Shinhan 14th SPAC Q1 2026 Report - Merger Target Not Yet Identified, Interest Income Up

SPAC with sole purpose of merger; no merger target has been identified yet
Must complete merger registration within 36 months from share subscription date (June 2024); otherwise dissolution and return of deposited funds
Total assets: KRW 12.109 billion; total liabilities: KRW 1.269 billion (including convertible bonds); total equity: KRW 10.840 billion as of end of Q1 2026
Net profit for Q1 2026: KRW 49.3 million (vs KRW 34.4 million in prior quarter) – interest income KRW 103.4 million, operating expenses KRW 26.7 million
Net debt ratio: 8.2% (previous year-end 8.0%); net debt KRW 963 million
100% of IPO proceeds held in trust at Kookmin Bank; withdrawal or pledge prohibited until merger completion
No dividends, no share buyback or cancellation; no shareholder return policy
Convertible bonds: KRW 1.36 billion face value, conversion price KRW 1,000, maturity 2029, held by founders with conversion restrictions
Major shareholders: Shinhan Investment Corp. (0.18%), ACPC Co., Ltd. (5.32%), Saltlux Ventures Co., Ltd. (5.32%), etc.
Total issued shares: 5,640,000; common stock capital: KRW 564 million; EPS: KRW 9