Glosfer Labs, Inc. (KOSDAQ:A032860) agreed to acquire 74.53% stake in Glosfer Co., Ltd. for KRW 26.5 billion on December 5, 2019. As on December 16, 2019, Glosfer Labs, Inc. agreed to acquire 74.53% stake in Glosfer Co., Ltd. for KRW 25.5 billion. Out of total consideration, KRW 7 billion was paid on December 5, 2019, KRW 6 billion will be paid as first intermediate plating, KRW 5 billion will be paid as secondary intermediate plating, KRW 5 billion will be paid as third intermediate plating on January 1, 2020 and the balance of KRW 3.5 billion will be paid on April 10, 2020. The consideration will be paid in cash. As of October 30, 2020, Glosfer Labs, Inc. will pay KRW 5 billion on December 30, 2020 and KRW 2.5 billion on March 29, 2021. Glosfer Labs will acquire 2.5 million shares. As on December 16, 2019, third intermediate plating of KRW 5 billion will be paid on January 31, 2020, and balance consideration of KRW 2.5 billion will be paid on April 10, 2020. As of January 29, 2020, third intermediate plating of KRW 5 billion will be payable on February 28, 2020. As of February 27, 2020, third intermediate plating of KRW 5 billion will be payable on April 29, 2020. Glosfer Co., Ltd. had total assets of KRW 7.8 billion, net assets of KRW 5.1 billion, revenues of KRW 622.2 million and net income of KRW 3.2 billion in year 2018. Transaction was resolved by the Board of Glosfer Labs. Transaction is expected to close on April 10, 2020. As reported on February 27, 2020, the expected transfer date is July 10, 2020. The expected closing date is January 29, 2021. As of October 30, 2020, The transaction is expected to close on March 29, 2021. Glosfer Labs, Inc. (KOSDAQ:A032860) cancelled the acquisition of 74.53% stake in Glosfer Co., Ltd. on December 30, 2020.