TIS Holdings, Big Tree Investments Limited and Ahn Young-jae signed a contract to acquire a 19.6% stake in Infraware, Inc. (KOSDAQ:A041020) from Kwak Youngsoo and Selvas AI Inc. (KOSDAQ:A108860) for KRW 17.5 billion on February 3, 2020. Under the terms, SELVAS AI and Kwak Youngsoo will sell 17.88% and 1.72% stakes respectively, while TIS Holdings, Big Tree Investments Limited and Ahn Young-jae will acquire 2.24%, 7.28% and 10.09% stake respectively. A total of 7.35 million shares will change hands at KRW 2,382 per share. The price will be paid in 2 tranches, one at signing of contract and other at closing. As of February 19, 2020, first tranche of KRW 4.46 billion has paid on February 3, 2020 and second of KRW 11.49 billion to be payable on March 10, 2020. On February 5, 2020, an amendment report came. As per the amendment, The transaction is expected to close on February 19, 2020. The expected closing date got extended to February 20, 2020. As of February 19, 2020, transaction is scheduled to close on March 10, 2020. On February 26, 2020, the Board of Directors resolved that transferees did not implement the contract in a timely manner (February 20, 2020) and decided to cancel the contract in consideration of such circumstances and informed the buyer/investor. Accordingly, out of 6,700,056 shares being sold by Selvas AI Inc., 1,872,712 shares of Infraware Co., Ltd. acquired by Ahn Young-jae, Big Tree Investment Co., Ltd are attributable to the Ahn Young-jae, Big Tree Investment Co., Ltd and will not be returned.

TIS Holdings, Big Tree Investments Limited and Ahn Young-jae completed the acquisition of a 6.7% stake in Infraware, Inc. (KOSDAQ:A041020) from Kwak Youngsoo and Selvas AI Inc. (KOSDAQ:A108860) for KRW 6 billion on February 3, 2020. Post transaction, Selvas AI Inc. holds 12.89% stake.