The Board of Soulbrain Co.,Ltd. (KOSDAQ:A036830) announced the spin-off of Manufacturing division of Soulbrain Co.,Ltd. on January 22, 2020. Shareholders of Soulbrain shall be divided by the method of personnel division in which shares of a newly split new company are allocated in proportion to the shareholding ratio at the date of the new share allocation. The spin-off ratio for assignment of shares is 0.4470885. However, among the businesses operated by the divided companies, the manufacturing division ("divided target business division") is divided to establish a new split-division company, and the divided companies remain in the investment business division. Fractional shares of less than 1 share shall be paid in cash at the closing price of the relisting date of the new shares of a new spin off Soulbrain Co.,Ltd. After the split, the newly issued shares of the newly split company will be re-listed on the KOSDAQ market after the re-listing under the KOSDAQ listing rules of the Korea Exchange. Post spin off completion, the surviving Company name will be Soulbrain Holdings Co.,Ltd. (tentative name). As at September 30, 2019, the business reported total assets of KRW 502.6 billion and total capital of KRW 358.3 billion. New stock allocation date is June 30, 2020 and scheduled listing of new shares date is August 6, 2020. Scheduled date of shareholders' meeting is May 14, 2020. Expected period of suspension of trading is from June 29, 2020 to August 5, 2020. The day of spin off shall be July 1, 2020.

The Board of Soulbrain Co.,Ltd. (KOSDAQ:A036830) completed the spin-off of Manufacturing division of Soulbrain Co.,Ltd. on July 1, 2020. Soulbrain divided the company into a holding company and a business company, as announced earlier. Soulbrain Holdings will be the surviving corporation and Soulbrain the spin-off that will continue its previous businesses.