17th CB Conversion Price Downward Adjusted to 1,160 Won... Increased Dilution Risk and Downward Pressure on Stock Price

Due to the decline in market price, the conversion price of the 17th series convertible bond (total face value 37.6 billion won) was adjusted downward by 18.5% from 1,424 won to 1,160 won.
The number of convertible shares increased from 26,404,494 to 32,413,793, adding about 6 million shares (2.4% of outstanding shares), raising concerns over dilution of existing shareholders.
Although the adjusted conversion price (1,160 won) is still higher than the current stock price (1,017 won), preventing immediate conversion, further price declines could trigger a flood of conversion shares, posing an investment risk.
The bond has undergone nine consecutive conversion price adjustments since its issuance in May 2025, and persistent dilution pressure may limit stock price appreciation.
[AI Comprehensive Analysis]The downward adjustment in conversion price is a negative event that dilutes existing shareholders' equity. The repeated adjustments reflect the company's weak stock price. While immediate conversion is unlikely, prolonged trading below the conversion price could expose shareholders to additional downside risk from massive conversions.