[Edaily Reporter Park Sun-Yeop ] IBKS No.23 Special Purpose Acquisition Company(467930)is set to be delisted after failing to find a merger partner and will now enter liquidation proceedings.
IBKS No.23 Special Purpose Acquisition Company announced on the 15th that it will proceed with the company’s dissolution and liquidation following its scheduled delisting on the 28th.
The company’s articles of incorporation stipulate that the company must be dissolved if its shares are delisted before the registration of a merger with a target entity is completed. Accordingly, this delisting constitutes the “occurrence of a reason specified in the articles of incorporation” under the Commercial Act.
Following the company’s dissolution, the current board of directors will serve as liquidators to settle claims and liabilities and distribute the remaining assets to shareholders.
Deposited funds and other assets will be distributed to shareholders (excluding those who held shares prior to the public offering) in proportion to their respective shareholdings. The remaining assets, excluding the deposited funds, will be distributed in accordance with the method specified in the articles of incorporation, based on shares issued prior to the public offering and shares offered during the public offering.
The specific method and amount of the deposit distribution will be finalized once the liquidation process is complete.
IBKS No.23 Special Purpose Acquisition Company announced on the 15th that it will proceed with the company’s dissolution and liquidation following its scheduled delisting on the 28th.
The company’s articles of incorporation stipulate that the company must be dissolved if its shares are delisted before the registration of a merger with a target entity is completed. Accordingly, this delisting constitutes the “occurrence of a reason specified in the articles of incorporation” under the Commercial Act.
Following the company’s dissolution, the current board of directors will serve as liquidators to settle claims and liabilities and distribute the remaining assets to shareholders.
Deposited funds and other assets will be distributed to shareholders (excluding those who held shares prior to the public offering) in proportion to their respective shareholdings. The remaining assets, excluding the deposited funds, will be distributed in accordance with the method specified in the articles of incorporation, based on shares issued prior to the public offering and shares offered during the public offering.
The specific method and amount of the deposit distribution will be finalized once the liquidation process is complete.
