Shinhan 15th SPAC: Normal Operations in Q1 2026, Continuing Merger Search

Shinhan 15th SPAC filed its quarterly report for the period ended March 31, 2026.
Total assets slightly increased to KRW 10.13B (from KRW 10.08B), equity to KRW 8.51B (from KRW 8.49B).
Net profit for the quarter was KRW 15.8M (down from KRW 21.7M in the prior year), primarily from interest income of KRW 53.0M.
100% of IPO proceeds (approx. KRW 10B) remain deposited/trusted with KB Kookmin Bank, with withdrawal restrictions.
No merger target has been identified; the company must complete a merger within 36 months from its founding date (June 21, 2024).
Founding shareholders (including Shinhan Securities) have agreed to voting restrictions and waiver of appraisal rights for the merger.
Convertible bonds of KRW 1.75B (conversion price KRW 1,000) are outstanding; dilution effect not yet triggered.
Net debt-to-equity ratio of 13.3% indicates stable financial structure.