Wing's Foot.,Inc agreed to acquire IBKS No.12 Special Purpose Acquisition Company (KOSDAQ:A335870) for KRW 30.6 billion in a reverse merger transaction on April 22, 2022. The merger ratio is IBKS No.12 Special Purpose Acquisition Company: Wing's Foot.,Inc = 1:100.4495000. The largest shareholder at the time of completion of the merger is Kim Young-chun, and the expected stake ratio between the largest shareholder and his/her related persons after the merger is 52.03%. Upon completion of the merger, the surviving corporation is IBKS No.12 Company Acquisition Purpose Co., Ltd. but the actual business activities will be conducted by Wingsput Co., Ltd. Through this merger, Wingsput Co., Ltd. will enjoy the effect of being listed on the KOSDAQ market. Date of general meeting of shareholders for approval shall be September 6, 2022. Transaction is expected to close on September 20, 2022. Transaction is expected to close on October 11, 2022.

Wing's Foot.,Inc completed the acquisition of IBKS No.12 Special Purpose Acquisition Company (KOSDAQ:A335870) in a reverse merger transaction on October 12, 2022.