Valofe Co., Ltd. agreed to acquire Kyobo 9 Special Purpose Acquisition Company (KOSDAQ:A331520) in a reverse merger transaction for approximately KRW 100 billion on April 12, 2022. Under the terms of transaction, the merger ratio is Kyobo 9 Special Purpose Acquisition Company: Valofe Co., Ltd. = 1: 50.2115 and Kyobo 9 issued 45.67 million newly merged stocks. Upon completion of the merger,formally Kyobo No. 9 Acquisition Purpose Co., Ltd. becomes a surviving corporation and Balloff Co., Ltd. becomes a disbanded corporation but the surviving corporation, Kyobo 9 Special Purpose Acquisition Company will succeed to the business of Valofe Co., Ltd & will have the effect of being listed on the KOSDAQ market while maintaining the continuity of the Balloff business. Upon completion of the merger, the largest shareholder will be changed to CEO Shin Jae-myung, and the stake will be 23.98%, and the largest shareholder, including related parties, will have 34.27%. The funds raised during the establishment of Kyobo No. 9 Acquisition Purpose Co., Ltd. and public offering on the KOSDAQ market will be used to expand and stabilize the business of the surviving corporation, thereby accelerating sales growth and profit realization. Kyobo 9 Special Purpose Acquisition Company board passed the resolution on April 12, 2022 & will conduct shareholder meeting on September 5, 2022. The transaction is subject to approval of Board and Shareholders of Kyobo 9 Special Purpose Acquisition Company. On July 14, 2022, Kyobo 9 by  submitting  an application for listing preliminary examination for merger listing to the exchange Approval of preliminary examination for listing on KOSDAQ. The transaction is expected to close on October 11, 2022. As of October 13, 2022, the transaction is expected to close on October 21, 2022.

Valofe Co., Ltd. completed the acquisition of Kyobo 9 Special Purpose Acquisition Company (KOSDAQ:A331520) in a reverse merger transaction on October 13, 2022.