KB No.31 SPAC Q1 Report: Net Profit 49M Won, No Merger Target

KB No.31 SPAC’s Q1 2026 total assets 14.76B won, cash & cash equivalents 0.30B won, short-term financial instruments 14.32B won (deposited with Korea Securities Finance). Equity 12.54B won, net debt negative 12.48B won.
Q1 operating loss 7.93M won, net profit 48.64M won (basic EPS 7.83 won, diluted EPS 7.22 won). Interest income 87.55M won, interest expense 17.27M won.
No merger target identified yet. Merger registration must be completed within 36 months from IPO (Dec 2024, i.e., by Dec 2027). Previous merger contract terminated in July 2025.
Major shareholders: KL Partners Co., Ltd. 3.22%, KB Securities Co., Ltd. 0.16%, public shareholders 96.62%. Pre-IPO shareholders (200,000 shares) have restricted voting rights on merger and no appraisal rights.
Series 1 convertible bonds (face value 2.39B won, 0% coupon, conversion price 1,000 won) issued. Lock-up: 6 months post-merger (1 year for KB Securities’ holdings).
Corporate card monthly limit of 1M won per operating fund regulations. Only pre-IPO shareholder funds may be used for merger expenses.
KB Securities’ historical SPAC merger completion rate 53.13% (17 out of 32 established). Advisory fees payable upon successful merger.