Korea No.7 SPAC Cancels Merger with Asems Due to Regulatory Accounting Audit Delays

[Asia Economy Reporter Won Dara] Korea No.7 SPAC announced on the 19th that it has mutually agreed to cancel the merger decision with Asems Co., Ltd., which was decided in July.

The company stated, "During the merger process with Asems Co., Ltd., the accounting supervision by regulatory authorities on the audited financial statements by an external auditor has been delayed," adding, "The feasibility of completing the merger within the deadline is uncertain, and since approximately 10 months have already passed from the reference date for calculating the merger ratio, the merger has been delayed more than expected. There is also concern that the merger ratio may not properly reflect the stock values of the surviving and dissolving companies at the current point in time."

It further stated, "We will cancel all ongoing matters related to the merger with Asems Co., Ltd. and will restart efforts to find an appropriate merger target company."

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