BIOCND Inc. signed a merger contract to acquire remaining minority stake in Wonjin BCD Co., Ltd. on September 9, 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. 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. The board of directors of BIOCND Inc. passed the resolution on September 9, 2016. As of October 25, 2016, the transaction was approved by the shareholders of BIOCND Inc. On October 28, 2016, BIOCND will issue 232392 shares as consideration. The Expected closing of the merger is on December 1, 2016.