Avance advises Canatu Oy and its shareholders and option holders in the de-SPAC combination of Canatu and Lifeline SPAC I Plc, whereby Lifeline SPAC I acquires all shares and option rights in Canatu by way of a directed share issue consisting of Lifeline SPAC I’s new shares and option rights. Lifeline SPAC I will apply for the admission of the shares of the combined company to trading on Nasdaq First North Growth Market Finland. The combination values Canatu at EUR 230 million in enterprise value at completion and also includes an additional earn-out component.
Canatu is a leading deep technology company developing advanced carbon nanotubes (CNTs) and related products and manufacturing equipment for the semiconductor, automotive and medical diagnostics industries. Lifeline SPAC I is listed on the SPAC segment of the regulated market of Nasdaq Helsinki Ltd. Canatu has grown rapidly in recent years with significant breakthroughs, especially in the extreme ultraviolet (EUV) technology within the semiconductor industry. The combination and collaboration with Lifeline SPAC I’s team will help accelerate Canatu’s growth in line with its strategy.
The combination and listing are expected to be completed in September 2024.