Shin Steel Co.,Ltd. agreed to acquire Hana Financial Fifteenth Special Purpose Acquisition Company (KOSDAQ:A341160) from Meritz Securities Co., Ltd. (KOSE:A008560) and others in a reverse merger transaction on May 20, 2022. The merger ratio is merger ratio 1: 0.7393715, i.e., 1 share of Shin Steel Co., Ltd. for 0.7393715 shares of Hana Financial Fifteenth Special Purpose Acquisition Company or KRW 2,705 per share. When the merger between Shin Steel Co.,Ltd. and Hana Financial Fifteenth Special Purpose Acquisition Company is completed, Shin Steel Co., Ltd. will become a surviving corporation, Hana Financial Fifteenth Special Purpose Acquisition Company will become an extinct corporation, and Shin Steel Co., Ltd. will be listed on the KOSDAQ market. Post completion, Seung Gon Shin will hold 48.90% of the surviving corporation. Merger expected date is November 8, 2022. As of September 8, 2022, Merger expected date is November 15, 2022. As of September 21, 2022, the transaction is expected to close on November 24, 2022. Hana Investment Banking & Securities Inc. acted as a financial advisor to Hana Financial Fifteenth Special Purpose Acquisition Company and was paid an advisory fee of KRW 200 million for its services.

Shin Steel Co.,Ltd. completed the acquisition of Hana Financial Fifteenth Special Purpose Acquisition Company (KOSDAQ:A341160) from Meritz Securities Co., Ltd. (KOSE:A008560) and others in a reverse merger transaction on December 1, 2022.