Sewha P&C INC. (XKON:A085980) signed a contract to acquire IBKSGMB Special Purpose Acquisition Company (KOSDAQ:A252500) in a reverse merger transaction on April 21, 2017. As reported, IBKSGMB Special Purpose Acquisition Company will issue 13.72 million new shares for the merger. The merger ratio is 1: 3.6255 between IBKSGMB Special Purpose Acquisition Company and Sewha P&C. As on June 30, 2017, the merger ratio was modified to 1: 3.627 pursuant to which, IBKSGMB Special Purpose Acquisition Company will issue 13.73 million new shares. Upon closing of the transaction, IBKSGMB Special Purpose Acquisition Company will be the surviving company and Sewha P&C INC. will have the effect of being listed on KOSDAQ after the liquidation process. Chief Executive Officer of Sewha P&C INC. will become the largest shareholder of IBKSGMB Special Purpose Acquisition Company with an expectation to hold 33.26% stake when combined with a special related party. Hoongu Lee, Dongsoo Seo, Junhan Cho and Sungryul Bae will be appointed as internal Directors of the merged entity post completion. As on August 18, 2016, external Director of IBKSGMB Special Purpose Acquisition Company Yoonhyung Lee resigned. As on September 7, 2017, Ilseung Yoon resigned as internal Director of IBKSGMB Special Purpose Acquisition Company. The transaction was resolved by the Board of Sewha P&C INC. on April 21, 2017. General meeting of shareholders will be held on August 1, 2017. As of August 1, 2017, the transaction is approved by shareholders of IBKSGMB Special Purpose Acquisition Company and Sewha P&C INC. The transaction is expected to close on September 5, 2017. Shinah Accounting Corporation served as an external rating institution in the transaction.