Korea No.8 Special Purpose Acquisition Co., Ltd. (KOSDAQ:A310870) agreed to acquire Dwc Co., Ltd. on June 9, 2021. After the merger, DwC Co., Ltd.'s main business, automobile and trailer manufacturing, will be its main business. In addition, the funds raised during the establishment of Korea No. 8 Acquisition Purpose Co., Ltd. and public offering on the KOSDAQ market will be used for facility investment and other operating funds of the companies subject to the merger.

As of the board resolution date of June 9, 2021, the largest shareholder of DwC is Jong-Hoon Lee, with a stake of 32.72%. The largest shareholder at the time of completion of the merger is Jong-Hoon Lee, and the expected stake between the largest shareholder and his/her related persons after the merger is 27.28% . Therefore, it is judged that there will be no problem in securing stable management rights of Dwc Co., Ltd. after the merger between Jonghoon Lee and his related parties. For the year ended December 31, 2021, Dwc Co., Ltd. reported Total Assets of KRW 97.3 billion, Total equity of KRW 31.8 billion, Net income of approximately KRW 670 million and Total debt of KRW 65.5 billion as The transaction is expected to close on November 15, 2021. As per the correction the transaction is expected to complete on November 30, 2021.