LS SPAC No.1 Quarterly Report: No Significant Changes, Net Assets 8.26 Billion KRW, Merger Target Search Ongoing

LS SPAC No.1 is a special purpose acquisition company with the sole business purpose of merging with another company; no target identified as of report date
Total assets: 10.03 billion KRW (cash and cash equivalents 1.89 billion, short-term financial instruments 8 billion), total liabilities: 1.77 billion (convertible bonds 1.69 billion), total equity: 8.26 billion KRW
Net income for the quarter: 14.38 million KRW (interest income 47.74 million, interest expense 16.85 million, etc.)
Basic EPS: 3.50 KRW, diluted EPS: 3.50 KRW
IPO proceeds of 8 billion KRW fully deposited with KB Kookmin Bank; withdrawal restricted until merger completion
Articles of incorporation require merger completion within 36 months from the initial payment date
Dividend policy: No dividends (maintained until merger)
Convertible bonds: 1st unsecured private CB of 1.99 billion KRW (conversion price 1,000 KRW, convertible into 1,990,000 shares), 1-year lock-up
Major shareholders: Inhwa Investment Co., Ltd. 2.43%, LS Securities Co., Ltd. 0.12%, Samsung Securities Co., Ltd. 4.31%