Global Tax Free Co., Ltd. agreed to acquire Yuanta 1 Special Purpose Acquisition Co., Ltd. (KOSDAQ:A204620) from Paratus Investment, Yuanta Securities Korea Co., Ltd., Smilegate Entertainment Inc, Smilegate Entertainment Inc and EBEST Investment & Securities Co., Ltd in reverse merger transaction on March 15, 2017. The merger ratio is 1:13.0185000 between Yuanta 1 Special Purpose Acquisition Co., Ltd. and Global Tax Free Co., Ltd. Yuanta 1 Special Purpose Acquisition Co., Ltd. will issue 96.2 new common shares and 2.3 million preferred stock. On June 30, 2017, the merger ratio was revised to 1:11.7650000 and 86.94 million new shares will be issued by Yuanta 1 Special Purpose Acquisition Co., Ltd. Yuanta 1 Special Purpose Acquisition Co., Ltd. will consequently continue to exist and Global Tax Free Co., Ltd. will be dissolved.

The name of Yuanta 1 Special Purpose Acquisition Co., Ltd. will be changed to Global Tax Free Co., Ltd. As approved by the shareholders' in their meeting on July 31, 2017, Jinwon Kang, Kyuyong Shin and Myungyong Lee will be appointed as internal Directors and Youngmin Gong and Youngsun Hwang will be appointed as external Directors. On March 15, 2017, Board of Directors passed resolution with respect to the transaction. The transaction is subject to approval by the shareholders of Yuanta 1 Special Purpose Acquisition in a meeting on July 31, 2017.

On July 31, 2017, shareholders' of Yuanta 1 Special Purpose Acquisition Co., Ltd. approved the transaction. The transaction is expected to close on September 5, 2017.