On the 23rd, Ivy Kim Young, a subsidiary of Megastudy Education and a specialized company in university transfer education, announced that it has completed a SPAC merger with NH SPAC No.15.
On the 22nd, Ivy Kim Young passed a board resolution to report the completion of the merger and submitted a securities issuance performance report. Earlier, NH SPAC No.15 announced on the 19th of last month at the shareholders' meeting for merger approval that it would change its name to Ivy Kim Young. After the stock purchase rights exercise period ended on the 8th, preparations for the merger registration were completed. Following the merger registration on this day, the newly issued shares from the merger are scheduled to be listed on the 13th of next month.
Holding the number one market share (68%) in the university transfer market, Ivy Kim Young has been steadily widening the gap with competitors by conducting stable non-face-to-face classes despite the ongoing social distancing level 2 due to the resurgence of COVID-19. Kim Young Transfer offers regular classes conducted via non-face-to-face live classes (Band LIVE) and creates a self-study environment for enrolled students through ZOOM, maintaining a re-enrollment rate of over 91% in August and September at 11 directly managed comprehensive centers in the metropolitan area.
With the increase in demand related to untact services, the online education market is gaining attention, and Ivy Kim Young’s online products have shown significant sales growth compared to the previous year. Going forward, the company plans to continue its growth by providing differentiated educational services that combine offline and online methods. Even after listing, Ivy Kim Young intends to achieve continuous growth by operating a remote lifelong education credit bank system and launching new businesses in the employment education sector, thereby establishing a comprehensive business portfolio covering the pre- and post-university transfer markets.
A representative of Ivy Kim Young stated, “We believe that this listing will improve awareness and recognition of Ivy Kim Young and the transfer market among many people,” and added, “We will lead the market by dominating the transfer and employment education markets and adapting quickly to changing educational trends and the strengthening of non-face-to-face education due to COVID-19.”
[Asia Economy Reporter Minji Lee]
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