Mfm Korea Co., Ltd. (XKON:A251960) entered into a contract to acquire Shinhan 5th Special Purpose Acquisition Company (KOSDAQ:A323230) from CENTROID Investment Partners and others in a reverse merger transaction for KRW 8.7 billion on June 5, 2020. Under the terms of the contract, the shares will be exchanged at a ratio of 1:1.2632207. Post completion, the largest shareholder of the merged company will be MFM HOLDINGS, LLC, parent of Mfm Korea Co., Ltd., with 58.9% stake assuming merger and convertible bond conversion. After the merger, the surviving company Shinhan No. 5 Company Acquisition Purpose Co., Ltd. will take up the business of MFM Korea Co., Ltd. and the company name will be changed to MFM Korea Co., Ltd. After the merger, Directors who will take office as a surviving company are appointed at the general shareholders' meeting, and as of the date of registration of the merger, the executives of the surviving company, Shinhan No. 5 Company Acquisition Purposes, resign and MFM Korea Co., Ltd. Executives, etc. will become employees of the surviving company. The transaction is subject to special resolutions, approval of at least two-thirds of the voting rights of attending shareholders of Mfm Korea Co., Ltd. and Shinhan 5th Special Purpose Acquisition Company, at least one-third of the total number of issued shares is required and backdoor listing in accordance with Article 2 (7) of the KOSDAQ Listing Regulations. Board of directors of Shinhan 5th Special Purpose Acquisition Company unanimously resolved the transaction on June 5, 2020. The shareholders meeting is scheduled on September 29, 2020. As of September 28, 2020, the shareholders meeting is scheduled on November 10, 2020. The period for receiving notification of anti-merger is from September 14, 2020 to September 28, 2020. As of September 28, 2020, the period for receiving notification of anti-merger is revised from October 26, 2020 to November 9, 2020. The listing of shares is expected to be on November 24, 2020. As of September 28, 2020, the listing of shares is expected to be on December 30, 2020. The transaction is expected to be completed on November 2, 2020. As of September 28, 2020, the transaction is expected to be completed on December 15, 2020. As of October 20, 2020, Scheduled trading suspension period starts on December 11, 2020. Hyundai Accounting Corporation acted as external rating institution in the transaction. Samsung Accounting Corporation acted as auditor for Mfm Korea.