Viol Co., Ltd. entered into a contract to acquire IBKS No.11 Special Purpose Acquisition Company (KOSDAQ:A335890) from a group of shareholders in a reverse merger transaction for approximately KRW 100 billion on May 11, 2020. Under the terms of transaction the merger ratio is 1: 136.682. As per the amendments on September 7, 2020, the merger ratio was changed to 1: 124.875 (Ibks No.11 Spac Co., Ltd. : Viol Co., Ltd.). Post completion, DMS Co., Ltd., largest shareholder in Viol will own a 62.43% stake in the merged company. Through the merger, Viol Co., Ltd. will actually be listing on the KOSDAQ market. 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 in IBKS No.11. The shareholders’ meeting will be held on September 8, 2020. The transaction was resolved by the Board of Directors of IBKS No.11 on May 11, 2020. The transaction is expected to close on October 12, 2020. The merger registration date is October 13, 2020. As on July 16, 2020, the transaction is expected to close on November 2, 2020. As of September 7, 2020, the transaction is expected to close on November 11, 2020. Hanul Accounting Corporation acted as the accountant to IBKS No.11 Special Purpose Acquisition Company. Hyun Accounting Corporation acted as accountant to Viol Co., Ltd. Viol Co., Ltd. completed the acquisition of IBKS No.11 Special Purpose Acquisition Company (KOSDAQ:A335890) from a group of shareholders in a reverse merger transaction on November 11, 2020.