Decision to Issue 1 Billion KRW Convertible Bonds at a Discount… Dilution of 4.84% for Operating Funds
Cellfie Global decided to issue the 12th series of unregistered, unsecured private convertible bonds worth 1 billion KRW to Japanese distributor SUNOCS Co., Ltd.
Conversion price set at 522 KRW, approximately 33% discount to current market price of 778 KRW, with a floor adjustment price of 366 KRW (70% of initial conversion price)
Coupon rate 6.0%, yield to maturity 8.0%, maturity on July 31, 2029; payment date postponed from May 29 to July 31, 2026
Conversion period from July 31, 2027 to June 30, 2029; convertible into 1,915,708 shares (4.84% of outstanding shares)
Proceeds fully allocated to operating expenses (raw material purchases) in 2026
Bondholders have put option from 12 months after issuance; issuer has call option from 1 year after issuance
Delay in payment due to incomplete procedures for non-resident securities acquisition reporting
[AI Comprehensive Analysis]While the low conversion price relative to current stock price poses dilution risk, the small issuance size (2.8% of market cap) and strategic partnership limit value erosion. However, the lack of growth purpose for the funds is a concern for investors.
KOSDAQ Filing Information
Filing: [Correction of Description] Report on Major Matters (Decision on Issuance of Convertible Bonds)