Taesung Co. Ltd. entered into a merger contract to acquire Shinyoung HappyTomorrow No.5 Special Purpose Acquisition Company from EBEST Investment & Securities Co., Ltd. and others in a reverse merger transaction.

Taesung Co. Ltd. entered into a merger contract to acquire Shinyoung HappyTomorrow No.5 Special Purpose Acquisition Company (KOSDAQ:A323280) from EBEST Investment & Securities Co., Ltd. (KOSDAQ:A078020) and others in a reverse merger transaction on January 14, 2022. The merger ratio of the parties to the merger was calculated to be Shinyoung Happy Tomorrow No.5 Company Acquisition Purpose Co., Ltd.: Taeseong Co., Ltd. = 1:3.5750000.

Post merger, Taesung Co., Ltd. will be listed on the KOSDAQ market. Shinyoung HappyTomorrow shareholders approval for the transaction is expected to receive on April 18, 2022. Transaction is expected to close on June 15, 2022.

Expected date of listing of new shares is June 28, 2022. As per the correction doc, the listing of new shares is expected on June 30, 2022.