Blackyak I&C Decides to Issue 15 Billion Won Convertible Bonds, Removes Minimum Conversion Price Adjustment
Decision to issue 15 billion won in unsecured private convertible bonds (2nd series) (board resolution on May 13, 2026)
Amendment removes the minimum adjusted conversion price and its basis (no floor), allowing unlimited downward adjustment if stock price falls, increasing dilution risk for existing shareholders
Maturity 3 years, coupon 0%, yield to maturity 3.0% (compound interest for early redemption)
Put option: exercisable every 3 months starting 18 months after issuance (redemption price 104.55%–108.50%)
Call option: exercisable every 3 months starting 12 months after issuance, up to 70% of initial issuance amount (call price 103.00%–104.55%)