Shinhan 10th Special Purpose Acquisition Company is weak in early trading on the first day of resuming transactions.
Shinhan 10th Special Purpose Acquisition Company was traded at 2,100 won in the Korea Securities Dealers Automated Quotations market at 9:05 a.m. on the 25th. This is a 6.5% (145 won) decrease from the previous closing price of 2,245 won on Oct. 25 last year.
Shinhan 10th Special Purpose Acquisition Company decided its reference price, which is the opening price, at 2,100 won within the lowest bid of 1,122 won and the highest bid of 4,490 won, as it had been suspended from trading for an extended period for the purpose of a merger listing. The price limit for regular trading on that day is a 30% increase or decrease, like other general items.
Since October of last year, Shinhan 10th Special Purpose Acquisition Company has been pursuing a merger with Vision Science, a contact lens manufacturing company. However, Vision Science withdrew its listing plan during the preliminary review process for merger listing at the Korea Exchange. Shinhan 10th Special Purpose Acquisition Company announced that it had terminated the merger contract after discussions due to the cancellation of the preconditions in the merger agreement with Vision Science.
The Korea Exchange designated Shinhan 10th Special Purpose Acquisition Company as a management item, citing that it failed to submit the preliminary review application for SPAC listing. If it does not resolve this within one month from the designation date, it will fall under delisting criteria.