Stock Option Exercise Results in 1.2% Dilution, Slightly Eroding Existing Shareholder Value
MakinaRocks disclosed that a total of 213,096 stock options (1.2% of total outstanding shares) were exercised on May 28-29, 2026.
Exercise prices are KRW 4,062 (partial) and KRW 13,750 (majority), significantly lower than the current price of KRW 36,000, implying substantial profit for holders.
All exercised shares will be newly issued, increasing total shares from 17,541,640 to 17,754,736, causing slight dilution for existing shareholders.
Registered executive Heoyoungshin's 33,496 shares are subject to a lock-up until May 19, 2027, thus not immediately available for sale.