Meritz No. 2 SPAC is soaring on its first trading day, jumping more than 100% from the offering price.
As of 9:03 a.m., Meritz No. 2 SPAC was at 4,180 won, up 109% (2,180 won) from the offering price (2,000 won).
SPAC (special purpose acquisition company) shares are merger-only listed companies set up to help take private companies public. They must merge with a private company within three years, and if they fail to find a merger partner, they are automatically delisted.
Meritz Securities, the lead manager for the listing, said Meritz No. 2 SPAC will pursue a merger with corporations operating in industries such as renewable energy; biopharmaceuticals (resources) and medical devices; IT convergence systems; LED applications; green transportation systems; carbon reduction energy; advanced water treatment; advanced green cities; broadcasting and communications convergence; robotics applications; new materials and nano convergence; high value-added food; entertainment; auto parts manufacturing; and IT and semiconductors.