Bonne Co., Ltd. (XKON:A242420) signed a merger contract to acquire HMCIB No.3 Special Purpose Acquisition Company (KOSDAQ:A226340) in a reverse merger transaction on May 24, 2018. The exchange ratio for the transaction between HMCIB No.3 Special Purpose Acquisition Company and Bonne Co., Ltd. is 1:7.72202025 and a total of 25 million shares will be issued by HMCIB No.3 Special Purpose Acquisition Company. Before the transaction, the largest shareholder of HMCIB No.3 Special Purpose Acquisition Company is KB Securities Co., Ltd. while upon closing of the merger, the largest shareholder of HMCIB No.3 Special Purpose Acquisition Company will be changed to Sungki Lim, the largest shareholder of Bonne Co., Ltd. Sungki Lim and his related parties will hold 57.11% stake in HMCIB No.3 Special Purpose Acquisition Company. As of August 9, 2018, the exchange ratio was revised to 1: 6.96879028. HMCIB No.3 Special Purpose Acquisition Company will issue 22.6 million shares as consideration. After the transaction, the largest shareholder of HMCIB No.3 Special Purpose Acquisition Company will be changed to Sungki Lim, the largest shareholder of Bonne Co., Ltd. Sungki Lim and his related parties will hold 55.86% stake in HMCIB No.3 Special Purpose Acquisition Company. On completion, HMCIB No.3 Special Purpose Acquisition Company will survive and Bonne Co., Ltd. will be dissolved. However, Bonne Co., Ltd. has an effect of continuing its business and gets listed on KOSDAQ market. As of September 4, 2018, Bonne Co., Ltd expects to list on KOSDAQ from October 26, 2018. The Board of Directors passed a resolution on the transaction on May 24, 2018. As of September 4, 2018, meeting of Board of Directors of Bonne Co., Ltd is scheduled to take place on September 12, 2018. On September 12, 2018, the shareholders of Bonne Co., Ltd approved the transaction. The transaction has been approved by the shareholders of HMCIB No.3 Special Purpose Acquisition Company at the extraordinary shareholders' meeting held on September 12, 2018. Shareholders of HMCIB No.3 Special Purpose Acquisition Company also approved Sungki Im, Eunsil Kang and Youngsook Pyo appointed as internal directors and Junha Lee appointed as external director of HMCIB No.3 Special Purpose Acquisition Company. The transaction is expected to close on October 2, 2018. As per the amendment report on July 30, 2018, the transaction is now expected to close on October 16, 2018. As of October 1, 2018, scheduled delivery date of new shares is set as October 26, 2018 and the listing of new shares is scheduled on October 29, 2018. Nexia-Samduk is the external rating institution for the transaction.