THE CODI adjusts 9th CB conversion price upward to KRW 5,035 from KRW 4,323, reducing dilution risk

Upward conversion price adjustment: Due to market price increase, the conversion price for the 9th CB is raised from KRW 4,323 to KRW 5,035 (+16.5%), effective May 31, 2026.
Reduction in convertible shares: The number of convertible shares decreases from 809,622 to 695,134 (a reduction of 114,488 shares or ~14.1%), alleviating dilution concerns for existing shareholders.
Context: The company is pursuing the sale of this self-held CB (face value KRW 3.5B) with delayed payment schedule (final payment expected July 29, 2026). The upward adjustment may affect the attractiveness to buyers.
Shareholder impact: Higher conversion price benefits current shareholders by limiting potential dilution. However, if the adjusted price hinders the CB sale, it could reintroduce funding risks.
[AI Summary]The upward conversion price adjustment reduces potential dilution by 14.1%, benefiting existing shareholders. However, the ongoing delay in receiving proceeds from the self-held CB sale, combined with the less favorable conversion terms for buyers, poses residual funding risk.