Kiwoom No.10 SPAC Q1 Report: No Merger Progress, Stable Financial Structure

No merger progress: As of March 31, 2026, no target company selection or merger agreement. No merger agenda at shareholders' meeting.
Total assets KRW 9.9 billion: Current assets KRW 9.88 billion (cash and cash equivalents KRW 2.0 billion, short-term financial products KRW 8.0 billion), no non-current assets.
Total liabilities KRW 1.67 billion: Convertible bonds KRW 1.66 billion (face value KRW 1.87 billion, net of conversion adjustment), small other current liabilities.
Total equity KRW 8.21 billion: Share capital KRW 0.42 billion, capital surplus KRW 7.54 billion, retained earnings KRW 0.16 billion (net profit for Q1 KRW 24 million).
Convertible bonds: 1st unsecured private CB (face value KRW 1.87 billion, conversion price KRW 1,000, maturity 2029). Major holders: Kiwoom Securities (50%), JB Woori Capital (44.7%), L-Cube Partners (5.3%).
Major shareholders: L-Cube Partners (7.10%), Kiwoom Securities (0.35%), JB Woori Capital (0.35%), others 92.20%.
Business: SPAC under Capital Market Act, sole purpose is merger. No revenue to date.
Merger deadline: Must complete merger registration within 36 months from IPO payment date (Dec 20, 2024), i.e., by Dec 20, 2027.