Jawonmedical. Co. Ltd. signed an agreement to acquire Hana Must Second Special Purpose Acquisition Company Ltd. (KOSDAQ:A208370) in a reverse merger transaction on March 31, 2016.

Under the terms of transaction, Hana Must Second will issue 58.8 million shares to Jawonmedical with the merger ratio of 1:34.154634. Upon completion, Jawonmedical will be merged and Hana Must Second will be surviving entity. As the resolution conditions of the general meeting of shareholders for the merger approval of Hana Must Second Special Purpose Acquisition Company Ltd and Jawonmedical.

Co. Ltd corresponds to the special resolution conditions; it needs an approval of more than 1/3 of total number of issued shares and more than 2/3 voting rights of the participated shareholders. The general meeting of shareholders is scheduled on July 14, 2016.

The creditors can submit their objections from July 15, 2016 to August 16, 2016. The Board of Directors passed a resolution for the transaction on March 31, 2016. The transaction is expected to close on August 17, 2016 and the registration date for merger of August 18, 2016.

The listing date of new shares is August 31, 2016. As of June 3, 2016, the scheduled date of the meeting of shareholders was revised to July 21, 2016, while the period for creditors to submit their objections was amended to July 22, 2016 - August 23, 2016. As on June 23, 2016, the exchange ratio is amended to 1:33.5645000.

The transaction has been approved by the shareholders of Hana Must Second Special Purpose Acquisition Company Ltd on July 28, 2016. The expected closing date of the transaction is now August 24, 2016 and the listing date of new shares, September 7, 2016. As of June 3, 2016, the expected closing date of the transaction is now August 30, 2016.

Hanul Accounting Corporation acted as the external rating institution.