What happens if a SPAC's deadline approaches with no merger in sight?

For the KOSDAQ market, if a SPAC does not apply for the preliminary review of a merger listing at least 6 months before the expiry of its duration set in its articles of incorporation (described in a Korea Exchange handbook as within 30 months after the IPO), it is designated an administrative issue, and if it still does not apply within 1 month after the designation, this becomes a ground for delisting.

Ultimately, if it cannot complete a merger by the deadline, the SPAC goes through dissolution procedures under its articles of incorporation. Meanwhile, SPACs are not allowed to apply for voluntary delisting, on the grounds that their duration is short and exit mechanisms such as market liquidity and appraisal rights are in place.