Hana 32 SPAC Quarterly Report: No Merger Progress, Net Income Decrease

Cumulative net income for Q1 2026 (Jan-Mar): 20.9 million KRW (down from 30.7 million YoY)
Total assets 7.35 billion KRW, equity 6.38 billion KRW (slight increase from year-end)
100% of IPO proceeds (6.0 billion KRW) deposited with Korea Securities Finance, inaccessible until merger
1.0 billion KRW convertible bond outstanding (conversion price 1,000 KRW)
No merger target identified; merger deadline is March 2027
Promoters (including Hana Securities) cannot vote at merger shareholders' meeting, waive appraisal rights
No dividends, no share buybacks or cancellations