Fashion Platform Co.,Ltd. (XKON:A256090) signed an agreement to acquire Shinyoung HappyTomorrow No.2 Special Purpose Acquisition Company (KOSDAQ:A225590) from UTC Investment Co., Ltd, KB Securities Co.,Ltd, Shinyoung Securities Co., Ltd. (KOSE:A001720) and others in a reverse merger transaction on August 25, 2017. Under the terms of the transaction, the shares will be exchanged at the ratio of 1:4.05, resulting into issuance of 17.6 million new shares. Post completion, Shinyoung HappyTomorrow No.2 Special Purpose Acquisition Company will continue to exist and Fashion Platform Co.,Ltd. will be dissolved. As on December 20, 2017, Shinyoung HappyTomorrow No.2 Special Purpose Acquisition Company will change name to Fashion Platform Co.,Ltd. as a result of transaction.

The resolution of the general shareholders' meeting for the approval of the transaction is subject to special resolutions. Therefore, approvals of two-thirds or more of the voting rights of the attending shareholders and one third or more of the total number of issued shares is required. The general meeting of shareholders will be held on December 20, 2017. The transaction was resolved by the Board of Directors of Fashion Platform Co.,Ltd. on August 25, 2017. On December 20, 2017, the shareholders of Fashion Platform Co.,Ltd. approved the deal. On December 20, 2017, the general meeting of shareholders of Shinyoung HappyTomorrow No.2 Special Purpose Acquisition Company approved the transaction and also approved new Chief Executive Officer Park, Won-Hee and Park, Sun-Joo and Boo, Taesin appointed as internal director and Yoon, Youngsun appointed as external director of Shinyoung HappyTomorrow No.2 Special Purpose Acquisition Company. The transaction will be completed on February 1, 2018.