Arion Technology Inc. (KOSDAQ:A058220) agreed to acquire 16% stake in Chingchan Vitamin Co., Ltd. from Seung-Eun Lee and Jong-gu Jeong for KRW 4 billion on February 26, 2020. Under the terms of the transaction, Arion Technology Inc. will pay cash and issue convertible bonds to acquire 3,200 share of Chingchan Vitamin Co., Ltd. Arion Technology Inc. converts the 13th convertible bonds (total amount of 3.6 billion KRW) as down payment and the balance is paid in cash on February 25, 2021. As of February 25, 2021, the cash will be paid on May 19, 2021. For the year ended 2019, Chingchan Vitamin Co., Ltd. reported total assets of KRW 2.7 billion and total common equity of KRW 445 million. The transaction is resolved by the Board of Directors of Arion Technology Inc. The transaction is expected to close on February 25, 2021. As of February 25, 2021, the transaction is expected to close on May 19, 2021. Arion Technology Inc. (KOSDAQ:A058220) cancelled the acquisition of 16% stake in Chingchan Vitamin Co., Ltd. from Seung-Eun Lee and Jong-gu Jeong on February 26, 2021.