SoftCamp Co., Ltd. (XKON:A210610) signed a merger agreement to acquire KB No.11 Special Purpose Acquisition Company (KOSDAQ:A258790) in a reverse merger transaction on August 20, 2019. KB No.11 Special Purpose Acquisition Company will issue 18.45 million common stock and 1.9 million type stock at merger ration of 1:413. The transaction is subject to approval of shareholders of SoftCamp and KB No.11 Special Purpose Acquisition Company. Approval of at least two-thirds of the voting rights of attending shareholders and at least one-third of the total number of shares issued is required. The Board of KB No.11 Special Purpose Acquisition Company resolved the transaction on August 20, 2019. The meeting of shareholders is expected on November 7, 2019. As of October 8, 2019, the shareholders meeting is now expected on November 15, 2019. The transaction is expected to close on December 11, 2019. The transaction is expected to close on December 17, 2019. E-Chon Accounting Corporation acted as the External Evaluation Body.

SoftCamp Co., Ltd. (XKON:A210610) completed the acquisition of KB No.11 Special Purpose Acquisition Company (KOSDAQ:A258790) in a reverse merger transaction on December 18, 2019.