Meritz No.1 SPAC Files Q1 2026 Report - Normal Operations Pre-Merger

Meritz No.1 SPAC filed its Q1 2026 report; no merger target has been identified yet and the company is operating normally
Total assets of 13.15 billion KRW (as of end-March 2026), with current assets of 2.04 billion and non-current assets (long-term financial products) of 11.11 billion
Total liabilities of 1.77 billion KRW (including convertible bonds of 1.698 billion), total equity of 11.38 billion
Operating loss of 12.8 million KRW for the quarter, net profit of 40.8 million (interest income 78.9 million, interest expense 13.9 million, income tax benefit 11.5 million)
Convertible bonds (1.96 billion face value, conversion price 1,000 KRW) remain unconverted; conversion premium of 231.7 million recognized as capital surplus
100% of IPO proceeds (11 billion KRW) deposited with KB Kookmin Bank, withdrawal restricted until merger completion
No applicable financial soundness indicators (e.g., BIS ratio, NPL) due to SPAC nature
Shareholder composition: Green Noah LLC 3.45%, Meritz Securities 1.12%, other minority shareholders 95.43%
Pre-IPO shareholders retain voting restrictions and appraisal right waiver; merger must be completed within 36-month deadline