NH Special Purpose Acquisition 32엔에이치스팩32호

NH Special Purpose Acquisition 32 is a shell SPAC with no revenue and no merger target yet, so its value rests on the pending search rather than operations.

The company was incorporated in May 2025 and listed on KOSDAQ in December 2025 with the sole aim of merging with an operating business. The data shows no revenue, a trailing operating loss of about ₩45M and a net loss of about ₩47M, with no merger target identified yet. The shares closed at ₩2,010, well above the 52-week low of ₩1,914 but far below the 52-week high of ₩5,700.

What stands out

• Revenue was zero and the company reported an operating loss of about ₩45M for 2025 and trailing to H1 2026, consistent with a shell company.
• Book value is the main reference point: price-to-book is 1.1, and no earnings-based valuation is meaningful because earnings are negative.
• Borrowings of about ₩1.7B are far larger than cash of about ₩56M, though the filings do not in the data explain the purpose of the borrowings.
• Foreign ownership fell from 0.4% to 0.1% over the last 60 days, while institutions were net sellers and retail investors were net buyers over the past 20 days.
• The filings list several 5%+ holding reports in 2025 and 2026, but the data does not say who the holders are or whether their stakes changed.

What to watch

• Any announcement of a merger target, since the articles name priority sectors but the data shows no identified target.
• Next quarterly and annual filings, to see whether the losses, cash position and borrowings change.
• Further 5%+ holding reports or shareholder changes, given the recent filings and falling foreign stake.