Solution Advanced Technology Co., Ltd. (XKON:A158300) entered into a contract to acquire IBKS No.14 Special Purpose Acquisition Company (KOSDAQ:A351320) for approximately KRW 170 billion in a reverse merger transaction on April 30, 2021. The shares will be exchanged at ratio of 1 : 4.8440000. Upon completion of the merger, the surviving corporation is IBKS No.14 Special Purpose Acquisition Company, which is listed on the KOSDAQ market, but the actual management activities are extinguished and the merged corporation, Solution Advanced Technology Co., Ltd., through the existing business.

Through this merger, Solution Advanced Technology Co., Ltd. will enjoy the effect of listing on the KOSDAQ market. This will secure recognition as a listed corporation. The transaction is subject to approval of at least two-thirds of the voting rights of the participating shareholders and approval of one-third of the total number of issued stocks is required. The transaction was resolved by the Board of Directors of IBKS No.14 Special Purpose Acquisition Company on April 30, 2021.

As of August 4, 2021, IBKS No.14 Special Purpose Acquisition Company's shareholder meeting date was revised from August 5, 2021 to October 1, 2021. As of September 6, 2021, IBKS No.14 Special Purpose Acquisition Company's shareholder meeting date was revised from October 1, 2021 to October 22, 2021. The transaction is expected to close on September 7, 2021.

As of August 4, 2021, the transaction is expected to close on November 2, 2021. As of August 19, 2021, the merger date is expected to be November 4, 2021. As of September 3, 2021, the merger date is expected to be November 23, 2021.