Eugene SPAC 10 Merges with FMW to Enable KOSDAQ Listing and Growth Capital

Eugene SPAC 10 has decided to merge with FMW, a health functional food company. The merger ratio is 1 to 0.2174386, meaning FMW shareholders will receive approximately 0.217 SPAC shares for each FMW share.
SPAC shareholders will receive new shares in the surviving entity, and the largest shareholder and related parties are expected to hold a 53.34% stake after the merger, ensuring stable management control.
The SPAC's IPO proceeds and trust funds will be used as operating capital for FMW's business expansion, R&D investment, and overseas channel development. Upon completion, FMW will be listed on KOSDAQ, enhancing its fundraising ability and corporate credibility.
FMW reported 2025 revenue of KRW 30.3 billion and net income of KRW 4.8 billion, showing high growth. The merger will strengthen its equity base and financial stability.
[AI Summary]The merger decision represents a normal lifecycle milestone for Eugene SPAC 10, enabling FMW to go public on KOSDAQ and secure growth capital. The merger ratio passed an independent fairness review, and while SPAC shareholders receive shares at a slight discount, the potential upside from the combined entity suggests a neutral dilution impact on shareholder value.