IBKS No.25 SPAC Decides Merger with Celltrix, Aiming for KOSDAQ Listing and Value Enhancement

IBKS No.25 SPAC has decided to merge with Celltrix, a private company, in a reverse merger where Celltrix will survive and be listed on KOSDAQ.
The merger ratio is 0.4612063 SPAC shares per Celltrix share, confirmed within the fair value range by external evaluator Hyun Accounting Corporation. Approximately 2.76 million new shares will be issued.
Celltrix plans to use the SPAC's trust fund of about 11.96 billion KRW for R&D and business expansion, leveraging the listing to enhance financial health and market credibility.
After the merger, controlling shareholder Kim Seong-hoon will hold 22.30%, ensuring stable management control.
[AI Summary]This SPAC merger enables Celltrix to go public and secure approximately 11.96 billion KRW in growth capital. While existing SPAC shareholders face dilution, the merger ratio is within a fair range, limiting adverse impact on shareholder value.