Shinhan 18th SPAC Reports Q1 2026 Operating Loss of 16.6M Won, Continues Merger Search

Shinhan 18th SPAC (special purpose acquisition company) filed its Q1 2026 quarterly report
Operating loss of 16.6 million won, net loss of 10.95 million won (loss widened vs prior period)
Total assets 1.99 billion won, total liabilities 1.22 billion won, total equity 0.77 billion won
Convertible bonds of 1.38 billion won (face value) outstanding, book value 1.176 billion won (conversion price 1,000 won)
IPO proceeds 100% deposited with KB Kookmin Bank, cannot be withdrawn before merger completion
Sponsor voting rights restricted in merger approval (shareholder agreement)
Merger target search ongoing; no definitive merger agreement yet
No dividend policy (maintains no dividends)