This is the summary of the Financial Statements Release for 2022. 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 0.3 million and the loss wasEUR 0.5 million . Typically for a SPAC company in the search phase, the Company had no revenue during the review period. ECB raised its interest rates total by 2.50 percentage points during the review period, as a result of which the Company’s cash reserves and the funds deposited to the escrow account yielded net interest income total ofEUR 0.3 million during the review period.
January –
- The operating loss for the financial period was
EUR 0.7 million and the loss wasEUR 1.6 million . -
At the end of the financial period, the Company’s cash and bank receivables were approximately
EUR 1.6 million . -
The funds deposited to the Company’s escrow account were approximately
EUR 100.1 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, our main focus under the reporting period and thereafter has turned into a more profound analysis of and dialogue with such already identified 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 decline in market capitalisations and valuation levels in the technology sector showed signs of stabilisation towards the end of the reporting period and thereafter. For instance, compared to the market values that prevailed at the end 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 stabilise, we expect that it may impact Lifeline SPAC I’s activities positively.
Lifeline SPAC I is a company whose activities are limited in time. To take the right decisions at the right time for the benefit of our shareholders has been and is at the core of our operational thinking. The importance of this is naturally even more emphasised during the next quarters.”
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 24-36 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 2022
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, Lifeline SPAC I Plc
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_2022.pdf
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