CYMECHS Inc. (KOSDAQ:A160980) agreed to acquire Cyborg-lab. Co,. Ltd. from Jeon In-taek and others for KRW 3.5 billion on November 29, 2019. The agreement for the transaction was signed on December 2, 2019. Under the terms of the transaction, the merger ratio paid for the transaction is 1:8.6987294 (CYMECHS: Cyborg Lab, Inc.). CYMECHS shall issue approximately 0.35 million shares. Jeon In-taek currently holds 77.5% stake in Cyborg-lab. After completion, there will be no change in the management of the CYMECHS and the Directors and auditors of Cyborg-lab. will lose their status after registration of dissolution. The transaction is subject to the approval of CYMECHS. After completion Cyborg-lab will be merged into CYMECHS and will be no longer existing. For the year ended December 31, 2018, Cyborg-lab. Co,. Ltd. reported total revenue of KRW 1.9 billion, total assets of KRW 4.7 billion, net income of KRW 216.41 million and net assets of KRW 915.87 million. The transaction is subject to shareholder approval of CYMECHS. The transaction is approved by the Board of CYMECHS Inc. Since the number of notices of opposition to the transaction with Cyborg-lab. Co,. Ltd. was less than 20/100 of the total number of shares issued, CYMECHS Inc. has agreed with Cyborg-lab. Co,. Ltd. at a Board meeting to replace the general shareholders' meeting. The transaction is expected to complete on February 1, 2020. CYMECHS Inc. (KOSDAQ:A160980) completed the acquisition of Cyborg-lab. Co,. Ltd. from Jeon In-taek and others on February 1, 2020.