On the 11th, the first day Eugene SPAC No. 12 debuted on the KOSDAQ market, the stock jumped more than 50% in morning trading.
As of 9:53 a.m. that day, Eugene SPAC No. 12 was trading at 3,060 won, up 1,060 won (53%) from the offer price (2,000 won). It opened at 3,015 won and at one point during the session climbed to 3,850 won.
A SPAC (special-purpose acquisition company) is a shell company established solely for mergers and acquisitions. It must merge with a promising unlisted company within three years. If it fails to find a merger target, it is automatically delisted.
Eugene SPAC No. 12 will focus on pursuing mergers with corporations that operate in industries deemed to have future growth drivers—renewable energy; biopharmaceuticals (resources) and medical devices; electronics and telecommunications; secondary batteries; software and services; games and the mobile industry; and new materials—or corporations that manufacture and sell parts and equipment for those industries.