iM SPAC 1, which recently debuted on the KOSDAQ market, is trading below its initial public offering price on its first day.
As of 2:21 PM on November 4, the Korea Exchange reported that iM SPAC 1 was trading at 1,863 won, down 137 won (6.85%) from its offering price of 2,000 won.
iM SPAC 1 is a special purpose acquisition company (SPAC) established to merge with unlisted firms. SPACs raise funds through public offerings to identify and merge with private companies, facilitating their listing on the KOSDAQ.
The sectors targeted for mergers by iM SPAC 1 include renewable energy, carbon reduction energy, biopharmaceuticals and medical devices, gaming and software, secondary batteries, and new materials and nanotechnology. Additionally, businesses deemed to have future growth potential may also be considered for mergers.
SPACs are required to find a merger target and complete the merger within three years of their listing. Failure to do so will result in delisting procedures.
The listing sponsor for iM SPAC 1 is iM Securities.
* This article has been translated by AI.
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