This is the summary of the Financial Statements Release for 2023. The full Financial Statements Release is attached to this release and is also available on the company’s website at www.lifeline-spac1.com
1 January –
July –
Lifeline SPAC I Plc (“Lifeline SPAC I” or the “Company”) continued to evaluate and analyse high-growth technology companies inFinland and other Nordic countries during the review period.-
The operating loss for the review period was
EUR 0.7 million and the result for the review period wasEUR 1.2 million . As typical for a SPAC company in the search phase, the Company had no revenue during the review period. -
The Company’s cash reserves and the funds deposited to the escrow account yielded interest income total of
EUR 2.0 million during the review period.
January –
- The operating loss for the financial period was
EUR 1.4 million and the result for the financial period wasEUR 1.4 million . -
At the end of the financial period, the Company’s cash and bank receivables were approximately
EUR 0.4 million . -
The funds deposited to the Company’s escrow account were approximately
EUR 103.5 million [1] at the end of the financial period.
The Financial Statements Release is unaudited.
CEO
“Lifeline SPAC I has continued to operate systematically and proceeded with the analysis of high-growth potential technology companies in different stages of maturity in
Even though we have also assessed new potentials and continue to do so, our main focus during the reporting period and thereafter has been in a more profound analysis of and dialogue with a limited number of companies that we deem most interesting for our shareholders.
One of the material equity market themes since our IPO has been the strong decline in market capitalisations and valuation levels of listed companies in the technology sector. We also have been closely monitoring this development. Although there are still uncertainties in the capital markets and different views of the outlook, the market capitalisations and valuation levels in the technology sector continued to show signs of appreciation and stabilisation during the reporting period and also thereafter. For instance, compared to the market values that prevailed at the beginning of
From Lifeline SPAC I’s perspective, a potential negative factor in the strong decline in valuation levels has been the slowness in discussions with some target companies. Should the valuation environment in the technology sector continue to stabilise, we expect that it may impact Lifeline SPAC I’s activities positively.
As we enter 2024, we also enter the last period of Lifeline SPAC I’s search phase. Our time for combining with high growth potential Nordic technology company expires in
Future Outlook
Lifeline SPAC I is in the search phase, in which it identifies and analyses possible target companies with the aim to complete the Acquisition of a high growth potential Nordic technology company within 36 months of the IPO. Taken the nature of the Company’s activities as a SPAC in a search phase, the Company does not issue any specific guidance or other future outlook.
Board of Directors’ Proposal for Profit Distribution and Annual General Meeting 2024
Applying Finnish Accounting Standards, Lifeline SPAC I’s distributable funds on
The Board of Directors proposes to the General Meeting that no dividend is distributed for the financial period ended
Lifeline SPAC I’s Annual General Meeting is intended to be held on Wednesday
Audio Conference
Lifeline SPAC I will organise an audio conference for investors and media on
For further information, please contact:
Tuomo Vähäpassi, CEO,
tuomo.vahapassi@lifeline-spac1.com
+358 40 736 0676
[1] On
Lifeline SPAC I in brief
Attachments
- Download announcement as PDF.pdf
Lifeline SPAC I Plc - Financial Statements Release 2023.pdf
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