Shinyoung HappyTomorrow No.10 SPAC Reports Q1 2026 Results; Merger Target Yet to Be Announced

Merger target not yet identified: The SPAC aims to complete a merger within 36 months of its IPO. No specific target has been disclosed.
Financial position: Total assets of 11.3 billion won (9.6 billion in long-term deposits, 1.6 billion in cash). No operating revenue.
Net profit: 14.28 million won in Q1 2026 (vs. a loss of 1.74 million won in Q1 2025), driven by interest income of 38.55 million won.
Convertible bonds: 1.735 billion won issued in 2023 at a conversion price of 1,000 won per share, held by sponsors including Shin Young Securities.
Shareholder structure: Wonik Investment Partners holds 2.13%; public shareholders hold 97.55%.
No dividends: The company does not plan to pay dividends.
Liquidation conditions: If no merger is completed within 36 months, the company will dissolve and distribute escrow funds to shareholders.
Contingent liabilities: No significant lawsuits or obligations.