Total equity amounted to USD 232.8 million at year-end 2020. New shares in the amount of ISK 23 billion (USD 166.9 million equivalent) were issued following a share offering in September. In association with the offering, the Company issued warrants in the amount of ISK 5.75 billion (USD 16.2 million equivalent), which is equal to 25% of the nominal amount of the new shares. The fair value of the warrants at issue date, amounting to USD 16.2 million was recognized through retained earnings and as a liability. In 2020, the Company recognized loss on changes in fair value of its warrant liability in the amount of USD 10.5 million as a rise in the Company’s share price translates to an increase in the warrant liability. At year-end 2020, the warrant liability thus amounted to USD 27.8 million. When the warrants are exercised, or expire, the warrant liability will be reversed through retained earnings neutralizing their effects on that item.