Korea Materials & Analysis Corp. (KOSDAQ:A043290) signed a merger contract to acquire LET co., Ltd (KOSDAQ:A297890) from HB Technology CO.,LTD. (KOSDAQ:A078150) and other shareholders for approximately KRW 120 billion in a reverse merger transaction on March 30, 2021. Under the terms of the transaction, LET co., Ltd will acquire Korea Materials & Analysis Corp. and LET co., Ltd will issue 0.1925541 shares for each share of Korea Materials & Analysis Corp. LET co., Ltd will issue 7.41 million shares as consideration. After the transaction, LET co., Ltd will be the surviving company and Korea Materials & Analysis Corp. will become an extinct company. After the merger, Korea Materials & Analysis Corp.'s name will change to HB Solution Co., Ltd. Upon completion of the merger, the largest shareholders and related parties' shares of the merger surviving company are expected to change from 52.56% to 41.95%. The period for receiving notification of anti-merger is from May 14, 2021 to May 28, 2021. A meeting of shareholders is scheduled on May 31, 2021. The resolutions at the general shareholders' meeting on the approval of a merger are subject to special resolutions. Therefore, failure to obtain approval of more than two-thirds of the voting rights of attending shareholders and more than one-third of the total number of issued stocks at the extraordinary general shareholders' meeting for approval of this merger may result in the merger being cancelled. The Board of Directors passed are resolution for the transaction on March 30, 2021. The transaction is expected to be completed on July 1, 2021. The merger registration is dated July 2, 2021 and new shares will be listed on July 20, 2021.

Korea Materials & Analysis Corp. completed the acquisition of LET co., Ltd (KOSDAQ:A297890) from HB Technology CO.,LTD. (KOSDAQ:A078150) and other shareholders in a reverse merger transaction on July 1, 2021.