Km Pharmaceutical Co., Ltd. entered into an agreement to acquire IBKS No.3 Special Purpose Acquisition Company in a reverse merger transaction.
February 27, 2018
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Km Pharmaceutical Co., Ltd. (XKON:A237720) entered into an agreement to acquire IBKS No.3 Special Purpose Acquisition Company (KOSDAQ:A225430) in a reverse merger transaction on February 28, 2018. The exchange ratio for the transaction between IBKS No.3 Special Purpose Acquisition and Km Pharmaceutical is 1: 7.0973583 and a total of 15.9 million shares will be issued by IBKS No.3 Special Purpose Acquisition. As on July 3, 2018, terms of the deal were revised. Under the revised terms, the exchange ratio for the transaction between IBKS No.3 Special Purpose Acquisition and Km Pharmaceutical is 1: 6.8593036 and a total of 15.4 million shares will be issued by IBKS No.3 Special Purpose Acquisition. Post completion, IBKS No.3 Special Purpose Acquisition Company will change its name to KM Pharmacy CO., LTD. The shareholders of IBKS No.3 Special Purpose Acquisition Company approved Ilmo Kang, Dongsoo Kim and Youngae Im as Internal Directors and Kyungsoo Han as External Directors of IBKS No.3 Special Purpose Acquisition Company.
The transaction is subject to approval by the shareholders of Km Pharmaceutical and IBKS No.3 Special Purpose Acquisition Company at a meeting to be held on July 13, 2018. The transaction was resolved by the Board of Directors of IBKS No.3 Special Purpose Acquisition Company on February 28, 2018. Creditors can submit their objections from August 9, 2018 to September 10, 2018. As on June 15, 2018, the shareholders' meeting was postponed to August 8, 2018. The transaction was approved by the shareholders of IBKS No.3 Special Purpose Acquisition Company at the extraordinary shareholders' meeting held on August 8, 2018. The transaction is expected to close on August 6, 2018. As on June 15, 2018, the transaction's expected closing was extended to September 11, 2018.
KMPharmaceutical Co Ltd is a Korea-based company principally engaged in the manufacture and sale of personal products. The Company is principally engaged in the manufacture and sale of oral hygiene products such as toothpaste, toothbrushes and gargles for children and adults. The Company is engaged in the manufacture and sale of beauty care products such as shampoo, body wash, cosmetics as well as other daily necessities. In addition, the Company is also engaged in the real estate leasing.