Kyobo 15th SPAC Proceeding with Merger with OLED Materials Company CMDL

Merger agreement signed with CMDL (OLED materials & equipment) on Sept 11, 2025; merger ratio 1:0.1515793; 577,517 new shares to be issued
CMDL: assets 60.1B won, equity 40.1B won, revenue 16.5B won, net income 1.8B won
Kyobo 15th SPAC: assets 9.2B won, cash equivalents 9.2B won (fully deposited), equity 7.67B won, quarterly net income 12.8M won (interest income)
Convertible bonds 1.69B won (0% coupon, maturity 2028), quarterly interest expense 17.5M won
Merger schedule: record date July 3, shareholders' meeting July 23, merger date Aug 28, new listing Sept 15
Shareholder return: no dividends or share buybacks (typical for SPAC)
Risk: if merger not completed within 36 months, dissolution and return of escrow funds