IBKS No.12 SPAC Approved for Merger with Wingsfoot
[Asia Economy Reporter Hyungsoo Park] Wingsfoot, a footwear-specialized fashion company, is entering the KOSDAQ market through a merger with IBKS No.12 SPAC.
IBKS No.12 SPAC announced on the 7th that it held an extraordinary general meeting of shareholders on the 6th and approved the merger proposal with Wingsfoot as originally planned. At the extraordinary general meeting, 49.2% of the total shares participated and voted in favor of the merger. On the same day, the extraordinary general meeting of Wingsfoot shareholders also approved the merger proposal.
IBKS No.12 SPAC will complete the merger process by mid-next month after exercising the stock purchase rights and other procedures. The scheduled listing date of the new shares from the merger is the 27th of next month.
Founded in 2007, Wingsfoot is a footwear company that not only distributes branded shoes but also manufactures its own brand shoes. It holds the exclusive domestic license for the natural sheepskin and leather shoe brand ‘Bearpaw,’ which sells in 45 countries worldwide. It also supplies ‘Polo’ and ‘Michael Kors’ shoes domestically.
Through years of production and planning experience, Wingsfoot introduced its own trademark brands ‘Wingsfoot’ and ‘Surala.’ Since its establishment, it has expanded its distribution brands, diversified sales channels, and launched its own brands, recording solid annual sales of around 50 billion KRW. Last year, it posted sales of 49.7 billion KRW and an operating profit of 3.1 billion KRW.
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Wingsfoot CEO Seongwoong Hwang said, "Developing products that consumers need in line with constantly changing market trends is our competitive edge." He added, "We handle the entire footwear industry process from product planning to production and distribution," emphasizing, "After listing, we will grow into a global fashion specialized company through developing our own brands, exploring new brands, and establishing a stable supply chain."
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