CrowdWorks, Inc. agreed to acquire Korea No.10 Special Purpose Acquisition Co., Ltd. (KOSDAQ:A409570) for approximately KRW 1.5 billion in a reverse merger transaction on December 15, 2022. As per the terms, for every 0.0869603 shares of Korea No.10 Special Purpose Acquisition Co., ltd 1 share of CrowdWorks will be issued. CrowdWorks will issue total of 470,455 shares.

As of May 19, 2023, the exchange ratio has been revised to 1:0.0910788 due to which Crowdworks will issue a total of 492,736 shares. Upon completion, Crowdworks Co., Ltd. becomes a surviving corporation, and Korea No. 10 Acquisition Purpose Co., Ltd. becomes a extinguished corporation.

Crowdworks Co., Ltd. will have the effect of being listed on the KOSDAQ market. The merger is expected to be completed on June 27, 2023. As of May 11, 2023, the transaction is expected to close on August 9, 2023.