Kyobo 16 SPAC Seeks New Merger Target After Failed SK Pack Deal

Kyobo 16 SPAC, a special purpose acquisition company, was listed on KOSDAQ in August 2024 with merger as its sole business purpose
As of March 31, 2026: total assets 15.16 billion won, equity 12.32 billion won, cash and cash equivalents 3.03 billion won, short-term financial products 11.91 billion won (all merger funds deposited)
Net profit for the quarter: 13.8 million won (interest income); no operating activities
Convertible bonds outstanding: face value 3.1 billion won (conversion price 1,000 won/share, convertible into 3.1 million shares)
Signed a merger agreement with SK Pack in November 2025, but the preliminary listing review was withdrawn due to SK Pack's internal issues; the contract was terminated (announced April 2026)
Seeking a new merger target within the deadline (August 2027); if unsuccessful, the company will dissolve and distribute deposits to public shareholders first
Promoters (including Kyobo Securities) have limited voting rights on merger and waived appraisal rights
No dividend policy; convertible bond holders are subject to a lock-up period of 6 months (1 year for Kyobo Securities) from listing date until after merger share listing