VIVIEN's CB Conversion Price Adjusted from KRW 500 to KRW 11,057, Reducing Potential Dilution Risk by 42%
VIVIEN announced an adjustment of the conversion price for its 3rd series unsecured private CB from KRW 500 to KRW 11,057, a mandatory adjustment due to a 96.68% capital reduction.
The adjustment reduces the maximum convertible shares from 20 million to 904,404, decreasing potential new share issuance by 42%. The current stock price of KRW 355 is well below the new conversion price, eliminating conversion incentive and significantly alleviating dilution concerns.
This is an administrative adjustment with no separate board resolution and no additional capital raising or deployment. No shareholder return measures such as treasury share acquisition or cancellation are reported.
[AI Summary]VIVIEN's CB conversion price adjustment due to capital reduction drastically reduces potential dilution by 42%, effectively removing overhang. However, the capital reduction signals financial weakness, and the deep out-of-the-money conversion price limits upside catalyst.
KOSPI Filing Information
Adjustment of Conversion Price, Exercise Price of Stock Subscription Rights, and Exchange Price (Notice of Disclosure)