SK Securities No.11 SPAC Quarterly Report: No Merger Target Identified, Stable Financial Position Maintained

No merger target identified; sole business purpose is merger; target to complete within 36 months (by Nov 2026)
Total assets: 10.209B won (vs 10.211B at year-end), liabilities: 1.709B won (vs 1.726B), equity: 8.499B won (vs 8.485B)
Quarterly net profit: 14.5M won (interest income 52.57M, interest expense 26.92M), down from 34.93M prior quarter
Cash and cash equivalents: 1.737B won; short-term financial instruments: 8.436B won (trust deposit) – 100% of IPO proceeds deposited
Convertible bonds: face value 1.845B won, carrying amount 1.661B won; held by SK Securities et al.; convertible into 1,845,000 shares
Shares outstanding: 4,155,000; par value 100 won; capital 415.5M won; additional paid-in capital 7.566B won
Retained earnings: 184.97M won; no dividends; EPS 3 won
Major shareholders: Open Water Investment 3.61%, SK Securities 0.12%, others 96.27%
Outside director: Park Joo-hyun (Samduk Accounting); Auditor: Oh Young-kwang (Omega Clime) – no disqualifications
Compliance with exemption from collective investment business regulations; liquidation provisions for refund of trust funds to shareholders upon dissolution