KB No.29 SPAC Q1 2026: Stable Cash and Interest Income Pre-Merger, No Dividend

SPAC with sole purpose of merger; no merger target identified yet
As of March 31, 2026: Total assets 14.98B KRW (prev. 14.90B), total liabilities 2.24B, total equity 12.73B
Cash & short-term financial products total 14.68B KRW (incl. 12.34B escrow at Korea Securities Finance); restricted until merger
Operating loss of 6.3M KRW (salaries & fees), interest income 85.2M, net income before tax 65.1M, net income 45.9M
Basic EPS 7 won, diluted EPS 7 won
Total shares outstanding 6,220,000; no treasury shares; no dividends (policy)
Unsecured private convertible bond: face value 2.38B, conversion price 1,000 won, 0% coupon, maturity 2029, carrying amount 2.12B
Major shareholders unchanged (Samsung Securities 4.06%, NH Investment 3.84%, Yellow C Management 3.22%)
Merger deadline: within 36 months from IPO (June 2024), i.e. by June 2027; otherwise dissolve and distribute escrow
Pre-IPO shareholders: voting and appraisal rights restricted; lock-up 6 months to 1 year post-listing