공시 • Jul 02
IQM Finland Oy completed the acquisition of Real Asset Acquisition Corp. (NasdaqGM:RAAQ) in a reverse merger transaction.
IQM Finland Oy signed letter of intent to acquire Real Asset Acquisition Corp. (NasdaqGM:RAAQ) for $1.8 billion in a reverse merger transaction on November 19, 2025. IQM Finland Oy signed a definitive agreement to acquire Real Asset Acquisition Corp. for $1.8 billion in a reverse merger transaction on February 22, 2026. The transaction values IQM at a pre-money equity valuation of approximately $1.8 billion. Upon completion of the transaction IQM becoming a public company and listing American Depositary Shares on one of the two leading U.S. stock exchanges. IQM is also considering a dual listing on the Helsinki stock exchange.
The transaction is subject to approval of offer by acquirer shareholders, approval of offer by target shareholders, registration statement effectiveness(S-4 / F-4) and listing / approval of new shares on stock exchange. Transaction was unanimously approved by the boards of directors of RAAQ and IQM. The transaction is subjective to the expiration or early termination of the waiting periods (and any extensions thereof) applicable to the consummation of the Transactions. The Aggregate Transaction Proceeds being equal to or greater than $150,000,000. As of April 7, 2026, IQM Finland Oy and and Real Asset Acquisition Corp. announced the confidential submission of the draft registration statement on Form F-4 (the “Registration Statement”) filed with the U.S. Securities and Exchange Commission. The business combination remains subject to approval by RAAQ shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions. The extraordinary general meeting of RAAQ shareholders is scheduled to be held to approve the transaction on June 25, 2026. The business combination is expected to close in mid-2026. On June 5, 2026, the registration statement on Form F-4 has been declared effective by the U.S. SEC. On June 25, 2026, RAAQ shareholders approved the merger. On June 29, 2026, IQM submitted a listing application with Nasdaq Helsinki Ltd to admit the Company’s shares for trading on the regulated market of Nasdaq Helsinki (the “Listing”). Trading in the Shares is expected to commence on the regulated market of Nasdaq Helsinki on or about July 3, 2026 under the trading code “IQMX”. In connection with and upon completion of the Business Combination, IQM will become a public company and its American depositary shares (“ADSs”) issued as consideration to RAAQ’s shareholders, each ADS representing one share in IQM, are expected to commence trading on Nasdaq Stock Market LLC on or about July 2, 2026 under the trading symbol “IQMX”.
Elliott Smith, Gina Eiben, Sam Hong, Bryan Smith, Christopher Williams, Miranda Cole, and Andrew Caridas, Hiroyuki Koda, Sarah Ross, Eric Diiulio, Mallory Petroli, and Jordan Leon of Perkins Coie LLP and Miranda Cole of Perkins Coie LLP, London branch acted as legal advisor for Real Asset Acquisition Corp. Tom Fagernäs, Paul Raade, Antti Luhtala of Krogerus Attorneys Ltd. acted as legal advisor for Real Asset Acquisition Corp. J.P. Morgan SE acted as financial advisor for IQM Finland Oy. Rothschild & Co acted as financial advisor for IQM Finland Oy. Cowen and Company, LLC acted as financial advisor for Real Asset Acquisition Corp. Eric Blanchard, Rita Sobral, Peter Byrne, David Silverman, Courtney Thorne, Aaron Pomeroy, Paula Holland, Jeffrey Tolin, Caitlin Courtney and Christopher Hutte, Sydney Sawyier, Miles Patton, Eric Delgado and Ryan Genkin of Cooley LLP acted as legal advisor for IQM Finland Oy. Juha Koponen and Eino Järnroos of Borenius Attorneys Ltd acted as legal advisor for IQM Finland Oy. Alex Davies and Matthew Harkness of Conyers Dill & Pearman acted as legal advisor for Real Asset Acquisition Corp. Andrew Grant of Mourant Governance Services (Cayman) Limited acted as legal advisor for IQM Finland Oy. The Depository Trust Company acted as a transfer agent to Real Asset Acquisition Corp. Lucky Lucko, Inc. acted as transfer agent to Real Asset Acquisition Corp. Alliance Advisors, LLC acted as information agent for Real Asset Acquisition Corp for $20,000 fee.
IQM Finland Oy completed the acquisition of Real Asset Acquisition Corp. (NasdaqGM:RAAQ) in a reverse merger transaction on July 1, 2026. TD Securities (USA) LLC acted as financial advisor for RAAQ. Loyens & Loeff N.V. acted as legal advisor for IQM. DLA Piper LLP (US) is serving as legal advisor to J.P. Morgan Securities LLC and TD Cowen. The Blueshirt Group is serving as investor relations advisor to IQM.
As a result of the completion of the Business Combination, Juho Sarvikas and Jeff Tuder have today commenced their terms of office on the Board of Directors of IQM. Following the completion of the Business Combination, the Board of Directors of IQM consists of seven (7) members: Sierk Pötting (Chair of the Board), Alex Doll, Jan Goetz, Hannu Martola, Juho Sarvikas, Jeff Tuder and Barbara Venneman.
