LS Special Purpose Acquisition No1엘에스스팩1호

LS Special Purpose Acquisition No1 is a blank-cheque shell with no revenue, trading near its ₩1,988 close while it searches for a merger target.

This is a special purpose acquisition company listed on KOSDAQ in July 2025 whose only purpose is to merge with a private company; no merger target has been identified yet. The latest half-year figures show no revenue, a small operating loss of about ₩33M, and net income of about ₩6.7M, with cash of ₩1.88B against borrowings of ₩1.70B. The share price has barely moved over one month, three months and one year.

What stands out

• Revenue is zero and the business has no operations beyond seeking a merger, so the reported profit is not driven by any business activity.
• Net income of about ₩6.7M is positive while operating income is negative, which the data does not explain.
• Market value is about ₩8.2B, and the trailing P/E of roughly 1,227 is not a meaningful measure for a company with no earnings base.
• Foreign ownership is 0% and short balance is 0%, while 20-day flows show institutions net buying about ₩77M and retail net selling about ₩76M.
• Recent filings are routine governance items, including the half-year report, a change to the deposit and trust agreement, and a 5%+ holding report; no news headlines are listed.

What to watch

• Any announcement naming a merger target, which is the central event for a SPAC and is not yet in the data.
• The next quarterly report and any change to the deposit and trust agreement, which affect the cash held for a merger.
• Whether the share price stays in its 52-week range of ₩1,961 to ₩2,065 and how the company's cash and borrowings change.