Q1 2026 Review: Stable SPAC Operations, Merger Target Not Yet Identified

SPAC with sole business purpose of merger; no operating revenue in the quarter.
Total assets: 16.4B KRW; total liabilities: 2.46B KRW (CB 2.33B); equity: 13.94B KRW.
Net income for Q1: 35.7M KRW (financial income 85.5M - financial costs 22.3M - tax 10.1M).
Basic EPS: 5 KRW; diluted EPS: 6 KRW.
Shares outstanding: 6.93M; 480K shares locked up (promoters, 6 months post-merger).
Merger deadline: within 36 months from IPO subscription (June 18, 2024 → June 18, 2027).
No merger target identified yet; focus industries defined in articles (renewable energy, biotech, IT convergence, etc.).
Escrow funds 14.76B KRW deposited with Korea Securities Finance; cannot be withdrawn before merger.
Convertible bonds: 2.62B face value (conversion price 1,000 KRW, maturity 2029).
No dividend plan; no dividend possible before merger.