Correction of Stock Options Reflecting Capital Reduction: Exercise Price Soars from 591 to 7,092 KRW, Limited Impact on Shareholder Value

Blue Industrial Development filed a corrective disclosure for stock options granted in March 2026, adjusting the quantity and exercise price after completing a 12:1 capital reduction and 5:1 stock split.
The number of options was reduced from 8.5 million to 708,290 shares, and the exercise price was sharply increased from 591 KRW to 7,092 KRW, reflecting the reverse split and stock split ratios.
Options were granted to 95 executives and employees including CEO Kwon Hyuk-beom, exercisable from March 31, 2028 to March 30, 2031.
With the current stock price at 589 KRW, far below the exercise price of 7,092 KRW, the likelihood of exercise is minimal, thus limiting dilution risk for existing shareholders.
[AI Comprehensive Analysis]This disclosure is a routine correction due to the capital reduction, with no new capital raising or equity change, resulting in a neutral impact on the stock price. The stock option grant aims to motivate employees, but its intrinsic value is low given the wide gap between current price and exercise price.