BNK 3rd SPAC 2026 Q1: Stable Operations with No Merger Progress

SPAC (Special Purpose Acquisition Company), established on May 26, 2025, listed on KOSDAQ on Nov 21, 2025. No merger target identified yet.
100% of IPO proceeds (KRW 8 billion) placed in trust with KB Kookmin Bank (restricted use).
Q1 2026 net profit of KRW 31.7 million (vs. loss of KRW 8.3 million in prior period), driven by interest income of KRW 64.5 million.
Total assets: KRW 9.70 billion; total liabilities: KRW 1.34 billion (including convertible bonds of KRW 1.29 billion); total equity: KRW 8.36 billion.
Convertible bonds: face value KRW 1.49 billion, conversion price KRW 1,000, convertible into 1,490,000 shares. Lock-up for founders (6-12 months after merger listing).
Merger deadline: within 36 months from the initial payment date (Nov 21, 2025), i.e., by Nov 21, 2028.
No dividends. No operating revenue. Operating expenses covered by pre-IPO shareholders' investment (no impact on trust funds).