Russell Co. Ltd. signed a contract to acquire HI Special Purpose Acquisition Company III Co., Ltd. (KOSDAQ:A217500) in a reverse merger transaction on November 16, 2017. As consideration, HI Special Purpose Acquisition Company III Co., Ltd. will issue 26.06 million shares. Merger ratio for the transaction is 1:13.031000. Upon completion of the merger, the surviving corporation will be HI Special Purpose Acquisition Company III Co., Ltd. and the actual business activities will be carried out through the existing business which is the dissolving corporation, Russell Co., Ltd. On March 30, 2018, HI Special Purpose Acquisition Company III Co., Ltd proposed to change its company name to Russell Co., Ltd. The transaction is subject to approval of shareholders holding more than one third of the total number of issued shares of Russell Co. Ltd. and HI Special Purpose Acquisition Company III Co., Ltd. The general meeting of the shareholders is planned on March 9, 2018. The transaction was resolved by the Board of Directors of HI Special Purpose Acquisition Company III Co., Ltd. on November 16, 2017. The transaction is expected to be completed by April 13, 2018. As of February 21, 2018, the general meeting of the shareholders is planned on March 30, 2018 and the transaction is expected to be completed by May 2, 2018. On March 30, 2018, the transaction was approved by the shareholders of HI Special Purpose Acquisition Company III Co., Ltd. HANUL ACCOUNTING CORPORATION acted as an external rating institution in the transaction. Russell Co. Ltd. completed the acquisition of HI Special Purpose Acquisition Company III Co., Ltd. (KOSDAQ:A217500) in a reverse merger transaction on May 2, 2018. Following the completion, Changbae Hong, Donghoon Jung and Youngjin Hawng resigned as Directors and Kangjik Lee replaced Changbae Hong as the Chief Executive Officer of HI Special Purpose Acquisition Company III Co., Ltd. The head office of HI Special Purpose Acquisition Company III Co., Ltd. is planned to be changed to Jincheon-gun, Chungcheongbuk-do, Republic of Korea on May 9, 2018, as resolved by the Board of HI Special Purpose Acquisition Company III Co., Ltd.