Convertible Bond Conversion Price Sharply Reduced from 9,501 Won to 5,615 Won, Heightening Potential Dilution Risk

ATUM has adjusted the conversion price of its 5th and 6th series convertible bonds (CBs) from 9,501 won to 5,615 won, a 40.9% reduction, due to a below-market rights offering (shareholder allocation with general public offering, issue price 3,490 won, 4 million shares) and market price fluctuations.
The adjustment increases the number of convertible shares per series from 210,504 to 356,188, resulting in a total potential dilution of up to 712,376 shares (approximately 7.6% of current outstanding shares of 9,404,980).
Although the adjusted conversion price of 5,615 won is still above the current market price of 4,500 won, making immediate conversion unlikely, future share price appreciation could trigger conversion, leading to downward pressure on the stock.
The adjusted price is at the lowest allowable limit (70% of the initial conversion price), limiting further downward adjustments, but additional rights offerings or market declines could prompt further revisions.
These CBs are unlisted, and the adjustment was automatically triggered without a separate board resolution.