Jung-Il Choi signed a contract to acquire 5.65% stake in Advanced Digital Chips Inc. (KOSDAQ:A054630) from Gi-Hong Kwon for KRW 5.3 billion in cash on July 31, 2015. Jung-Il Choi offered KRW 11041.66 per share and will acquire 0.48 million shares. An amount of KRW 500 million will be paid on contract signing and the balance will be paid on completion of the deal.

As of August 25, 2015, there is an amendment in the agreement. A sales contract right succession is taking place. As per amendment, Korinox ENT Co., Ltd signed a contract to acquire 5.87% stake in Advanced Digital Chips Inc. from Gi-Hong Kwon for KRW 5.3 billion in cash. Korinox ENT offered KRW 11041.66 per share and will acquire 0.48 million shares. The transaction is expected to close on September 14, 2015. As of September 15, 2015, scheduled payment date for remaining consideration of KRW 4.8 billion was changed to September 23, 2015. The deal is now expected to close by September 23, 2015. As of September 23, 2015, scheduled payment date for remaining consideration of KRW 4.8 billion was changed to October 8, 2015. The deal is now expected to close by October 8, 2015. As of October 12, 2015, scheduled payment date for remaining consideration of KRW 4.8 billion was changed to October 16, 2015. The deal is now expected to close by October 16, 2015.

Korinox ENT Co., Ltd cancelled the acquisition of 5.65% stake in Advanced Digital Chips Inc. (KOSDAQ:A054630) from Gi-Hong Kwon on October 16, 2015. Korinox ENT was not able to pay as planned which was to pay the share acquisition balance after the appointed time (11 AM) on October 16, 2015, but was not able to coordinate with Gi-Hong Kwon.