CB Issuance Correction - Conversion Price Raised to 2,047 Won and Call Option Reduced to 753 Million Won
KOAS corrected its decision to issue 25.1 billion won of 8th unsecured private convertible bonds. The conversion price was raised from 2,007 won to 2,047 won (up 40 won per share), and the call option exercise amount was reduced from 1.5 billion won to 753 million won.
The maturity date was postponed from April 30, 2029 to May 29, 2029, and the subscription and payment dates were moved from April 30, 2026 to May 29, 2026.
Due to higher conversion price, the number of shares issuable upon conversion decreased from 1,250,622 shares (10.04%) to 1,226,184 shares (9.84%).
Call option exercise amount is 753 million won (within 30% of total face value), with exercise period from June 29, 2026 to November 29, 2027. The economic benefit from exercising conversion rights upon call is still negative, approximately -153 million won based on current stock price of 1,631 won.
The minimum adjusted conversion price was raised from 1,405 won to 1,433 won (70% of initial conversion price).
KOSPI Filing Information
[Correction of Description] Report on Major Matters (Decision on Issuance of Convertible Bonds)