Hanwha Plus No.5 SPAC 2026 Q1 Report: Pre-Merger Normal Operations and Financial Soundness Maintained

Total assets of KRW 11.97 billion, total liabilities of KRW 2.08 billion, total equity of KRW 9.88 billion at end of quarter (slight decrease from prior year-end).
No operating revenue; operating loss of KRW 16.9 million, net loss of KRW 34.7 million (EPS loss of KRW 7).
Sole business purpose is merger with another company; no merger target identified to date.
Articles of incorporation require merger completion within 36 months from initial payment date (January 2025).
Cash and cash equivalents of KRW 2.25 billion; short-term financial instruments of KRW 9.50 billion, with 100% of IPO proceeds deposited.
Outstanding balance of KRW 2.01 billion on first private convertible bond (face value KRW 2.29 billion, conversion price KRW 1,000).
Conversion option equity component of KRW 298 million classified as capital surplus.
Debt-to-equity ratio of 21.08% (20.75% at prior year-end), indicating stable financial structure.
No dividend policy (no dividends paid as SPAC).
Pre-IPO shareholders (promoters) have agreed to voting restrictions and waiver of appraisal rights in merger.

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