Shanghai ISPC Limited and an individual agreed to acquire 6.41% stake in Soribada Inc. (KOSDAQ:A053110) from Sean-Jyung-Hwan Yang and Il-Hwan Yang for KRW 10 billion on February 2, 2016. Under the terms of the contract, consideration will be payable in cash and KRW 3 billion will be paid as deposit on February 2, 2016 and the balance of KRW 7 billion will be paid until periodic general meeting of stockholders preceding day. Sean-Jyung-Hwan Yang will sell 1 million shares, of which 0.6 million shares will be sold on the contract signing date after receiving the deposit.

Il-Hwan Yang will sell 1 million shares. As on February 2, 2016, ISPC Limited and an individual agreed to acquire 6.41% stake in Soribada Inc. (KOSDAQ:A053110) from Sean-Jyung-Hwan Yang and Il-Hwan Yang for KRW 10 billion in cash. The balance of KRW 2 billion will be paid until periodic general meeting of stockholders preceding day which is March 30, 2016.

Upon closing, Sean-Jyung-Hwan Yang and Il-Hwan Yang will be left with 2.19 million shares of Soribada, each. The transaction will be funded with KRW 300 million own funds. The deal is expected to close by March 30, 2016.

As on July 25, 2016, out of the balance of KRW 7 billion, KRW 3.5 billion is unpaid and the contract may be terminated in the event of non-payment of remaining amount.