FNC Entertainment Corrects CB Issuance Terms, Massive Dilution Risk
FNC Entertainment files correction for KRW 12 billion convertible bond issuance (conversion price KRW 4,638, shares 2,587,322 for new issue).
Combined with existing outstanding CBs (2nd series KRW 343 million, 3rd series KRW 20 billion), total convertible shares reach 8,277,533, representing 53.78% of outstanding shares (15,392,808), raising massive dilution concerns.
Due to changes in issuance conditions (contract revision), key dates (subscription, payment) are undetermined; board meeting rescheduled to May 11, 2026.
Bondholders granted put option; company granted call option and a call option to sell (accumulated limit of 34.28% of total principal).
KOSDAQ Filing Information
Filing: [Correction of Description] Report on Major Matters (Decision on Issuance of Convertible Bonds)