Even as special purpose acquisition companies (SPACs) face increasing scrutiny amid merger failures and a spate of delistings, individual investors who joined at higher interest rates find themselves unexpectedly well-positioned.

The Korea Exchange said on Monday that six SPACs, including NH SPACs No. 25, 26, and 27, and Kyobo SPAC No. 13, are scheduled to be delisted as of June 10th, 2025, following their failure to complete mergers. SPACs that fail to merge must return investors’ funds and proceed with liquidation. In recent months, many SPACs have entered liquidation with little fanfare, leaving investors unfazed.

This is because the redemption payments on liquidation can yield returns that exceed current bank deposit rates. Most of the SPACs that are now being liquidated were launched in 2022, when interest rates were higher. Based on the average interest rates applied over the three-year period, investors can expect annualized returns of at least 5 percent. Hana Financial Group’s SPAC No. 25, for example, was liquidated in May and paid interest rates of 4.7 percent, 3.55 percent, and 3.2 percent during its investment period.

Industry experts said that in many cases, investors in these SPACs are smiling as their returns outpace those of traditional savings accounts.

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