How much of a SPAC must the securities firm that set it up hold, and when can it sell?

According to the Korea Exchange, the total investment (shares and equity-linked bonds) of the securities firm serving as lead promoter must be at least 5% of the SPAC's total issuance (shares and equity-linked bonds).

In addition, the shares invested by the securities firm that is a founding shareholder (the listing sponsor) must be held for 6 months after the merger. This reflects the fact that the securities firm's own money is invested alongside, partly aligning its interests with those of public shareholders, and is designed to have it monitor the company's operations for a certain period after listing.