Eugene SPAC 10 Files Q1 2026 Quarterly Report; Merger in Progress

SPAC (Special Purpose Acquisition Company) Eugene SPAC 10 has no merger target confirmed as of Q1 2026; merger process ongoing within the 36-month deadline from subscription payment date.
Total assets KRW 10.32B, total liabilities KRW 1.60B, total equity KRW 8.72B. Most current assets consist of restricted cash trust (KRW 8.43B) and cash equivalents.
No operating revenue; operating loss KRW 19M; net profit KRW 24.7M (interest income based). EPS KRW 6 (vs KRW 12 in prior year period).
Outstanding shares 4.24M, share capital KRW 424M. No treasury shares. No dividend planned.
Outstanding convertible bonds KRW 1.76B (1st private placement, conversion price KRW 1,000, maturing 2028). Net carrying amount after discount adjustment KRW 1.50B.
Founder shares (240,000 shares) and convertible bonds subject to lock-up for 6 months (or 1 year) post-merger. Voting and appraisal rights restricted for pre-IPO shareholders.
Major shareholders: GTEC Venture Investment (4.71%), Eugene Investment & Securities and others (94.34%).