Woojung Bsc Inc. entered into an agreement to acquire Hanwha MGI Special Purpose Acquisition CO., LTD. (KOSDAQ:A215380) in a reverse merger transaction on October 31, 2016. Under the terms of the agreement, Hanwha MGI will issue 13.9 million shares to merge with Woojung BSC Co.,Ltd. Merger ratio is 1:5.9596703 between Hanwha MGI Special Purpose Acquisition CO., LTD and Woojung BSC Co.,Ltd. As of February 13, 2017, the merger ratio is 1:5.9607745. Post-closing of the transaction, Hanwha MGI Special Purpose Acquisition CO., LTD. will change its name to WOOJUNG BSC, Inc. The current officers of Hanwha MGI Special Purpose Acquisition will resign on the merger registration date. As of April 19, 2017, Sangbong Byun resigned as an External Director of Hanwha MGI Special Purpose Acquisition Co., Ltd. The head office location will change following the merger. The Board of Directors resolved the transaction on April 11, 2017. The transaction is subject to approval of more than 2/3 of voting rights of the present shareholders of Woojung Bsc Inc and Hanwha MGI Special Purpose Acquisition CO., LTD. As of March 7, 2017, the shareholders of Hanwha MGI Special Purpose Acquisition approved the merger agreement and appointment of Cheon, Byungnyeon, An, Jongchul, Kim, Jinwoo, Hong, Chanhyung and Lee, Jiwoo as Directors. The merger effective date is March 20, 2017 and expected registered date is March 22, 2017. As per the amendment on January 17, 2017, the deal is expected to close on April 10, 2017. As per the amendment on April 19, 2017, the deal is expected to close on April 19, 2017. JungJin Accounting Corporation acted as an external rating institution for the transaction.