DB Finance No.12 SPAC Cancels Merger with K Solution, Facing Liquidation or Search for New Target

DB Finance No.12 SPAC disclosed on 2026-05-26 the termination of its merger agreement with K Solution. The merger fell through because K Solution withdrew from the preliminary listing review due to internal reasons.
K Solution, the target company, manufactures lithium-ion battery packs and LFP electric forklifts; its latest fiscal year showed total assets of KRW 42.888 billion, liabilities KRW 24.624 billion, sales KRW 34.565 billion, and net profit KRW 1.158 billion.
The cancellation removes the SPAC's purpose; if a new target is not found within the remaining time, liquidation is likely, with per-share return estimated at around KRW 2,000 (trust principal).
[AI Comprehensive Analysis]This merger cancellation is a major negative event that dashes the core expectation of a successful business combination. Without a new deal, the share price could fall to trust value, and even if a new target is pursued, uncertainty has substantially increased.