19th CB Conversion Price Drops 30% (4,265→2,986 won) Leading to 42.8% Increase in Convertible Shares, Dilution Risk for Existing Shareholders
Conversion price of the 19th CB (outstanding 9 billion KRW) adjusted downward by 30% from 4,265 won to 2,986 won.
Adjustment triggered by market price decline (regular 7-month review), with the minimum floor (70% of issue price, 2,986 won) applied.
Convertible shares increase from 2,110,199 to 3,014,065 (up 42.8%, about 904k additional shares), diluting existing shareholders' equity.
This dilution compounds the recent 5:1 reverse stock split (April 2026), which already reduced share count, amplifying per-share value pressure.
[AI Summary]The conversion price reduction is a contractual adjustment reflecting market conditions, but it allows conversion into more shares for the same bond amount, leading to dilution for existing shareholders. Combined with the recent reverse split, this creates additional downward pressure on the stock price, warranting investor caution.