Which companies can a SPAC not merge with?

For the KOSDAQ market, a SPAC cannot resolve to merge with a corporation that received an ineligibility notice in the preliminary review of the merger listing, a corporation whose merger value and total assets at the end of the latest fiscal year fall short of the listing rule threshold (80% of the escrowed funds), a listed corporation designated as an administrative issue, or a corporation that has a special interest relationship with the pre-offering shareholders, officers and the like.

Resolving to merge with such a corporation leads to a trading suspension and is a ground for delisting. A merger resolution under which a new company is established or the SPAC becomes an unlisted corporation is subject to the same restriction, except for a merger listing using the SPAC-dissolving method.