Kiwoom Hero No.1 SPAC Files Q1 2026 Report – No Merger Target Yet, Financial Position Stable

Q1 2026: No revenue, operating loss of KRW 16 million, net income of KRW 29 million (including CB interest costs).
Total assets: KRW 11.0 billion, total liabilities: KRW 1.3 billion, total equity: KRW 9.7 billion. Cash and cash equivalents: KRW 1.9 billion, short-term financial instruments (deposits): KRW 9.0 billion (100% of IPO proceeds deposited).
Outstanding convertible bonds: KRW 1.45 billion (held by related parties including Kiwoom Securities). Conversion price: KRW 1,000 per share, conversion exercisable.
Merger deadline: within 36 months from the initial payment date (December 2025), i.e., by December 2028. No merger target identified yet.
Outside director and auditor remuneration capped at KRW 10 million per year each. Operating expenses funded by promoter investment (KRW 2.0 billion), no impact on deposited funds.
Promoter Kiwoom Securities holds 10.73% of total SPAC issuance (including common shares and CBs), meeting the mandatory investment requirement.