Shinhan 17th SPAC Files First Quarterly Report After KOSDAQ Listing - Funds Deposited, Merger Preparation Underway

Total assets of 12.3 billion won, total liabilities 1.9 billion won, total equity 10.4 billion won as of March 31, 2026
Listed on KOSDAQ on April 1, 2026, raised 10 billion won via public offering (5 million shares at 2,000 won each)
100% of IPO proceeds deposited in trust at KB Kookmin Bank; cannot be withdrawn or used as collateral before merger
No consolidated financial statements; net loss of 163.6 million won for the quarter (mainly operating expenses)
Issued convertible bonds of 2.16 billion won to related parties (conversion price 1,000 won, 5-year maturity, 0% coupon)
No merger target identified yet; must complete merger within 36 months from IPO date (deadline around 2029)
No dividend policy; no share buyback or cancellation plans