Conversion of 21st CB worth 900M KRW into 900K Shares... Concerns over Dilution and Downward Pressure on Stock Price

THE E&M announced the exercise of conversion rights for the remaining 900M KRW of the 21st convertible bond (conversion price: 1,000 KRW), resulting in 900,000 new shares to be listed on June 19.
This conversion causes a 2.40% dilution of total outstanding shares (previously 37,421,354 shares), raising concerns about value dilution for existing shareholders.
The conversion price (1,000 KRW) is approximately 66% lower than the current market price (2,945 KRW), potentially leading to profit-taking selling pressure and short-term downside risk for the stock.
After conversion, 100M KRW of the convertible bond remains unconverted (equivalent to 100,000 shares), indicating potential further dilution.