Kornic Automation Co., Ltd. agreed to acquire NH Special Purpose Acquisition 21 Company (KOSDAQ:A391710) in a reverse merger transaction for approximately KRW 85.16 billion on December 15, 2021. Under the transaction, 32.75 million shares of NH Special Purpose Acquisition 21 Company will be issued. After the merger, the surviving corporation will be NH Special Purpose Acquisition 21 Company, and Kornic Automation Co., Ltd. will be extinguished, but Kornic Automation, the surviving corporation, will succeed the listing status. The largest shareholder of NH Special Purpose Acquisition 21 Company., Ltd. is Wooshin Venture Investment Corp. with a 16.09% stake, and the largest shareholder of Kornic Automation Co., Ltd. is APS Holdings Corporation. with 54.37%. Upon completion of the merger, the largest shareholder will be changed to APS Holdings Corporation. and the stake including related parties will be 81.88%. When the merger between NH Special Purpose Acquisition 21 Company and Kornic Automation Co., Ltd. is completed, NH Special Purpose Acquisition 21 Company becomes a surviving corporation and Kornic Automation Co., Ltd. becomes a disbanded corporation., but in reality, it will be listed on the KOSDAQ market while maintaining the continuity of Kornic Automation Co., Ltd. NH Special Purpose Acquisition 21 Company board approved the transaction. The transaction is expected to be closed in July 14, 2022.
Kornic Automation Co., Ltd. completed the acquisition of NH Special Purpose Acquisition 21 Company (KOSDAQ:A391710) in a reverse merger transaction on July 14, 2021.