BIOCND Inc. signed a merger contract to acquire remaining 60.12% stake in Wonjin BCD Co., Ltd. on December 5, 2016. The consideration comprises issuance of 0.2 million shares of BIOCND Inc. at an exchange ratio of 0.077082406. Post completion of the merger, BIOCND Inc. will be the surviving company and Wonjin BCD Co., Ltd will be dissolved. The board of directors of BIOCND Inc. passed the resolution on November 29, 2016. As of December 5, 2016, the transaction was approved by the shareholders of BIOCND Inc. 6, BIOCND will issue 0.23 million shares as consideration. As of January 3, 2017, The board of BIOCND Inc. approved the transaction on January 3, 2017. As on January 9, 2017, shareholders of Wonjin BCD Co., Ltd. approved the transaction. The approval has replaced the general meeting of shareholders. The merger is expected to complete on February 13, 2017. For the year ended December 31, 2015 Wonjin BCD Co., Ltd. reported total assets of KRW 4.8 billion and net loss of KRW 48.1 million.