Or perhaps that drone factory, whose production launch has been eagerly awaited, will start operating in Sybimar oy’s facilities.
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Quite formidable barbed wire fences have at least been installed to protect the greenhouses.
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Or would the listing prospectus have revealed what kind of scam Summa Defence really is and the IPO would have failed to materialize…? This company has more than enough red flags.
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In the true sense of the word, defense technology at Summa Defence seems to be represented by the “US deep tech company” Lightspace.
It produces augmented reality smart glasses. With the war in Ukraine, the company has shifted its corporate communications from healthcare to the defense sector. The glasses could be utilized, for example, by armored vehicle crews or drone pilots.
Lightspace is registered in Delaware, USA. The actual business is conducted by a heavily loss-making Latvian company, which has been under restructuring proceedings by a decision of the Riga District Court. Lightspace has sought to suspend the proceedings with loan financing received from Summa. According to Holopainen, a positive decision has just been received.
In early April, Summa Defence announced that Lightspace had received a “purchase order for the delivery of its AR near-eye displays to a leading European defense group.” Holopainen does not disclose the name of the customer or the value of the order.
“In these matters, we naturally also follow a general disclosure policy, meaning if it’s a significant order, we will publish its euro amount,” he says.
Between the lines, he hints that it could be the German defense giant Rheinmetall, with whom Lightspace has collaborated.
Summa Defence has also announced signing agreements for joint ventures with Ukrainian defense growth companies. The goal is to manufacture drones in Finland.
They produce drone glasses and some concepts for which there is nothing concrete yet. AR glasses are used in drone ‘speed races’, but I don’t know if there’s any significant benefit there. They generally say about the glasses that they ‘improve cognitive abilities by 40%’ - there’s no source for this, eating fish is also good for the eyes, so why don’t they advertise that similarly.
A small company on the verge of bankruptcy, which doesn’t seem to manufacture anything itself but rather modifies. It’s hard to say if there’s any concrete use case they are aiming for. The most important feature of AR glasses is the lenses, and I doubt these have the same level of sophistication as, for example, Varjo’s products. Poor lenses and glasses only worsen things, and military conditions require considerable durability. In training simulations, of course, there might be other uses.
Their website certainly lists big claims
‘Lightspace currently has in production AR glasses integrated into the helmets of armored combat vehicle crews, which provide the user with a 360-degree view, for example, from inside the combat vehicle to the outside, as well as additional information needed for battle or mission command via an AI interface.’
An AI interface naturally sounds better (and corny at the same time) than just some traditional standard data interface 
Also note the word in production - when at the same time, according to the Helsingin Sanomat article, the company’s operations were interrupted due to indebtedness.
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This is precisely the point, the AR technology order was certainly very small, as the euro amounts were not disclosed.
They just wanted to create positive buzz with diligent, meaningless communication.
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Summa Gallup:
- I will definitely buy the stock
- I wouldn’t touch it with a ten-foot pole
- I’ll wait and see
0
äänestäjää
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I didn’t find a reference in the thread, but they had published the purchase date for the shares as 12.5.2025
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Meriaura changes to Summa today. It hasn’t changed yet. I wonder if it will be only at the end of the day or how? And it will be interesting to see how the number of shares changes.
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Trading is now expected to begin on Monday, June 2, 2025. According to Summa’s CEO, nothing dramatic, not all conditions were met.
This is indeed an interesting case.
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Out of interest and a bit in anticipation of hype, I’m involved. However, it feels like a different kind of company than Valoe, which had no revenue and didn’t generate any. With this sum, real companies have been accumulated.
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The share of Meriaura Group’s current shareholders in the new corporate entity will be 11.9 percent
Is the final conversion ratio still around 12% or have there been new developments?
Meriaura’s market cap is 86 million, and apparently the only reason to buy Meriaura currently is to speculate on Summa Defence shares. Won’t it work out that Summa Defence’s calculated market cap is 86/0.119 = 722M €?
Interesting stock movements are visible in Meriaura. Yesterday, the share price jumped up by 45% at its peak and then slid down by 30%. In practice, this meant that Summa Defence’s valuation rose by hundreds of millions without truly significant drivers. The stock is essentially a proxy for Summa, which is valued closer to a billion. However, this proxy itself is only worth almost a tenth, and furthermore, most of the shares seem to be owned by insiders. Either directly or through Meriaura Invest. Thus, freely traded liquid shares are scarce. Even a small piece of news makes the price jump immediately. The risk of overvaluation and loss of money is high.
By the way, was there a challenge to the Summa Defence deal at Meriaura’s general meeting? Meriaura’s shareholders were somewhat swindled here as Meriaura was undervalued and the management is playing its own game for its own benefit, but technically the deal has still been profitable for them so far when looking at the share value, albeit driven by hype.
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Drones manufactured in cooperation are on the battlefield. Summa operates in the EU and NATO, with headquarters in Finland.
The order book was already 200 M/ euros as of 02/25.
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What was the background here, that Meriaura became Summa, and Summa didn’t list independently?
…such a device can be used if the traditional listing process would be too difficult or long…
Now, however, it seems to be dragging on…
(=it must be ensured that the trick meets the stock exchange listing requirements)
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Right 
Meriaura’s operations, however, don’t seem to have anything in common with the sum (=synergies), but have been selected randomly?
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Isn’t the solar collector business currently in Meriaura, formerly Savosolar, going to remain in the future Summa Defence?
The company’s name has now been changed.)))
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One might have thought that the market would wake up to the absurd valuation at the latest when the merger happens, but clearly the valuation needs to hit Mr. Market even more clearly in the eyes. Where could one get puts for this? 
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