According to this report in Korea’s Money Today newspaper, Hyundai Securities has received approval to list a KRW 20bn SPAC this month.
A SPAC (special purpose acquisition company) is a shell company that raises funds through an initial public offering to acquire a company within three years of the listing.
Citing information from the Kosdaq, a junior market of the Korea Stock Exchange, the report stated the South Korean brokerage will reveal the detail of the SPAC during this month and seek investors.
An unsourced part of the report stated the SPAC is expected to raise KRW 20bn (USD 17m) by selling 3.33 million shares for KRW 6,000 apiece.
After Hyundai Securities has completed the registration of the SPAC, the company plans to look for a target, taking into the growth and profitability of the company and would not be limited by the industry of a target.
(Source: Money Today)
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