Aloys Inc. (XKON:A271400) signed a merger contract to acquire IBKS No.9 Special Purpose Acquisition Company (KOSDAQ:A297570) from Fast Investment, Bass Investment Corp., IBK Securities Co., Ltd. and others in a reverse merger transaction on April 15, 2019. Under the terms, IBKS No.9 Special Purpose Acquisition Company will issue 13.7 million shares at an exchange ratio of 5.0089922 shares for each Aloys’ share. On July 12, 2019, the share exchange ratio was revised to 1: 4.9623732, hence now 13.5 million shares of IBKS No.9 Special Purpose Acquisition Company will be issued. Upon completion of the merger, the largest shareholder will be Choongsik Choi and will carry 37.83% stake in the company together with the special related party. After the revision, it changed to 37.78%. After the merger, the surviving company will be IBKS No.9 Special Purpose Acquisition Company. The transaction is subject to the approval of shareholders of IBKS No.9 Special Purpose Acquisition Company. The shareholder meeting is planned for August 9, 2019. The Board of Directors resolved the transaction on April 15, 2019. The transaction is approved by the shareholders of Aloys Inc. on August 9, 2019. The transaction is expected to complete on September 11, 2019. As per the update on September 17, 2019, the transaction is expected to be completed on September 17, 2019. Samhwa Accounting Corporation acted as the External Rating Institution. Aloys Inc. (XKON:A271400) completed the acquisition of IBKS No.9 Special Purpose Acquisition Company (KOSDAQ:A297570) from Fast Investment, Bass Investment Corp., IBK Securities Co., Ltd. and others in a reverse merger transaction on September 17, 2019. Post completion of the transaction, Fast Investment holds 1.23% stake, Chungsik Kwon holds 17.67% stake, Jungkwan Shin holds 11.82% stake and Siyoung Lee holds 8.29% stake in IBKS No.9 Special Purpose Acquisition Company.