STCube, Inc. cancelled the acquisition of Bio Medical Holdings Co., Ltd.
June 03, 2014 at 12:00 am EDT
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STCube, Inc. (KOSDAQ:A052020) agreed to acquire Bio Medical Holdings Co., Ltd. for KRW 8.6 billion in stock on April 10, 2014. Under the terms of agreement, STCube will issue 1.4 million shares at an exchange ratio of 0.4187462. The start date for the submission period of existing shares is May 26, 2014 and end date is June 27, 2014. Bio Medical reported total assets of KRW 12.2 billion, net income of KRW 1.7 billion and net assets of KRW 7.3 billion for the year December 31, 2013. The transaction is resolved by the Board of STCube and Bio Medical Holdings and is subject to approval by shareholders of STCube and Bio Medical Holdings at the meeting to be held on May 23, 2014. The transaction is expected to close by July 1, 2014. The new shares will be listed by July 18, 2014. As of May 9, 2014, amendment report was submitted. The start date for the submission period of existing shares is now July 21, 2014 and end date is August 22, 2014. The meeting of shareholders of Bio Medical Holdings will now held on July 18, 2014. The transaction has been postponed and now expected to close by September 1, 2014. The new shares will now be listed by September 22, 2014.
STCube, Inc. (KOSDAQ:A052020) cancelled the acquisition of Bio Medical Holdings Co., Ltd. on June 3, 2014.
STCube, Inc. is a Korea-based company mainly engaged in the distribution of lenses and related components. Along with subsidiaries, the Company operates its business through two segments. The Information Technology (IT) segment is engaged in the distribution of closed-circuit television (CCTV) lenses and related components. The Biotechnology (BT) segment is engaged in the development and licensing of immunomodulatory anticancer drug therapeutic candidates.
STCUBE, INC. 
