Moda Outlet Co., Ltd. signed a contract to acquire InnoChips Technology Co., Ltd. (KOSDAQ:A080420) in a reverse merger transaction on March 24, 2016. The merger ratio is 1 to 0.6243342 between InnoChips and Moda Outlet and 27.96 million new shares will be issued for the merger. Moda Outlet will be dissolved after the merger.

A meeting of shareholders will be scheduled on May 26, 2016. The creditors can submit their objections from May 27, 2016 to June 27, 2016. As of May 26, 2016, the transaction was approved by shareholders' of InnoChips Technology Co., Ltd. The transaction is expected to be completed on July 1, 2016.

The merger registration date is July 4, 2016. The new shares are scheduled to be listed on July 18, 2016. Merger end report general meeting date (resolution date of board of directors) is July 1, 2016.

Announcement date of closing of merger report is July 1, 2016. Merger date is expected to be July 1, 2016. As of April 25, 2016, merger ratio was changed to 1 to 0.5572257 between InnoChips and Moda Outlet and 24.95 million new shares will be issued for the merger.

Young Jin Accounting Corporation acted as the external rating institution.