Krogerus advised Carnegie and Danske Bank on Lifeline SPAC I's de-SPAC transaction

Krogerus advised Carnegie Investment Bank and Danske Bank on the de-SPAC transaction of Lifeline SPAC I, in which Lifeline SPAC I combined with Canatu and listed the combined company's series A shares on Nasdaq First North Growth Market Finland. Carnegie and Danske Bank acted as joint financial advisors to Lifeline SPAC I on the transaction.

The transaction marks only the second de-SPAC transaction of a Finnish special purpose acquisition company. Krogerus previously advised Carnegie and Danske Bank on the initial public offering of Lifeline SPAC I in 2021.

Lifeline SPAC I's IPO raised gross proceeds of EUR 100 million, and from the IPO its strategy primarily consisted of recognising an unlisted company with high growth potential in the technology sector with which to combine. This strategy was now brought to completion in the de-SPAC transaction.

Canatu develops advanced CNT-based materials and CNT reactors for products that transform industries. Canatu's development work for carbon nanotube technology, Canatu CNT, has created an advanced Dry Deposition™ process that aims to ensure the required versatility and reliability of CNT material for advanced engineered solutions. Canatu partners with forerunner companies to transform the product offering with nano carbon. Canatu's focus is on the semiconductor industry, the automotive industry and medical diagnostics, with its portfolio covering, among others, CNT membranes used in EUV lithography and film heaters for ADAS.

The Krogerus team was led by Partners Paul Raade and Tom Fagernäs. They were primarily assisted by Counsel Joel Kanervo, Senior Associates Markus Laine, Olli Silvennoinen and Samuli Torpisto, and Associates Marika Nieminen and Peter Partanen.