Kyobo 17th SPAC Files Q1 Report - No Merger Target Yet, Finances Stable

Kyobo 17th SPAC filed its Q1 2026 quarterly report.
No merger target identified as of period end; must complete within 36 months (deadline: July 2027).
Total assets KRW 12.15bn, mostly IPO funds in trust (KRW 10.27bn short-term instruments, KRW 1.75bn cash).
Net profit KRW 31.2mn (interest income), operating loss KRW 19.8mn (administrative expenses).
Founders hold KRW 1.82bn convertible bonds (conversion price KRW 1,000), voting rights restricted pre-merger.
Public shareholder protection: trust fund return mechanism in place if merger fails.