Sale of Self-Convertible Bonds: Conversion Price at 995 KRW (64% discount to current price) Risks 3.69% Dilution, Proceeds for Operating Funds
RNT-X decided to sell its previously acquired 5th unguaranteed private convertible bonds worth 1.2 billion KRW to three institutions (Kairos 600M, Korea Contents Equity 1st Fund 30M, Altova Investment Union 1st 570M) at face value, incurring a loss of approximately 65 million KRW versus the acquisition cost of 1.2655 billion KRW.
The conversion price of 995 KRW is 64% below the current market price of 2,785 KRW, potentially issuing up to 1,206,030 new shares (3.69% of total) upon conversion, diluting existing shareholders.
The sale aims to secure operating funds, with the final payment expected on June 12, 2026; some buyers have already completed payment.
Bondholders hold put options with increasing redemption rates (e.g., 110.45% on June 5, 2026), posing potential future cash outflow obligations.
[AI Summary]The deep discount conversion price poses material dilution risk; the loss-making sale to raise operational funds indicates financial strain, negatively impacting short-term stock price.
KOSDAQ Filing Information
Filing: [Correction of Description] Report on Major Matters (Decision on Sale of Self-Convertible Bonds)