HMCIB No.7 SPAC Files Q1 2026 Report - No Merger Progress, Funds Held in Trust

The company is a SPAC with no merger target identified as of March 2026.
Full IPO proceeds of KRW 14 billion are deposited in trust with KB Kookmin Bank, restricted from withdrawal until merger registration.
Q1 2026: operating revenue nil, operating loss KRW 9.3M, pre-tax profit KRW 62.1M, net profit KRW 46.4M (from financial income KRW 84.1M).
Total assets KRW 16.23B, total liabilities KRW 1.32B (CB KRW 1.23B), total equity KRW 14.91B.
Outstanding shares 7,510,000 (face value KRW 100), capital KRW 751M.
Outstanding private CB: KRW 1.39B (conversion price KRW 1,000), maturity Feb 2029.
Upon dissolution, public shareholders have priority; pre-IPO shareholders excluded from trust fund distribution.
Sponsors (Hyundai Motor Securities etc.) waive voting rights and appraisal rights in merger.
If no merger within 36 months of listing (by June 2027), company dissolves; 22 months elapsed, 14 months remaining.