DHP Korea Ltd. entered into an agreement to acquire HI Special Purpose Acquisition Company I from Eugene Asset Management Co., Ltd. and other shareholders in a reverse merger transaction.
June 25, 2013 at 12:00 am EDT
Share
DHP Korea Ltd. entered into an agreement to acquire HI Special Purpose Acquisition Company I (KOSE:A131030) from Eugene Asset Management Co., Ltd. and other shareholders in a reverse merger transaction on June 25, 2013. Under the terms of the transaction, HI Special Purpose Acquisition Company I will issue 2.0218757 shares of its common stock for each share of DHP Korea Ltd. Following the transaction, HI Special Purpose Acquisition Company I will take over the business of manufacturing and sales business of ophthalmological products including artificial tears and will be the surviving entity, DHP Korea will be dissolved. The transaction was resolved by the Board of Directors of HI Special Purpose Acquisition Company I and DHP Korea Ltd. on June 25, 2013.
The transaction is subject to approval by the Board of Directors of HI Special Purpose Acquisition Company I and DHP Korea Ltd. expected to be received by September 2, 2013 and shareholders of HI Special Purpose Acquisition Company I and DHP Korea Ltd expected to be received by October 17, 2013. The transaction is expected to be completed on November 20, 2013.
As of August 12, 2013, it was announced that the scheduled date of general meeting of shareholders of DHP Korea Ltd. is on October 10, 2013. The transaction is expected to be completed on November 12, 2013 and the scheduled listing date is on November 22, 2013. As of August 19, 2013, the terms of transaction were revised. Under the revised terms, DHP Korea will issue 1 share each in exchange of 1.9047215 shares of HI Special Purpose. DHP Korea will issue 7.95 million shares in total to shareholders of HI Special Purpose Acquisition Company. The merger is expected to take place on November 12, 2013 and listing of shares is expected to take place on November 22, 2013. As of September 6, 2013, the terms of transaction were revised. Under the revised terms, DHP Korea will issue 1 share each in exchange of 1.900063 shares of HI Special Purpose. DHP Korea will issue 7.93 million shares in total to shareholders of HI Special Purpose Acquisition Company. As of October 7, 2013, KTB Asset Management sold all of its 9.76% stake in HI Special Purpose Acquisition Company I. The transaction has been approved by the shareholders of HI Special Purpose Acquisition Company on October 10, 2013.
Optus Pharmaceutical Co Ltd, formerly DHP Korea Co Ltd, is a Korea-based company primarily engaged in the manufacture and sale of pharmaceuticals. The Company is primarily engaged in the manufacture and sale of eye drops and ophthalmic preparations such as dry eye treatment agents, conjunctivitis treatment agents, anti-inflammatory medication agents, glaucoma treatment agents and others.
DHP Korea Ltd. entered into an agreement to acquire HI Special Purpose Acquisition Company I from Eugene Asset Management Co., Ltd. and other shareholders in a reverse merger transaction.
OPTUS PHARMACEUTICAL CO., LTD. 
