NH SPAC 31: Q1 2026 Net Profit of 39.5M KRW, Merger Search Ongoing

Q1 2026 operating loss of 11.5M KRW, financial income (interest) of 88.1M KRW, financial costs of 22.8M KRW, resulting in net profit of 39.5M KRW (down from 69.5M KRW in prior quarter).
Total assets of 15.37B KRW (cash equivalents 0.1B, short-term financial instruments 15.03B), total liabilities of 2.47B (convertible bonds 2.35B), total equity of 12.90B.
100% of IPO proceeds (12.0B KRW) deposited with Kookmin Bank as specific money trust; cannot be withdrawn before merger registration.
If merger is not completed by July 26, 2027, the company will dissolve and distribute deposited funds to public shareholders.
Pre-IPO shareholders (345,000 shares) have agreed to restrict voting rights on merger resolution and waive appraisal rights.

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