INSAN Inc. signed a merger contract to acquire IBKS No.8 Special Purpose Acquisition Company in a reverse merger transaction.
March 28, 2018
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INSAN Inc. (XKON:A062580) signed a merger contract to acquire IBKS No.8 Special Purpose Acquisition Company (KOSDAQ:A277410) in a reverse merger transaction on March 29, 2018. Under the terms, IBKS No.8 Special Purpose Acquisition Company will acquire INSAN Inc. in a statutory merger with a merger ratio between IBKS No.8 Special Purpose Acquisition Company:INSAN Inc. as 1:4.5379658. As a result, IBKS No.8 Special Purpose Acquisition Company will issue 19.97 million new shares in the transaction. At the time of completion of merger, the largest shareholder of IBKS No.8 Special Purpose Acquisition Company will change from Jungpyo Lee to Yoonsae Kim, Chief Executive Officer of INSAN Inc., IBKS No.8 Special Purpose Acquisition Company will become the surviving corporation, and INSAN Inc. will go through the process of liquidation and in effect get listed on the Korea Securities Dealers Automated Quotation market. As per July 25, 2018, IBKS No.8 Special Purpose Acquisition Company will change its name to INSAN Inc.
Yoonse Kim, Byungcho Jung, Jongho Kim and Wansun Hyun were appointed as Directors to IBKS No.8 Special Purpose Acquisition Company and the appointment was approved on July 25, 2018. The transaction is subject to the approval of more than 2/3 of voting rights of the present shareholders and more than 1/3 of the total number of issued shares of IBKS No.8 Special Purpose Acquisition Company and INSAN Inc. The transaction was resolved by the Board of Directors of IBKS No.8 Special Purpose Acquisition Company on March 29, 2018. The meeting of shareholders of IBKS No.8 Special Purpose Acquisition Company and INSAN Inc. is expected on July 25, 2018. The shareholders of INSAN Inc. and IBKS No.8 Special Purpose Acquisition Company approved the transaction on July 25, 2018. Changes to articles of association were also approved. As per the amendment on June 5, 2018, the transaction is expected to close on August 27, 2018 which was earlier expected to be September 1, 2018. Anse Accounting Corporation acted as an external rating institution in the transaction.
INSAN Inc. formerly IBKS No.8 Special Purpose Acquisition Company, is a Korea-based company mainly engaged in the manufacture and sell of bamboo salts and bamboo salt application food. The bamboo salt products are inclusive of insan bamboo salt original, insan purple bamboo salt, daily bamboo salt and others. In addition, the Company is involved in the provision of duck extract, soy sauces, soybean pastes, red pepper pastes, as well as pills and others. The Company distributes its products within domestic market and to overseas markets, such as America, Thailand and other Asian countries.
INSAN INC. 
