4th CB Conversion Price Downward Adjusted from 4,020 Won to 3,442 Won... Reflecting Share Price Decline, Raising Dilution Concerns for Existing Shareholders

The conversion price of the 4th convertible bond (CB) has been adjusted downward by 14.4% from 4,020 won to 3,442 won.
The adjustment is triggered by the decline in the stock price, as per the contractual periodic adjustment clause every 3 months.
The number of shares issuable upon conversion increased from 435,323 to 508,425 shares (up 16.8%), expanding potential dilution.
The current stock price (3,395 won) is below the new conversion price (3,442 won), so immediate conversion is unlikely, but risk exists if the price recovers.
This adjustment was made automatically without a separate board resolution, and similar adjustments have occurred multiple times in the past.
The outstanding balance of this CB is 1.75 billion won, and upon full conversion, the new shares would represent about 1.39% of total outstanding shares (36,486,545).
[AI Comprehensive Analysis]While the conversion price adjustment follows the agreed terms, the repeated downward revisions reflect weak stock performance and increase potential dilution. This is a negative signal for existing shareholders, and further adjustments could exacerbate dilution if the stock continues to decline.