RED BC Co., Ltd. agreed to acquire Kiwoom No. 2 Special Purpose Acquisition Company (KOSDAQ:A184230) from Dream Asset Management Co. Ltd.and others in a reverse merger transaction on December 10, 2014. Merger ratio for the transaction is 1:3.0642962 between Kiwoom NO.2 Special Purpose Acquisition Company and REDBC Co.,Ltd. Kiwoom No. 2 Special Purpose Acquisition Company will issue 11.55 million shares as consideration. Post acquisition, Kiwoom No. 2 Special Purpose Acquisition Company will survive and RED BC Co., Ltd. will be dissolved. Board of Directors of Kiwoom No. 2 Special Purpose Acquisition Company made a resolution in favor of the transaction on December 10, 2014. A shareholders meeting of Kiwoom No. 2 Special Purpose Acquisition will be held on March 27, 2015 to approve the deal.

As of February 16, 2015, the tentative date of shareholders approval has been changed from March 27, 2015 to April 16, 2015. As of March 5, 2015, Dream Asset Management Co. Ltd.'s stake has decreased to 0.53%. The deal is expected to close on April 30, 2015. The merger date has been changed from April 30, 2015 to May 19, 2015. As on March 6, 2015, the merger ratio has been amended to 1:3.0589381. As of March 17, 2015, the merger ratio has been amended to 1:3.0511447.

As of March 25, 2015, the merger ratio has been changed to 1:3.0321481. Kiwoom No. 2 Special Purpose will issue 11.43 million shares as consideration. The meeting of shareholders will be held on April 21, 2015. The creditors can submit their objections from April 22, 2015 to May 26, 2015. The transaction is expected to complete on May 27, 2015. Samyoung Accounting Corporation will provide external valuation for Kiwoom No. 2 Special Purpose Acquisition Company. As of April 21, 2015, After completion Kiwoom No. 2 Special Purpose will change its name to RED BC Co., Ltd. As of April 21, 2015, the shareholders of Kiwoom No. 2 Special Purpose Acquisition Company approved the transaction.