Sinsiway Co., Ltd. agreed to acquire IBKS No.17 Special Purpose Acquisition Company (KOSDAQ:A405350) for KRW 1.5 billion in a reverse merger transaction on May 12, 2023. The source of funds required of purchase is working capital. The exchange ratio is 1:0.2278683. Transaction is Subject to shareholders approval and is expected to close on October 13, 2023.

Sinsiway Co., Ltd. completed the acquisition of IBKS No.17 Special Purpose Acquisition Company (KOSDAQ:A405350) in a reverse merger transaction on October 12, 2023.