Image NineComs Inc. signed an agreement 51.6% in Merry Christmas from Studio Santa Claus Entertainment Co., Ltd. (KOSDAQ:A204630) for KRW 12 billion on November 12, 2020. As per terms, 0.3 million shares will be acquired in cash. As a down payment, KRW 1.2 billion will be paid on November 13, 2020 while the balance with 5 weeks from 13 days. On December 17, 2020, the first down payment date was corrected to November 12, 2020 and the balance will be paid within 5 weeks from 12. Post completion, STUDIO SANTA CLAUS ENTERTAINMENT will not hold shares in Merry Christmas. For the year ended June 30, 2020, Merry Christmas reported total assets of KRW 33.9 billion, revenues of KRW 467.5 million, net loss of KRW 2.8 billion and net assets of KRW 6 billion. The Board of Directors of Studio Santa Claus Entertainment resolved the deal on November 12, 2020. Image NineComs Inc. completed the acquisition of 51.6% in Merry Christmas from Studio Santa Claus Entertainment Co., Ltd. (KOSDAQ:A204630) on December 17, 2020. In the consideration of KRW 12 billion, down payment of KRW 1.2 billion paid on November 12, 2020 and remaining KRW 10.8 billion was paid on December 17, 2020.