Nain Tech Co., Ltd. signed an agreement to acquire Kyobo 7 Special Purpose Acquisition Company (KOSDAQ:A267320) from EBEST Investment & Securities Co., Ltd. (KOSDAQ:A078020) and others in a reverse merger transaction on July 4, 2019. Kyobo 7 Special Purpose Acquisition Company will issue 30.5 million shares at a merger ratio of 1: 10.939. The transaction is subject to the approval of shareholders of Nain Tech and Kyobo 7 Special Purpose Acquisition Company. The board of Nain Tech Co., Ltd. resolved the transaction on July 4, 2019. The transaction is expected to close on December 9, 2019. As of December 19, 2019, merger date is April 7, 2020. The consideration is funded by self owned funds. E-Jung Accounting Corporation acted as the External Evaluation Body in the transaction.

Nain Tech Co., Ltd. cancelled the acquisition of Kyobo 7 Special Purpose Acquisition Company (KOSDAQ:A267320) from EBEST Investment & Securities Co., Ltd. (KOSDAQ:A078020) and others in a reverse merger transaction on July 4, 2020.