DB Finance No.14 SPAC Q1 2026 Filing - Merger Target Search Ongoing, Financials Normal

SPAC requirements met: 100% of offering funds deposited at KB Kookmin Bank, merger must close within 36 months
Financial position: Assets 12.02B won, Equity 10.44B won, Cash 1.85B won, Short-term financial instruments 10B won
Convertible bonds: Face value 1.785B won (private placement, 0% interest, conversion price 1,000 won, maturity 2029), taken by DB Securities and others
Operating loss 23.4M won, Net income 28.4M won (interest income)\- Largest shareholder: CY Investment 5.6%, DB Securities 0.3%, public shareholders 94.1%
Merger deadline: December 2027, target not yet determined
Promoters' voting rights restricted, cannot exercise appraisal rights
Lock-up: Promoters' shares and CBs restricted from sale for 6 months to 1 year after listing
Related party: DB Securities provides rent-free office, interest on CBs 9.75M won
Audit opinion: Unqualified