Opticore Co., Ltd. agreed to acquire KB No.20 Special Purpose Acquisition Company (KOSDAQ:A342550) from T.S. Investment Corporation (KOSDAQ:A246690) for KRW 29.7 billion in a reverse merger transaction on May 31, 2022. Under the terms of transaction, the merger ratio will be Opticore Co., Ltd.: KB No.20 SPAC is 1: 0.5889114. As of October 21, 2022, the merger ratio has been changed to 1: 0.6306346.

As of the filing date of the application for listing preliminary examination, the largest shareholder of Opticor Co., Ltd. is Jaehyun Jin, which owns 43.57% (53.62% including related parties). TS Investment Co., Ltd. (6.92%) is the largest shareholder of KB No. 20 acquisition objective.

Upon completion of the merger, the largest shareholder will be Jin Jae-hyun. When the merger is completed, KB No. 20 Company Acquisition Purpose Co., Ltd. will be dissolved by achieving its sole business purpose, a merger with another company.

Through this merger, Opticor Co., Ltd. will actually enjoy the effect of being listed on the KOSDAQ market. The Board of Directors of The Board of Directors of Sk No.5 Special Purpose passed resolution on May 31, 2022. The KB No.

20 will schedule date of general meeting of existing shareholder on September 23, 2022. Expected date of merger is October 25, 2022. As of September 27, 2022, the transaction is expected to close on December 13, 2022.

As of October 21, 2022, the transaction is expected to close on December 20, 2022.Transaction is expected to have a positive effect on the company's business expansion and external credibility.