IBKS No.23 SPAC: No Operation, No Merger Progress in Q1 2026

IBKS No.23 SPAC's sole business purpose is merger with another company; as of end-Q1 2026, no target has been identified.
For Q1 2026 (Jan-Mar): zero operating revenue, operating expense 14.8M won, net income 20.0M won (mainly interest income).
Total assets 10.28B won (cash 1.73B, short-term financial products 8.47B), total liabilities 1.63B (convertible bonds 1.57B), equity 8.65B.
100% of IPO proceeds (8B won) held in trust at KB Kookmin Bank (restricted use; cannot withdraw before merger).
Convertible bonds (1st unsecured private placement) of 1.77B won issued; conversion price 1,000 won, maturity 2028.09.15; outstanding 1.57B won (net of conversion adjustment).
EPS 4.73 won. No dividends (consistent with SPAC policy).
If merger is not completed within 36 months from IPO payment date (expected around H2 2026), the company will dissolve and distribute trust funds to shareholders.