Chemtros Co., Ltd. signed an agreement to acquire CAPE-ES Special Purpose Acquisition Co., Ltd. (KOSDAQ:A220260) from ES Investor Co., Ltd. and others in a reverse merger transaction on April 10, 2017. CAPE-ES Special Purpose Acquisition Co. will issue 20.5 million shares as consideration. The merger ratio is 1:4.7050021 between CAPE-ES Special Purpose Acquisition Co. and Chemtros. Upon completion of the transaction, the largest shareholder of CAPE-ES Special Purpose Acquisition Co., Ltd will be Donghoon Lee and four others holding 33.36% stake. Post-closing, CAPE-ES Special Purpose Acquisition Co. will survive and Chemtros Co., Ltd. will be dissolved. The head office location will be changed following the merger. The Board of Directors passed a resolution for the transaction on April 10, 2017. Meeting of shareholders will be held on July 28, 2017. As of July 12, 2017, meeting of shareholders for approval of transaction will be held on August 14, 2017. As of August 14, 2017, the transaction was approved by the extraordinary shareholders’ meeting of CAPE-ES Special Purpose Acquisition Co., Ltd. The creditors can submit their objections from July 29, 2017 to August 30, 2017 and the expected merger date is June 21, 2017. The merger registration date is revised to September 5, 2017. As of June 26, 2017, the creditors can submit their objections from August 12, 2017 to September 13, 2017, the expected merger date is further extended to September 14, 2017 and the merger registration date is September 18, 2017. As of July 12, 2017, the expected merger date is revised to September 19, 2017. Nexia-Samduk acted as the external rating institution.