Dream security.Co., Ltd. cancelled the acquisition of Shinhan 2nd Special Purpose Acquisition Co., LTD in a reverse merger transaction.
August 29, 2017
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Dream security.Co., Ltd. agreed to acquire Shinhan 2nd Special Purpose Acquisition Co., LTD (KOSDAQ:A203650) in a reverse merger transaction on August 30, 2016. Under the terms of the transaction Shinhan 2nd Special Purpose Acquisition Co., LTD will issue 29.2 million shares with the merger ratio of 1:9.3244565. As of August 30, 2016, the transaction was resolved by the Board of Directors of Shinhan 2nd Special Purpose Acquisition Co., LTD. On November 3, 2016, the merger ratio was amended to 9.274, now 29 million new shares will be issued. The scheduled date of general meeting of shareholders is December 26, 2016. On November 8, 2016, the merger ratio was amended to 9.2065 and now 28.81 million new shares will be issued.
Pursuant to the transaction, on January 12, 2017, Seung-Wan Kang, External Director, Won-Hyung Seo, the Non-executive Director, Won-Bae Lee, the Chief Executive Officer and Kang Rakwon of Shinhan 2nd Special Purpose Acquisition Co., LTD. resigned and Jingyu Beom became the Chief Executive Officer and holds 17.37 million shares in Shinhan 2nd Special Purpose Acquisition Co., LTD. As on January 12, 2017 Shinhan 2nd Special Purpose Acquisition Co., LTD. changed its headquarter into Dreamsecurity Co.,Ltd.'s headquarters. The expected closing of the deal is January 31, 2017. As per the amended terms, the expected closing of the deal is January 3, 2017. As of October 25, 2016, Shinhan 2nd Special Purpose Acquisition amended the terms of the transaction. As per the new terms, the shareholders' meeting will be held of December 6, 2016 and the deal is expected to close on January 10, 2017. Dasan Accounting Corporation acted as accountant for Shinhan 2nd Special Purpose Acquisition Co., LTD. The transaction was approved by the designated directors of Shinhan 2nd Special Purpose Acquisition Co., LTD.
Dream security.Co., Ltd. cancelled the acquisition of Shinhan 2nd Special Purpose Acquisition Co., LTD (KOSDAQ:A203650) in a reverse merger transaction on August 30, 2017.
Dream Security Co., Ltd., formerly Shinhan 2nd Special Purpose Acquisition Co., LTD., is a Korea-based company principally engaged in the information protection business. The Company provides solutions and system integration (SI) services including public key infrastructure (PKI) authentication, wired security, wireless security, electronic document security and others to government agencies, public institutions, financial institutions, and general companies. The Company is also involved in the operating and security equipment business.