Sangsangin Savings Bank Increases EcoGlow Stake from 13.15% to 28.46% Driven by Stock Reverse Split and New Convertible Bond Acquisition
Sangsangin Savings Bank (filer) and its affiliate Sangsangin Plus Savings Bank (special relation) reported an increase in their combined stake in EcoGlow (common shares + convertible bonds) from 13.15% to 28.46% as of May 22, 2026
The increase is mainly attributed to EcoGlow's 5:1 reverse stock split (from 52,335,485 to 10,467,097 outstanding shares), reducing the denominator. The filer also adjusted existing CBs (12CB, 15CB) due to conversion price changes and newly acquired 17CB (1,315,789 shares at KRW 3,420 each)
The affiliate adjusted its common shares post-split from 1,739,130 to 344,000 after selling 3,826 shares on market, and also acquired 17CB (1,169,590 shares at KRW 3,420)
The purpose of holding is simple investment, not management influence. The conversion price of the new CBs (KRW 3,420) is slightly below the current market price (KRW 3,500), implying minor potential dilution if converted
[AI Summary]The stake percentage increase is primarily due to the reverse split reducing total shares; the absolute number of shares equivalent actually decreased (from 7,658,248 to 4,026,404). The new CB acquisition is moderate in size and near market price, limiting dilution risk. This is a routine filing for a simple investment purpose, with a neutral impact on shareholder value.