Kyobo 20 SPAC Q1 2026 Report: Pre-Merger Phase, IPO Proceeds Fully Deposited

Q1 2026 operating loss of 18.66M won, net loss of 28.08M won (loss per share 32 won)
Cash and cash equivalents 2.99B won, short-term financial products 10.8B won (100% of IPO proceeds deposited)
Issued convertible bonds of 2.63B won (0% coupon, maturity 2030), conversion price 1,000 won
No merger target identified yet (must complete merger within 36 months from IPO payment date)
Pre-IPO shareholders' shares and CBs subject to lock-up for 6 months to 1 year after merger listing