How is a SPAC merger listing reviewed?

When a SPAC merges, the exchange reviews the target company's eligibility for listing. The target's merger value or total assets must be at least 80% of the funds deposited by the SPAC, and the form of business combination is limited to a merger.

The merger deadline is up to 36 months after listing, and the lead promoter of a SPAC must be a securities firm with equity capital of KRW 100 billion or more.