Can a loss-making company list through a SPAC merger?

The review of a SPAC merger is based on the general new listing criteria, but the special tracks for not-yet-profitable companies and business-model companies do not apply, because the listing sponsor cannot perform a put-back option.

On the other hand, if the merger target is a technology growth company, it can be reviewed under the technology assessment special requirements, but foreign companies and business-model special-track companies are excluded as merger targets. In addition, a merger in which all or part of the merger consideration is paid in cash is not accepted (KOSDAQ market, based on Korea Exchange guidance for 2026).