Soltworks Co., Ltd. signed a merger contract to acquire IBKS No. 4 Special Purpose Acquisition Company (KOSDAQ:A230980) from With Investment Co., Ltd., Kc Investment Co., Ltd, and others in a reverse merger transaction on June 2, 2016. Under the terms of the contract, IBKS will issue 1 share for every 2.759 sahres of Soltworks. IBKS will issue 6.84 million new shares as consideration. After completion of the transaction IBKS will survive and Soltworks will be dissolved after the merger. As on September 12, 2016, the deal terms revised. The new share exchange ratio is 1:2.624. As of November 21, 2016 Lee, Hankyu resigned following the merger of the special purpose acquisition company. The deal is subject to approval of shareholders of IBKS No. 4 Special Purpose Acquisition Company and has been approved by the Board of IBKS No. 4 Special Purpose Acquisition Company. The transaction is expected to close on October 24, 2016. As of August 26, 2016, the transaction is now expected to close on November 15, 2016. Hansung Accounting Corporation acted as external rating institution in the transaction. As of October 11, 2016 the shareholders of IBKS No. 4 Special Purpose Acquisition Company has been approved the transaction. The stock option exercise date is from October 11, 2016 to October 31, 2016. The period of submission of objections from creditors is October 12, 2016 to November 14, 2016. The new shares will be listed on December 5, 2016.