SEONG JI INDUSTRIAL CO.,LTD. signed a contract to acquire IoT business of WiSoL CO.,LTD. (KOSDAQ:A122990) for KRW 7.2 billion on March 11, 2019. Under the terms of the contract, tangible and non tangible assets of the WiSoL IoT business will be sold for KRW 4.1 billion and the inventory will be sold for KRW 3.1 billion. Under the terms of the transaction KRW 800 million will be paid within 7 business days after March 11, 2019, and the remaining balance will be received after completion of asset transfer. The deposit of KRW 800 million was completed on March 15, 2019. KRW 3,300 million was deposited on May 3, 2019. The contract for tangible assets was completed in April 2019. As on September 30, 2019, the inventory will be sold for KRW 3.183 billion. Due to ongoing negotiations, the amount may change. IoT business of WiSoL reported sales of KRW 70.4 billion in 2018. In future, WISOL HANOI CO.,Ltd. will sell its assets and inventories related to IoT business under a separate contract. The transaction is resolved by the Board of WiSoL CO.,LTD. On January 31, 2020, WiSoL announced that it received KRW 18.4 billion of cash from the transfer company of KRW 19.8 billion in cash, and KRW 1.42 billion was received as a credit loan as secured on January 31, 2020. The transaction is expected to close on March 31, 2019. As of April 1, 2019, the expected closing of the transaction was postponed to June 30, 2019. The expected closing of the transaction was postponed to September 2019. As of September 30, 2019, the expected closing of the transaction is January 31, 2020. The proceeds from the sale will be used by WiSoL for operating funds. JungJin Accounting Corporation and Jeongjin Accounting Firm acted as external rating institutions in the transaction. SEONG JI INDUSTRIAL CO.,LTD. cancelled the acquisition of IoT business of WiSoL CO.,LTD. (KOSDAQ:A122990) on January 31, 2021.