Namu Tech Co., Ltd. (XKON:A167380) signed a contract to acquire Kyobo Bnk Special Purpose Acquisition Company (KOSDAQ:A242040) in a reverse merger transaction on July 2, 2018. Under the terms, Kyobo Bnk Special Purpose Acquisition Company will acquire Namu Tech Co., Ltd. in a statutory merger with a merger ratio between Kyobo Bnk Special Purpose Acquisition Company:Namu Tech Co., Ltd. of 1:8.709. As a result, Kyobo Bnk Special Purpose Acquisition Company will issue 20.1 million shares as the consideration. Upon completion of the transaction, Kyobo Bnk Special Purpose Acquisition Company will be the surviving company whereas Namu Tech Co., Ltd. will become the dissolved company, technically having the effect of being listed on KOSDAQ under the continuity of its business. The largest shareholder of surviving company will be Soobyeong Lee and other related parties, holding 43.08% stake. The transaction is subject to the approval of the shareholders of Namu Tech Co., Ltd. and Kyobo Bnk Special Purpose Acquisition Company and will need more than 2/3 approval of the voting right of the present shareholders and more than one third of the total number of issued shares. General meeting of shareholders is expected on October 23, 2018. The transaction has been approved by the shareholders of Namu Tech and Kyobo Bnk Special Purpose Acquisition on October 23, 2016 as scheduled. The transaction is expected to close on November 26, 2018. The transaction is expected to be completed on November 27, 2018. G-Yul Accounting Corporation acted as an external rating institution in the transaction.