IL Science Co., Ltd. entered into a merger agreement to acquire Shinyoung HappyTomorrow No.4 Special Purpose Acquisition Company from KB Securities Co., Ltd., Investment Arm and other shareholders in a reverse merger transaction.
July 25, 2019
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IL Science Co., Ltd. (XKON:A122050) entered into a merger agreement to acquire Shinyoung HappyTomorrow No.4 Special Purpose Acquisition Company (KOSDAQ:A307180) from KB Securities Co., Ltd., Investment Arm and other shareholders in a reverse merger transaction on July 26, 2019. Under the terms of the transaction, Shinyoung HappyTomorrow No.4 Special Purpose Acquisition Company will acquire IL Science Co., Ltd. and the exchange ratio is 1:2.21750000. Shinyoung HappyTomorrow No.4 Special Purpose Acquisition Company will issue 15.04 million shares as consideration. As per terms of the transaction, Shinyoung HappyTomorrow No.4 Special Purpose Acquisition Company will survive and Il Science Co., Ltd. will be dissolved. After the acquisition, IL Science Co., Ltd. will be listed on the KOSDAQ market while maintaining business continuity. The transaction is subject to approval of shareholders of Shinyoung HappyTomorrow No.4 Special Purpose Acquisition Company. A meeting of shareholders will be held on November 15, 2019. The Board of Directors passed a resolution for the transaction on July 26, 2019. As on November 13, 2019, the transaction was approved by the shareholders of Shinyoung HappyTomorrow on November 13, 2019. The transaction is expected to be completed on January 1, 2020. As per the amendment on September 30, 2019, it is reported that the transaction is expected to be completed on December 16, 2019.
IL Science Co,.Ltd., formerly Shinyoung HappyTomorrow No.4 Special Purpose Acquisition Company, is a Korea-based company mainly engaged in the manufacturing and distribution of lighting products. The Company manufactures and sells exterior lighting products, including pole lights, security lights, photovoltaic security lights, colonnade lights, bollards, head streets, wall lights, tunnel lights, flood lights; interior lighting products such as down lights, rail lights, parking lights, fluorescent lights, and others. The Company also produces and sells internet of things (IoT) smart products involving smart coordinators, smart routers, smart human detectors, smart motion sensors; as well as silicone lenses.
IL Science Co., Ltd. entered into a merger agreement to acquire Shinyoung HappyTomorrow No.4 Special Purpose Acquisition Company from KB Securities Co., Ltd., Investment Arm and other shareholders in a reverse merger transaction.
IL SCIENCE CO., LTD. 