Redeye believes Zwipe had no choice but to bring in capital through another rights issue. The structure is for a first cash injection of NOK35m and then potential for more one year later through warrants. This gives the company around one year to prove that its products Zwipe Pay and Zwipe Access can gain enough traction for the company to reach break-even. The main owners are less confident than in the last rights issue that was fully guaranteed. We reduce our fair value range.