Rights Issue
By News Desk ·
Key takeaways
- Gapwaves called an EGM for November 10, 2026 to authorize a rights issue of units for approximately SEK 62.5M.
- The proposal could dilute existing shares by up to 27% and requires at least two-thirds of votes and shares represented.
- The units consist of B shares and warrants, and Gapwaves may issue without pre-emption rights.
- Gapwaves received a SEK 1.7M Vinnova grant in October 2026 for a one-year counter-drone radar project.
Gapwaves AB (publ) called an extraordinary general meeting for November 10, 2026 to authorize a rights issue of units for approximately SEK 62.5M, according to TradingView. The proposal could dilute existing shares by up to 27%.
Gapwaves Sets Terms for the Unit Issue
The Gapwaves rights issue would be made up of units containing B shares and warrants. Approval requires at least two-thirds of the votes and shares represented at the meeting. The company may issue without pre-emption rights, which the report says allows fees to be paid in shares or warrants to guarantors. Pricing was not stated. The board had previously signaled its intent to carry out a SEK 62.5M rights issue, and the EGM vote is the step that would enable the raise.
Gapwaves Funding and Production Records
Gapwaves has one funding round on record, a post-IPO equity round of $8.2 million in October 2025, according to akta.pro company records. The same records list a scale indicator of more than 1.5 million Gapwaves antennas manufactured since the company was founded, the majority under licence by Frencken for Hella. Q1 2026 net sales were 18.8 MSEK, down 17.4% from 22.8 MSEK in Q1 2025, a decline the records attribute to the ramp-up of volume production and weaker project-related revenues amid macro uncertainty. Q1 2026 EBITDA was -12.3 MSEK, adjusted EBITDA was -7.3 MSEK, EBIT was -14.1 MSEK and the net result was -13.3 MSEK, with cash flow for the period at -14.7 MSEK.
| Figure | Period | Value |
|---|---|---|
| Post-IPO equity round | October 2025 | $8.2 million |
| Net sales | Q1 2026 | 18.8 MSEK |
| EBITDA | Q1 2026 | -12.3 MSEK |
| Adjusted EBITDA | Q1 2026 | -7.3 MSEK |
| EBIT | Q1 2026 | -14.1 MSEK |
| Net result | Q1 2026 | -13.3 MSEK |
Gapwaves Orders and Grants Before the EGM
Gapwaves received a SEK 1.7M Vinnova grant in October 2026 for a one-year project to develop a compact mm-wave radar demonstrator for counter-drone use, TradingView reported. In September 2026, Dagens industri reported that Gapwaves received a development order from Valeo for new waveguide antennas worth approximately 2.8 million Swedish kronor. In June 2026, MarketScreener reported that Gapwaves launched automated volume production of its waveguide-based automotive radar antennas for Valeo at Frencken Group's facility in Chuzhou, China, moving from pilot-scale operations in Gothenburg to high-volume contract manufacturing.
The EGM is set for November 10, 2026.