KNW Co., Ltd. (KOSDAQ:A105330) agreed to acquire GI Materials Co., Ltd for KRW 16.3 billion on January 11, 2021. Under the terms the exchange ratio is 1 : 8.5183430. After this merger, KNW Co., Ltd. will remain as a surviving corporation, and GI Materials Co., Ltd. will disappear. The transaction is subject to shareholders approval of KNW Co., Ltd. The merger is subject to the following conditions-i) both the parties must have obtained approval under Article 4 for the merger ii) In connection with the merger, all licenses including, but not limited to, a report on merger under the Monopoly Regulation and Fair Trade Act that must be obtained by the merger date in relation to the merger must have been acquired iii) the notification and registration procedures required by the merger date must have been completed iv) all statements and guarantees by each party under this agreement is true and true in the respect of the date of conclusion of this agreement and the date of merger v) all commitments and other obligations as required by each party is performed under this Agreement vi) No material negative changes to the property and business condition of each party from the date of conclusion of this contract until the merger date Vii). There shall be no lawsuit, seizure, provisional injunction, administrative action, etc. that interfere with or delay the current or potential merger. The transaction is expected to close on April 1, 2021. Taeyul Accounting Corporation acted as accountant in the transaction. KNW Co., Ltd. (KOSDAQ:A105330) completed the acquisition of GI Materials Co., Ltd from a group of shareholders on April 1, 2021. Under the terms, based on merger ratio, KNW Co., Ltd. issued 1,874,035 new shares to the shareholders of GI Materials. Post completion of the transaction, Wonseok Oh, who held 27.27% in GI and 19.03% in KNW, holds 20.3% stake; Oh Beomseok, who held 53.64% in GI and 9.77% in KNW, holds 16.54% stake; Jochunji, who held 4.93% in KNW, holds 4.17% stake; Creation, who held 6.36% in GI, holds 0.98% stake; Kwon-ki Hong who held 5% in GI, holds 0.77% stake; and other shareholders holds 55.68% stake in the merged entity.