HANKOOK Technology Inc. (KOSDAQ:A053590) entered into a contract to acquire Tinnos, Inc from Sangrak Lee for KRW 16.2 billion on December 1, 2017. Under the terms of the transaction, HANKOOK Technology Inc. will acquire 2.29 million shares, representing 100% stake in Tinnos, Inc. Out of the total consideration, KRW 6.2 billion will be deposited on December 1, 2017, KRW 8 billion on December 4, 2017, and remaining on January 5, 2018. The consideration will be funded through issuance of convertible bonds and retained funds. The transaction was resolved by the Board of Directors of HANKOOK Technology Inc. on December 1, 2017 and is expected to close on January 5, 2018. Sang Rok Accounting Firm acted as an external rating institution in the transaction. HANKOOK Technology Inc. (KOSDAQ:A053590) cancelled the acquisition of Tinnos, Inc from Sangrak Lee on February 21, 2018. The transaction was terminated because Sangrak Lee violated the terms of the contract. The refund of the consideration for the acquisition will be offset with the 13th and 14th convertible bonds of HANKOOK Technology Inc. which are held by Sangrak Lee.