Km Pharmaceutical Co., Ltd. (XKON:A237720) entered into an agreement to acquire IBKS No.3 Special Purpose Acquisition Company (KOSDAQ:A225430) in a reverse merger transaction on February 28, 2018. The exchange ratio for the transaction between IBKS No.3 Special Purpose Acquisition and Km Pharmaceutical is 1: 7.0973583 and a total of 15.9 million shares will be issued by IBKS No.3 Special Purpose Acquisition. As on July 3, 2018, terms of the deal were revised. Under the revised terms, the exchange ratio for the transaction between IBKS No.3 Special Purpose Acquisition and Km Pharmaceutical is 1: 6.8593036 and a total of 15.4 million shares will be issued by IBKS No.3 Special Purpose Acquisition. Post completion, IBKS No.3 Special Purpose Acquisition Company will change its name to KM Pharmacy CO., LTD. The shareholders of IBKS No.3 Special Purpose Acquisition Company approved Ilmo Kang, Dongsoo Kim and Youngae Im as Internal Directors and Kyungsoo Han as External Directors of IBKS No.3 Special Purpose Acquisition Company. The transaction is subject to approval by the shareholders of Km Pharmaceutical and IBKS No.3 Special Purpose Acquisition Company at a meeting to be held on July 13, 2018. The transaction was resolved by the Board of Directors of IBKS No.3 Special Purpose Acquisition Company on February 28, 2018. Creditors can submit their objections from August 9, 2018 to September 10, 2018. As on June 15, 2018, the shareholders' meeting was postponed to August 8, 2018. The transaction was approved by the shareholders of IBKS No.3 Special Purpose Acquisition Company at the extraordinary shareholders' meeting held on August 8, 2018. The transaction is expected to close on August 6, 2018. As on June 15, 2018, the transaction's expected closing was extended to September 11, 2018. Km Pharmaceutical Co., Ltd. (XKON:A237720) completed the acquisition of IBKS No.3 Special Purpose Acquisition Company (KOSDAQ:A225430) in a reverse merger transaction on September 12, 2018. Following completion, Sungeun Kim resigned as an Internal Director of IBKS No.3 Special Purpose Acquisition Company and Ilmo Kang became the largest shareholder. Sangmo Gu, Chief Executive Officer of IBKS No.3 Special Purpose Acquisition Company resigned and IlMo Kang became the new Chief Executive Officer. The headquarter of IBKS No.3 Special Purpose Acquisition Company was changed to 121, Pyeongtaekhang-ro 268beon-gil, Poseung-eup, Pyeongtaek-si, Gyeonggi-do.