Exchange passes preliminary review for SPAC merger listing of 'SureSoftTech·Bellok'

[Asia Economy Reporter Son Seon-hee] The Korea Exchange announced on the 5th that it has approved the preliminary listing examination for IBKS No.18 Special Purpose Acquisition Company (SPAC) and SureSoftTech, which are scheduled to merge with Veloc.

The Exchange stated that the preliminary listing examination results for the two companies were finalized after deliberation and resolution by the KOSDAQ Market Headquarters Listing Committee on the same day.

The merger target of IBKS No.18 Special Purpose Acquisition Company is Veloc. Established in September 2009, Veloc is a small and medium-sized enterprise engaged in computer programming, system integration, and management. Its main products include security solutions and security services. As of 2021, it recorded annual sales of 25.242 trillion KRW and an operating profit of 3.191 trillion KRW. The planned public offering amount and the planned issue price per share have not yet been determined. CEO Lee Jeong-hyun holds 83.4% of the shares, making him the largest shareholder.

SureSoftTech is also a small and medium-sized enterprise pursuing listing through a merger with a SPAC. The merger target company is 'NH Special Purpose Acquisition Company No.22.'

Founded in March 2002, SureSoftTech is a software development and supply company. Its main products include software automation verification platforms. In 2021, it posted sales of 36.917 trillion KRW (consolidated basis) and an operating profit of 6.735 trillion KRW. The planned public offering amount and the planned issue price per share are also undecided for SureSoftTech.

Notably, SureSoftTech gained market attention after successfully domesticating vehicle software verification programs and receiving recognition for its technological capabilities, leading Hyundai Motor Company to invest directly. Hyundai Motor Company holds approximately 15.9% of SureSoftTech’s shares, making it the third-largest shareholder. The largest shareholder is founder CEO Bae Hyun-seop, holding 35.8%.