Cosmecca Korea Co., Ltd. (KOSDAQ:A241710) signed a contract to acquire 34.71% stake in Englewood Lab, Inc. (KOSDAQ:A950140) from David C. Chung for KRW 57.8 billion on April 23, 2018. Cosmecca Korea will acquire 6.9 million shares of Englewood Lab at KRW 8375 per share. Under the terms of the agreement, KRW 12 billion will be paid as deposit between April 24, 2018 to April 30, 2018 and the balance payment of KRW 45.8 million will be paid on June 8, 2018, the shares will be delivered to Cosmecca Korea on June 8, 2018.

Post transaction, David C. Chung will not hold any stake and Cosmecca Korea will hold 34.71% stake in Englewood Lab, Inc. The transaction is expected to complete on June 8, 2018.