Double P Partners Co., Ltd. and New Tech Invest Fund 1 agreed to acquire 35.7% stake in Ezen Tech Co.,Ltd (KOSDAQ:A033600) from Baegeun Lee for KRW 16 billion on November 16, 2017. As per the terms of the transaction, Double P Partners Co., Ltd. will acquire 4.1 million shares at KRW 3896 per share. Double P Partners Co., Ltd. will deposit KRW 1.6 billion into the escrow account on November 16, 2017 and the balance of KRW 14.4 billion will also be deposited into the escrow account.

The payment of KRW 14.4 billion will be made when new Directors and auditor's selection proposals are passed at the extraordinary shareholders' meeting and share certificates and resignation letters are issued. As per the amendment received on January 4, 2018, Double P Partners Co., Ltd. and New Tech Invest Fund 1 agreed to transfer the position of buyer in the contract signed on November 16, 2017 to Hbio Holdings Co., Ltd. and Lightron Inc. (KOSDAQ:A069540). Hbio Holdings Co., Ltd. and Lightron Inc. will acquire 35.7% stake in Ezen Tech Co.,Ltd (KOSDAQ:A033600) from Baegeun Lee for KRW 16 billion on January 4, 2018.

Hbio Holdings Co., Ltd. and Lightron Inc. will both acquire 17.86% stake in Ezen Tech Co.,Ltd. and the terms of the transactions will remain the same. However, if necessary, shareholders may be allowed to issue share certificates or pay for repayment three days prior to the general shareholders' meeting. On January 8, 2018, the terms of the transaction were revised.

Baegeun Lee will now sell 4.1 million shares at KRW 3,652 per share. The extraordinary shareholders' meeting will be held on December 28, 2017. The transaction is expected to close on December 28, 2017.

On December 14, 2017, the expected closing was changed to January 16, 2018. On January 8, 2018, the expected closing date was changed to January 8, 2018.