
Board of Directors’ Report
Series A shares are financial instruments subject to IAS 32 and, due to the redemption clause included
in them, the share subscription prices have been recognised in financial liabilities and measured at
amortised cost using the effective interest rate method. Considering that the Company’s 36-month
period for closing the Acquisition expires in October 2024, the amortised cost has been recorded as the
current debt of the Company.
At the end of the financial period, the Company’s cash and bank receivables were EUR 0.4 (1.6) million.
If the Company needs additional working capital for the search of the target company and its operations,
the Company’s Sponsors have undertaken to subscribe for a maximum of 200,000 series A shares of
the Company at a subscription price of EUR 10.00 per share.
The Company’s cash flow from operating activities totalled EUR -1.2 (-0.5) million during the financial
period. There was no cash flow from investing activities and financing activities during the financial
period and the comparative period.
At the end of the financial period, the Company’s equity ratio was 3.7 (2.3)%
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and shareholders’ equity
per share was EUR 1.52 (0.95)
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.
Shares, Shareholders and Share Price Development
Lifeline SPAC I’s share capital was EUR 80,000 at the end of the financial period and the number of
shares totalled 12,500,000. Lifeline SPAC I has two series of shares. Series A shares (FI4000512496)
are listed on the SPAC segment of the regulated market of Nasdaq Helsinki. Series B shares
(FI4000512124) are held by the Company’s Sponsors, members of the Board of Directors and
management and are not publicly traded. At the end of the financial period, the number of series A
shares totalled 10,000,000 and the number of series B shares 2,500,000.
The average weighted number of series B shares during the financial period was 2,500,000 (2,500,000).
All of the Company’s shares carry equal voting and economic rights, except for the redemption condition
of series A shares and the exclusion of the right to dividend and distribution of assets and of the right
to distributive share in the dissolution of the Company of series B shares. Series B shares can be
converted into series A shares if the conditions set out in the Articles of Association, which are described
in the notes to the financial statements, are met.
In accordance with the Company’s Articles of Association, the Company’s sponsors and the Company’s
founder-CEO Tuomo Vähäpassi have, until the Acquisition and two years thenceforth, together the right
upon written notice to the Company to appoint two members of the Board, in aggregate. The General
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Equity ratio = Shareholders’ equity / (Balance sheet total – Advance payments received)
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Shareholders’ equity per share = Equity / Number of series B-shares at the end of the financial period