Aprogen KIC Inc. (KOSE:A007460) agreed to acquire Aprogen Healthcare & Games Inc. (KOSDAQ:A109960) for approximately KRW 140 billion on April 24, 2020. As per the terms of the transaction, exchange ratio is 0.3395278 shares. As on July 8, The terms of transaction were revised and 60.67 shares were issued for exchange ratio of 0.3399528, resulting in acquisition price of approximately KRW 180 billion. In a related transaction, Aprogen KIC Inc. agreed to acquire Aprogen, Inc. As on April 24, 2020, Board of Aprogen KIC Inc. approved the transaction. Shareholder confirmation date for shareholders' meeting is June 29, 2020. A general meeting is scheduled on August 11, 2020. Transaction is expected to close on October 6, 2020. As of July 24, 2020, the transaction is expected to close on October 20, 2020. As of September 1, 2020, the transaction is expected to close on November 3, 2020. Samdeok Accounting Corporation acted as accountant to Aprogen Healthcare & Games Inc.

Aprogen KIC Inc. (KOSE:A007460) cancelled the acquisition of Aprogen Healthcare & Games Inc. (KOSDAQ:A109960) on September 8, 2020. In the process of merger, the effect of securities report was not made on the planned schedule and it is impossible to proceed with merger. The merger decision is withdrawn by board of directors of Aprogen Healthcare on September 8, 2020.