Axgate Co., Ltd. agreed to acquire IBKS No.14 Special Purpose Acquisition Company (KOSDAQ:A351320) in a reverse merger transaction for KRW 35.6 billion on July 15, 2020. The shares will be exchanged in the ratio of 1:4.192 where 17.5 million shares of IBKS No.14 will be issued. Upon completion, IBKS No.14 will cease to exist and the merged company will continue the business of Axgate and Axgate will be listed on the KOSDAQ market. GABIA, Inc., 45% stake holder in Axgate, will hold 73.22% stake in the merged company. The transaction is subject to approval of more than two-thirds of the voting rights of participating shareholders and one-third of the total number of shares issued. If the total number of shares that exercise the right to purchase stocks against the merger exceeds 33.33% of the total number of shares issued, the Board of Directors of the surviving or extinguished company may decide to complete this agreement. The new shares of Axgate is expected to be listed by December 29, 2020. The transaction is expected to be completed by December 13, 2020. HYUN Accounting Corporation conducted an external evaluation of the transaction. Axgate Co., Ltd. cancelled the acquisition of IBKS No.14 Special Purpose Acquisition Company (KOSDAQ:A351320) in a reverse merger transaction on July 21, 2020.