Creative & Innovative System Corporation (KOSDAQ:A222080) Signed a letter of intent to acquire remaining 12.96% stake in CI Solid Co., Ltd. from Hanjun Kim and others for KRW 6.03 billion on December 27, 2023. Creative & Innovative System Corporation (KOSDAQ:A222080) agreed to acquire remaining 12.96% stake in CI Solid Co., Ltd. from Hanjun Kim and others for KRW 6.03 billion on December 29, 2023. Prior to the transaction, Creative & Innovative System Corporation (KOSDAQ:A222080) held 87.04%. Under the terms, the merger ratio for common stock of CI Solid is 1: 0.7106157 and for the convertible preferred stock is 1: 2.9853258. Creative & Innovative System will issue total 0.56 million shares of common stock as consideration. CI Solid reported total assets of KRW 13.93 billion, total debt of KRW 2.73 billion, total capital of KRW 11.2 billion, sales of KRW 2.5 billion and net loss of KRW 546.3 million for the fiscal year ending 2022. Completion of the transaction is subject to approval by shareholders and the Board of Directors of Creative & Innovative System and CI Solid, approval under Monopoly Regulation and Fair Trade Act and approval by government agencies The transaction is expected to complete on February 28, 2024. The merger date is now revised to March 5, 2024.

Creative & Innovative System Corporation (KOSDAQ:A222080) completed the acquisition of 12.96% stake in CI Solid Co., Ltd. from Hanjun Kim and others on March 5, 2024.