Douzone Bizon Co., Ltd. (KOSE:A012510) announced to spin off of General business division of Duzon Holdings Co ltd on February 21, 2022. The New company will be tentative named as NEW COMPANY CO., LTD. The spin-off surviving company to Separated new company ratio is 0.9660183: 0.0339817. As of December 31, 2021, General business division of Duzon Holdings reported total assets of KRW 84,542.7 million and total common equity of KRW 6.4 billion.

Douzone Bizon expected to get shareholders approval by April 26, 2022. At the 16th regular general meeting of shareholders, the company name was changed from Duzondas Co., Ltd. to Duzon Holdings Co., Ltd. Possibility of listing promotion and delisting of new spin-off stocks was June 22, 2022 and July 29, 2022 respectively. Due to the spin-off, the surviving company will be merged with stock, so in accordance with Article 37, Paragraph 1, No.

6 of the K-OTC Market Operation Regulations , trading will be suspended from May 26, 2022 to June 21, 2022, and in accordance with Article 15 of the Operation Regulations It is scheduled to be changed and registered in the K-OTC market on June 22, 2022 . However, it may be changed during the consultation process with related organizations. Expected date of divisional registration is May 11, 2022 but later correction date was may 27, 2022.

Transaction is expected to close on May 27, 2022 but later corrected to June 22, 2022.