UPK Holdings Co., Ltd. cancelled the contract to acquire 8.99% stake in NANO Co., Ltd. from Shin, Dong-Woo.
June 07, 2017
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UPK Holdings Co., Ltd. signed a contract to acquire 8.99% stake in NANO Co., Ltd. (KOSDAQ:A187790) from Shin, Dong-Woo for KRW 10.6 billion on April 17, 2017. UPK Holdings will acquire 3.5 million shares of NANO at KRW 3000 per share. UPK Holdings will deposit KRW 500 million at the time of contract signing, second payment of KRW 500 million will be paid upon receiving the resignation letter of all the registered Directors and auditors, KRW 9 billion will be paid when the new Director and auditor designated by UPK Holdings gets appointed and partial payment of KRW 573.64 million shall become a deferred payment and will be paid in cash upon expiration of the lock-up period at the same time the stock transfer is completed. The extraordinary shareholders' meeting is scheduled on June 7, 2017. The deal is expected to close on May 1, 2018.
UPK Holdings Co., Ltd. cancelled the contract to acquire 8.99% stake in NANO Co., Ltd. (KOSDAQ:A187790) from Shin, Dong-Woo on June 8, 2017. It was notified that the contract had been cancelled due to the UPK Holdings Co.'s failure to accomplish the contract terms.
NANO. Co., Ltd. formerly EUGENE SPECIAL PURPOSE ACQUISITION 1 CO., LTD. is a Korea-based company principally engaged in manufacturing catalyst products. The Company's product portfolio consists of De-NOx SCR (selective catalytic reduction) catalyst used for removing NOx contained in exhaust gas discharging from power plants, industrial boilers, ships, incinerators, chemical plants and diesel automobiles and honeycomb SCR catalyst.