On April 16, 2026, Nokia Solutions and Networks Oy and Nokia of America Corporation entered into a business combination agreement with a capital pool company listed on the TSX Venture Exchange in connection with its proposed qualifying transaction. The transaction will result in the listing of Nokia Oyj’s Space Communication Solutions business (“Modul8”), which operates as part of Nokia’s renowned research and development organization, Nokia Bell Labs. Following completion of the proposed transaction, the listed entity will continue the business of Modul8 and be renamed “Modul8 Corporation.”
In connection with the proposed transaction, the parties have engaged Scotia Capital Inc. as lead agent, on behalf of a syndicate of agents, to complete a brokered financing of subscription receipts for gross proceeds of US$40 million.
Cassels is acting as Canadian legal counsel to Nokia.