Toebox Korea Co., Ltd. cancelled the acquisition of Daewoo SBI Special Purpose Acquisition 1 Co., Ltd. in a reverse merger transaction.
October 25, 2017
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Toebox Korea Co., Ltd signed a contract to acquire Daewoo SBI Special Purpose Acquisition 1 Co., Ltd. (KOSDAQ:A215480) in a reverse merger transaction on October 28, 2016. The merger ratio for the transaction is 1: 234.8228731. Daewoo SBI Special Purpose Acquisition 1 Co will issue 14.87 million shares as part of the transaction. Under the new amendment terms on February 2, 2017, the merger ratio for the transaction is 1:231.4593212. Daewoo SBI Special Purpose Acquisition 1 Co will issue 14.65 million shares as part of the transaction. As on February 13, 2017, under the new amendment terms, the merger ratio for the transaction is 1:230.4402603. Daewoo SBI Special Purpose Acquisition 1 Co will issue 14.6 million shares as part of the transaction. The officers of the Daewoo SBI Special Purpose Acquisition 1 Co., Ltd. including Jin-Shik Park and Byung-Kweon will resign on the date of the merger. The Chief Executive Offer will change from Takahashi, Yoshimi to Lee, Sungeun. The headquarter of Daewoo SBI Special Purpose Acquisition 1 Co., Ltd. will change from 56, Gukjegeumyung-ro, Yeongdeungpo-gu to 43, Digital-ro 34-gil, Guro-gu.
The transaction has been resolved by the Board of Directors of Daewoo SBI Special Purpose Acquisition 1 Co., Ltd. As on March 15, 2017, the shareholders of Daewoo SBI Special Purpose Acquisition 1 Co., Ltd. approved the transaction and selected Sungeun Lee, Joongdo Yoo and Yongjae Won as internal directors; and Yongsang Woo and Taehyun Cho as external directors of Daewoo SBI Special Purpose Acquisition 1 Co., Ltd. The deal is expected to complete on March 20, 2017. As per the amended terms of the transaction on January 16, 2017, the transaction is expected to complete on April 11, 2017. As per the new amendment on February 13, 2017, the transaction is expected to be completed by April 18, 2017. E-Chon Accounting Corporation acted as External Rating Institution in the transaction. As per announcement on April 26, 2017, Daewoo SBI Special Purpose Acquisition 1 Co., Ltd. will change name to Toebox Korea Ltd, effective April 28, 2017.
Toebox Korea Co., Ltd. cancelled the acquisition of Daewoo SBI Special Purpose Acquisition 1 Co., Ltd. (KOSDAQ:A215480) in a reverse merger transaction on October 26, 2017.
SBI Investment KOREA Co., Ltd. is a Korea-based company mainly engaged in the venture capital business. The Company mainly operates venture investment business, which focuses on the companies operating in biotechnology, computers and peripherals, electronics and components, environment, Internet, energy, media and entertainment, networking and equipment, semiconductors, software and others. The Company is also involved in corporate restructuring business, which provides recapitalization, restructuring and reorganization and others, and mergers and acquisitions (M&A) business.
SBI INVESTMENT KOREA CO., LTD. 
