RAONTECH Inc. agreed to acquire Daishin Balance No.11 Special Purpose Acquisition Co., Ltd. (KOSDAQ:A397500) for KRW 7.1 billion in a reverse merger transaction on May 4, 2022. The merger ratio shall be 1:0.3595946. As per the transaction, 2,736,514 shares of Daishin Balance No.11 Special Purpose Acquisition shall be issued. As of November 9, 2022, the revised merger ratio is 1 : 0.4495300. As per the terms, 3,420,923 shares of Daishin Balance No.11 Special Purpose Acquisition shall be issued. As of November 28, 2022, as per the the revised terms, the merger ratio is 1: 0.4572854 and total 3,479,941 shares of Daishin Balance No.11 Special Purpose Acquisition shall be issued. The surviving corporation, RAONTECH Inc, will be listed on the KOSDAQ market. As of May 4, 2022, Board of Daishin Balance No.11 Special Purpose Acquisition approved the transaction. The merger date is scheduled to be November 21, 2022. As of September 15, 2022, the acquisition is expected to close on December 19, 2022. As of October 21, 2022, Transaction is expected to close on January 10, 2023. As of November 9, 2022, Transaction is expected to close on January 30, 2023. As of November 17, 2022, Transaction is expected to close on February 17, 2023. As of December 28, 2022, Transaction is expected to close on February 20, 2023.

RAONTECH Inc. completed the acquisition of Daishin Balance No.11 Special Purpose Acquisition Co., Ltd. (KOSDAQ:A397500) in a reverse merger transaction on February 20, 2023.