Bugs Corporation (KOSDAQ:A104200) agreed to acquire 70% stake in HOW Entertainment Co., Ltd. from Yonggeol Lee for KRW 11 billion on August 30, 2016. As per the terms of the deal, Bugs Corporation will acquire 0.01 million existing shares from Yonggeol Lee at a price per share of KRW 585,714 and will acquire 6,830 new shares at KRW 585,714. HOW Entertainment Co., Ltd had total assets of KRW 4.5 billion, sales of KRW 4.1 billion and net loss of KRW 1.2 billion for the year ended December 31, 2015. The Board of Bugs Corporation resolved the deal on August 30, 2016. The expected closing date is September 26, 2016. On September 26, 2016, the closing date was emended to October 14, 2016.