SunBio Corporation agreed to acquire Daewoo Special Purpose Acquisition 2 Co., Ltd. (KOSDAQ:A204440) in a reverse merger transaction on March 30, 2015. For each share of Sunbio, 11.1859259 shares of Daewoo Special Purpose Acquisition 2 Co., Ltd. shall be issued. Daewoo Special Purpose Acquisition 2 Co., Ltd. will issue 41.67 million shares for the merger.

Upon completion, Daewoo Special Purpose Acquisition 2 Co., Ltd. will survive and Sunbio Inc. will be dissolved after the merger and the medical supplies manufacturing business managed by SunBio Corporation will be the core business of Daewoo Special Purpose Acquisition 2 Co., Ltd. Daewoo Special Purpose Acquisition 2 Co., Ltd.'s name, purpose of the business, headquarters, etc. will be changed to SunBio Corporation's company name, purpose of business and headquarters. The Board of Directors of Daewoo Special Purpose Acquisition resolved the deal.

Daewoo Special Purpose's shareholder meeting for approval of the deal is expected to be held on July 8, 2015. The transaction is expected to be completed by August 11, 2015 with notification date of closing of merger being August 13, 2015 and new shares listing date of August 18, 2015. BDO Daejoo LLC acted as valuer in the deal.