Nousbo Co., Ltd. agreed to acquire Daishin Balance No.7 Special Purpose Acquisition Co., Ltd. from Daewon Co., Ltd. and others in a reverse merger transaction.

Nousbo Co., Ltd. agreed to acquire Daishin Balance No.7 Special Purpose Acquisition Co., Ltd. (KOSDAQ:A332290) from Daewon Co., Ltd. (KOSDAQ:A007680) and others in a reverse merger transaction on July 20, 2021. Upon completion of the merger, the largest shareholders will be Kim Chang-kyun and Lee Kyung-won. Kim Chang-kyun and Lee Kyung-won currently hold 73.66% in Nousbo.

Transaction has a merger ratio of Daishin Balance No.7 Special Purpose Acquisition Co., Ltd.: Nousbo Co., Ltd.=1:310.5077874. On December 6, 2021, a revised ratio for the transaction has been agreed between the parties. Under the revised terms, the new agreed ratio will be Daishin Balance No.7 Special Purpose Acquisition Co., Ltd.: Nousbo Co., Ltd.= 1: 264.6861697.

E-Chon Accounting Corporation acted as accountant and provided external evaluation in the transaction. Transaction is subject to shareholder approval and is expected to close on December 22, 2021.