EM-Tech Decides to Issue 16.5 Billion Won Exchangeable Bonds - Exchangeable for Antrogen Shares, Funds for Facility and Working Capital, Private Placement to Institutional Investors
EM-Tech decided on April 16, 2026 to issue unregistered unsecured private exchangeable bonds totaling 16,547,236,266 KRW through a board resolution.
The exchangeable bonds are exchangeable into 362,703 common shares of Antrogen held by EM-Tech, with an initial exchange price of 45,622 KRW set at 115% of the reference stock price.
The coupon rate and yield to maturity are both 0.0%, and the maturity date is April 24, 2031. Bondholders can demand early redemption from April 24, 2028, which is 24 months after issuance.
The issuer can exercise a call option from April 24, 2027 to April 24, 2028 on a monthly basis, up to 30% of each bondholder's acquisition amount.
The proceeds of 10 billion KRW will be used for facility investment in the product division auto-injector and e-cigarette related equipment, and 6,547,236,266 KRW for general operating funds.
The bondholders include major domestic financial institutions such as BNK Asset Management, IM Securities, Mirae Asset Securities, DB Securities, Samsung Securities related funds, NH Investment Securities, and Shinhan Securities.
The issuance of exchangeable bonds does not dilute EM-Tech shares and has no direct impact on existing shareholder value.
[AI Summary]EM-Tech raised 16.5 billion KRW through exchangeable bonds using its stake in Antrogen, without diluting existing shareholders. The funds will be deployed for facility expansion and working capital. The involvement of top-tier institutional investors enhances credibility, but conversion would reduce EM-Tech's holding in Antrogen, altering asset composition. The premium exchange price lowers the likelihood of early conversion.
KOSDAQ Filing Information
Report on Material Matters (Decision on Issuance of Exchangeable Bonds)