Mezzanine, Pre-IPO & SPACs

Which companies can a SPAC not merge with?

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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.

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This answer is general financial information as of 14.10.2026, not investment advice. Rules and tax rates change, so please also check the latest guidance from the source institution.