Onward Medical € 50m equity raise from Ottobock and institutional investors

Last week, Onward announced an upsized € 50m capital increase, which included a € 22.5m ticket from Ottobock, a global player in the fields of prosthetics, orthotics and exoskeleton technology, as new cornerstone investor. The new shares were issued at € 5.00 p.s., representing a 12.6% discount vs. last closing price before deal announcement. We resume our coverage with a € 9.1 TP and Buy rating (from Suspended).