Quad Pioneer Union 1 agreed to acquire 27.75% stake in Sewon Co.,Ltd. (KOSDAQ:A234100) from Axent Co., Ltd. and iA, Inc. (KOSDAQ:A038880) for KRW 28 billion on July 3, 2020. Under the terms of transaction Quad Pioneer Union 1 is acquiring 6.5 million shares for KRW 4326 per share. Quad Pioneer Union 1 made a down payment of KRW 2.80 billion on agreement date and the balance of KRW 25.2 billion will be paid on August 12, 2020. As of August 11, 2020, balance consideration of KRW 25.26 billion will be paid on August 18, 2020. Axent Co., Ltd is selling 4.22 million shares, representing 18.08% stake and IA Co., Ltd. is selling 2.26 million shares, representing 9.67% stake. As per the update on September 3, 2020, the date of payment of balance and transfer of stock has been changed to September 17, 2020. Transaction is expected to close on August 12, 2020. As reported on July 30, 2020, the transaction is expected to close on August 18, 2020. As reported on August 18, 2020, the transaction is now expected to close on September 3, 2020. As of September 3, 2020, the transaction is expected to close on September 17, 2020.

Quad Pioneer Union 1 cancelled to acquire 27.75% stake in Sewon Co.,Ltd. (KOSDAQ:A234100) from Axent Co., Ltd. and iA, Inc. (KOSDAQ:A038880) on September 17, 2020. Delays in the due date for payment of the balance twice, and on date of transaction closing, the Quad Pioneer has not fulfilled the obligation to pay the balance, hence this contract has been terminated by sending a notice of contract cancellation. Under this agreement, the deposit amount of KRW 2.8billion won will be definitively attributed to the transferor and will not be returned. Separately, seller will claim the penalty set in the contract. After the termination of this contract, there is no change in the shareholding.