Xavis Co., Ltd. (XKON:A230400) agreed to acquire IBKS No. 5 Special Purpose Acquisition Company (KOSDAQ:A254120) from Ricoh Company, Ltd. (TSE:7752) and others in a reverse merger transaction on May 7, 2019. Merger ratio for the transaction is 1:4.0515.

As of date August 8, 2019, merger ratio for the transaction is revised to 1:4.006. As of August 26, 2019 merger ratio was further revised to 1: 3.403. As part of consideration, 13.9 million shares of IBKS No.

5 Special Purpose Acquisition Company will be issued. The transaction is expected to be completed on October 31, 2019.