Yulchon Co., Ltd entered into a contract to acquire Yuanta 8 Special Purpose Acquisition Company (KOSDAQ : A367480) in reverse merger transaction for KRW 17.7 billion on November 7, 2022. Under the terms of transaction, the merger ratio will be Yulchon Co., Ltd.: Yuanta 8 acquisition purpose Co., Ltd merger ratio 1:0.8646779. After the merger, the largest shareholder of the surviving corporation is Heung-Hae Lee, and the largest shareholder including related persons will have a stake of 60.15%.

When the merger of Yulchon Co., Ltd. and Yuanta No. 8 Purpose of Acquisition Co., Ltd. is completed, Yulchon Co., Ltd. becomes a surviving corporation, and Yuanta No. 8 Purpose of Acquisition Co., Ltd. becomes a disbanded corporation.

Yulchon will be listed on the KOSDAQ market. The funds raised during the establishment of Yuanta No.8 Company Acquisition Purpose Co., Ltd. and public offering on the KOSDAQ market will be used for business expansion and stability of the surviving corporation. The Board of Directors of Yuanta 8 Special Purpose passed resolution on November 7, 2022 and will scheduled date of general meeting of existing shareholder on March 17, 2023.

Expected date of registration of merger is April 24, 2023. As of March 16, 2023. The purchase price is scheduled to be paid on July 12, 2023.

Merger target company expected date of submission of registration statement is April 27, 2023. As of April 26, 2023, the expected date of the merger is August 22, 2023.