Kostecsys.co.,LTD agreed to acquire Kyobo 10 Special Purpose Acquisition Company from GenSM Co., Ltd and others for KRW 63.4 billion in a reverse merger transaction.

kostecsys.co.,LTD agreed to acquire Kyobo 10 Special Purpose Acquisition Company (KOSDAQ:A355150) from GenSM Co., Ltd and others for KRW 63.4 billion in a reverse merger transaction on August 31, 2022. The merger ratio for the transaction is 1:6.4225000. Post completion, kostecsys.co.,LTD will enjoy the benefit of being listed on KOSDAQ.

The transaction is expected to close on February 20, 2023. As of December 28, 2022, the transaction is expected to close on March 20, 2022. As of February 15, 2023, Kyobo shareholders has approved the merger.

As of March 20, 2023, the transaction is expected to close on March 21, 2023.