Korea No.15 SPAC Files Q1 2026 Quarterly Report - No Changes in Merger Progress or Financial Position

SPAC with sole purpose of merging with a target company to maximize shareholder value
Listed on KOSDAQ in June 2024; must complete merger within 36 months (approx. 15 months remaining)
100% of IPO proceeds (KRW 12.5bn) deposited with Korea Securities Finance; withdrawal/pledge prohibited
Financial position: Total assets KRW 15.56bn, liabilities KRW 1.75bn (including convertible bonds KRW 1.67bn), equity KRW 13.81bn
Q1 2026 net profit KRW 219mn (interest income KRW 276mn, tax benefits)
No dividends, no share buyback or cancellation
Largest shareholder: Choi Hae-woon (5.07%); promoter (Korea Investment & Securities, etc.) voting rights restricted
All SPAC requirements met (100% deposit, 36-month deadline, etc.)
No specific merger target identified to date