LiComm Co., Ltd entered into an agreement to acquire IBKS No.16 Special Purpose Acquisition Company (KOSDAQ:A388790) in a reverse merger transaction on June 23, 2022. Under the terms of transaction, the merger ratio will be 1: 9.7235000 (IBKS No.16 Special Purpose Acquisition Company : LiComm Co., Ltd). A general meeting of shareholders will be held on December 22, 2022, to approve the transaction. Transaction is expected to close on November 21, 2022. As of October 4, 2022, The transaction is expected to close on January 11, 2023. As of November 7, 2022, the transaction is expected to close on January 26, 2023.

LiComm Co., Ltd completed the acquisition of IBKS No.16 Special Purpose Acquisition Company (KOSDAQ:A388790) in a reverse merger transaction on January 26, 2023. Taek Jeon has resigned as a Chief Executive Officer, and Seongjun Kim has replaced him as a new Chief Executive Officer.