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Korai Flix and APEX Tech Merger Valued at $3.5 Billion

Korai Flix, an interactive online entertainment platform, and APEX Tech Acquisition announced that on October 20 they entered into a definitive agreement and plan of merger. Upon closing of the transaction contemplated by the Merger Agreement, the combined company will be renamed "Krflix Group Inc." and its Class A common stock is expected to be listed on the NYSE, subject to the satisfaction of the listing requirements. The Proposed Transaction is expected to close in the Q1 of FY27, subject to approval by shareholders of APEX and Korai, regulatory approval and the satisfaction or waiver of certain other customary closing conditions. The Merger Agreement also provides that prior to the effective time of the Merger, APEX shall continue out of the Cayman Islands and into the State of Delaware so as to re-domicile as and become a Delaware corporation, and shall change its name to "Krflix Group Inc." or such other name as parties may agree. In connection with the Proposed Transaction, APEX shareholders will receive the same number of shares of Class A common stock of the Combined Company, and all issued and outstanding shares of Korai's Class A common stock and Class B common stock will be converted into the right to receive the merger consideration in Class A common stock and Class B common stock of the Combined Company, respectively, with each Class A Common Stock carrying one vote per share and each Class B Common Stock carrying 20 votes per share. The Proposed Transaction values Korai at $3.5B on a pre-money equity basis and contains no minimum cash condition. The boards of directors of Korai and APEX have unanimously approved the Proposed Transaction. The closing of the Proposed Transaction is subject to the approval by shareholders of APEX and Korai, regulatory approval and the satisfaction or waiver of certain other customary closing conditions.