Conversion price of the 9th unregistered, unsecured private CB (face value 1.5 billion won) was lowered from 15,350 won to 11,036 won due to market price decline and stock consolidation (reverse stock split).
Despite the lower conversion price, the stock consolidation effect reduced convertible shares by 72% from 488,599 to 135,918, capping maximum dilution at approximately 2.6% of market cap.
The adjusted conversion price of 11,036 won is 17.4% above the current market price of 9,400 won, making conversion unattractive and near-term dilution risk low.
This adjustment is a routine mandatory procedure per the company's articles and securities regulations, requiring no separate board resolution.
[AI Comprehensive Analysis]The adjustment significantly reduces potential dilution risk for existing shareholders due to the sharp decline in convertible shares. The negative effect of the conversion price cut is offset by the reduced share count, resulting in a neutral to slightly positive impact on shareholder value.
KOSDAQ Filing Information
Filing: Adjustment of Conversion Price (9th Series)