GL PharmTech Corp. agreed to acquire IBKS No.2 Special Purpose Acquisition Company (KOSDAQ:A204840) in a reverse merger transaction on April 1, 2016. The merger ratio will be 1 to 11.676 between IBKS No.2 Special Purpose Acquisition and Gl Pharm Tech which will result in issuance of 25.72 million new shares of IBKS. IBKS No.2 Special Purpose Acquisition will survive and Gl Pharm Tech will be dissolved after the merger. IBKS No.2 Special Purpose Acquisition will change its name to GL Pharm Tech Corp. The transaction was resolved by the Board of IBKS No.2 Special Purpose Acquisition Company. As on August 12, 2016, the shareholders of IBKS No.2 Special Purpose Acquisition Company approved the deal. As per amended terms of the transaction on July 6, 2016, general meeting of shareholders plan date was amended from July 28, 2016 to August 2, 2016. Merger date was amended from August 29, 2016 to September 5, 2016. Expected merger date is September 19, 2016. Scheduled listing date of new merger shares is October 5, 2016. Shinah Accounting Corporation acted as external rating institution. GL PharmTech Corp. completed the acquisition of IBKS No.2 Special Purpose Acquisition Company (KOSDAQ:A204840) in a reverse merger transaction on September 19, 2016.