DB Finance No.12 Special Purpose AcquisitionDB금융스팩12호

DB Finance No.12 is a blank-check shell company with no revenue, whose planned merger was cancelled in May 2026 and which still has no new target.

The company was set up in 2024 solely to list on KOSDAQ and then merge with a private business, and it runs no operations of its own. Its last proposed merger was called off in May 2026, and the profile says no specific target or timetable has been set. Reported net income is positive, but it comes from financial income rather than any business, and operating income is slightly negative.

What stands out

• Revenue is zero in both 2025 and the first half of 2026, so the company has no sales to judge.
• Trailing operating income is about -₩31M and net income about ₩243M, which suggests the profit is non-operating.
• Cash of ₩1.79T against borrowings of ₩996B is shown in the data, but these figures look inconsistent with a shell of this size and the data does not explain them.
• The shares trade at ₩2,075 for a market value of about ₩12.1B, with a P/E of 49.9 and P/B of 1.1; the 52-week range is ₩0 to ₩2,300.
• Recent filings include a cancelled merger on 26 May 2026, a trading halt the same day, and two 5%+ holding reports in July and October 2026.

What to watch

• Whether the company announces a new merger target, since the data says none has been set.
• The half-year and quarterly filings, and any further changes to the deposit and trust agreement.
• Liquidity and the 5%+ holding reports, given the thin trading and near-zero foreign ownership.