H&B Design Co., Ltd. (KOSDAQ:A227100) agreed to acquire 41.48% stake in Soo Co., Ltd. from Metaversal Group Co., Ltd and SS Management Co., Ltd for KRW 13 billion on June 8, 2023. As reported, H&B Design Co., Ltd. will acquire 100,000 shares in Soo Co., Ltd. The consideration payment will be made with previously issued bonds as 5th convertible bond of KRW 5.2 billion, 6th convertible bond of KRW 2.6 billion and 3rd Bonds with warrants of KRW 5.2 billion. The full payment will be made on the day of signing of the contract.

As at end of December 2022, Soo Co., Ltd. reported total assets of KRW 4.2 billion, total capital of KRW 913 million, sales of KRW 1.8 billion and net income of KRW 191 million. The Board of Directors of H&B Design Co., Ltd. resolved the acquisition on June 8, 2023. The acquisition is expected to close on June 8, 2023.