Shinhan 16th SPAC Reports Q1 2026 Net Income of KRW 30M, No Merger Target Yet

Q1 2026 operating loss of KRW 12.5M, net income of KRW 30.1M (swing to profit from loss of KRW 7.4M in prior quarter)
Total assets of KRW 119.98B, liabilities of KRW 1.29B, equity of KRW 107.04B as of March 31, 2026
100% of IPO proceeds held in trust; no merger target identified yet; pursuing merger within deadline (May 2028)
Convertible bonds of KRW 1.38B; interest expenses to related parties (Shinhan Investment Corp. etc.)
Lock-up on 620,000 shares and 1.38M convertible bonds (6 months post-merger)