Foxbrain Co., Ltd. (KOSDAQ:A039230) agreed to acquire Ekang tech Co., Ltd. from Heungsub Kang, Hongkyu Park, Hwayup Cho, Sinwoo Kang and Sinwook Kang for KRW 12 billion on March 12, 2018. Foxbrain Co., Ltd. will acquire 0.12 million shares. As part of consideration, Foxbrain Co., Ltd. will pay a deposit of KRW 9.5 billion with the issuance of 10th series unregistered coupon unguaranteed private convertible bond on March 12, 2018 and the balance KRW 2.5 billion will be paid in cash on May 31, 2018. Heungsub Kang will receive KRW 3.7 billion 10th series convertible bond and KRW 920 million in cash, Hongkyu Park will receive KRW 2.1 billion 10th series convertible bond and KRW 600 million in cash, Hwayup Cho will receive KRW 1 billion 10th series convertible bond and KRW 200 million in cash, Sinwoo Kang will receive KRW 1.5 billion 10th series convertible bond and KRW 480 million in cash and Sinwook Kang will receive KRW 1.2 billion 10th series convertible bond and KRW 300 million in cash. As of March 12, 2018, the convertible bonds of KRW 9.5 billion were issued. As of May 31, 2018, Foxbrain Co., Ltd. will pay KRW 2.5 billion on July 2, 2018. As of July 2, 2018, Foxbrain Co., Ltd. will pay KRW 2.5 billion on August 30, 2018. As of August 29, 2018, Foxbrain Co., Ltd. will pay remaining balance of KRW 2.5 billion on October 30, 2018. The Board of Directors passed a resolution on the transaction on March 12, 2018. The transaction is expected to complete on May 31, 2018. As on May 31, 2018, the deal is expected to close on July 2, 2018. As of July 2, 2018, the transaction is expected to be completed on August 30, 2018. As on August 29, 2018, the deal is expected to close on October 30, 2018. Jung Dong Accounting Corporation acted as the external rating institution. Foxbrain Co., Ltd. (KOSDAQ:A039230) cancelled the acquisition of Ekang tech Co., Ltd. from Heungsub Kang, Hongkyu Park, Hwayup Cho, Sinwoo Kang and Sinwook Kang on October 30, 2018. AIBIT Co., Ltd. decided to terminate the contract because the net asset value of Ekang could not be determined due to lack of reliable accounting data.