Exercise of CB Conversion Rights Issuing 308,700 New Shares... Dilution of Per-Share Value and Potential Further Conversion

Conversion Exercise: On May 26, 2026, 4.9 billion won of the 1st series domestic private CB (conversion price 15,873 won) was converted, issuing 308,700 new shares (listing expected on June 17, 2026).
Dilution Scale: The new shares represent 1.91% of the pre-conversion outstanding shares (16,199,074), resulting in a dilution effect of approximately 1.9% based on current market cap.
Remaining Balance Risk: After conversion, 12.5 billion won of CB remains, which can be converted into up to 787,500 additional shares (approximately 4.9% of current shares) at the same conversion price.
Conversion Price vs Market Price: The current conversion price (15,873 won) is about 14.5% lower than the current market price (18,570 won), meaning new shares are issued at a discount, diluting existing shareholders.
[AI Comprehensive Analysis]This conversion exercise is a routine procedure, but the conversion price below market is unfavorable to existing shareholders, and the remaining 12.5 billion won balance poses ongoing dilution risk. Therefore, it may negatively impact short-term stock price, and investors should carefully monitor the remaining CB balance and conversion schedule.