DB Finance No.12 SPAC Decides Merger with K-Solution and Q1 Financial Status

Merger agreement signed on 2026.02.12 with K-Solution at ratio 1:3.7922894, merger date 2026.07.21, new shares listing expected 2026.08.10
Financial status (2026.03.31): Total assets 12.26bn KRW, total liabilities 1.01bn KRW (convertible bonds 0.98bn), equity 11.26bn KRW, cash & equivalents 1.79bn KRW, short-term financial instruments 10.45bn KRW
Net loss for the quarter 1.95mn KRW (no operating revenue, financial income 25.98mn, financial expense 13.71mn)
No dividends, no shareholder return policy
Pre-IPO shareholders (promoters) have voting restrictions and lock-up (6 months to 1 year after merger)
Convertible bonds 1.16bn KRW (conversion price 1,000 won, maturity 2029), held 82.76% by DB Securities