ACTIVON to Seek KOSDAQ Listing Through Kiwoom SPAC; Scheduled to List in March Next Year [Disclosure]

[Financial News] ACTIVON, a cosmetics and food-materials company, will enter KOSDAQ (Korea Securities Dealers Automated Quotations) through an absorption merger with Kiwoom No. 11 SPAC.
Kiwoom No. 11 SPAC disclosed on the 10th that it had decided to merge with ACTIVON. The merger will proceed with the unlisted ACTIVON as the surviving entity and the KOSDAQ-listed Kiwoom No. 11 SPAC as the entity to be dissolved. Through the merger, ACTIVON will gain the effect of a KOSDAQ listing.
A SPAC, or special purpose acquisition company, is a merger-focused company established to help unlisted companies go public. If it fails to find a merger target within three years, it is automatically delisted.
The merger ratio is 0.3267974 shares of Kiwoom No. 11 SPAC for each ACTIVON share. The merger value was set at 6,120 won per ACTIVON share and 2,000 won per Kiwoom No. 11 SPAC share.
Following the merger, the largest shareholder will be ACTIVON CEO Jo Yun-gi, whose stake is expected to reach 19.21%. Based on the number of shares after the conversion of convertible bonds, the stake will be 18.84%. The merger will result in the issuance of 2,156,861 new common shares.
ACTIVON’s main business is the development and supply of cosmetics and food materials. Based on last year’s results, the company recorded revenue of 32.49273 billion won and net income of 3.46864 billion won.
A shareholders’ meeting to approve the merger is scheduled for January 26 next year. The merger date is set for March 2 next year, the scheduled date for registration of the merger is March 8, and the new shares are scheduled to be listed on March 15.

[email protected] Lim Sang-hyeok Reporter