Xplus sells 2.8B won of self-acquired convertible bonds to subsidiary Xplex and others for operating funds
Xplus decided to sell 2.8B won (face value) of its self-acquired 2nd series unregistered unsecured private convertible bonds (total 3B won) to KSP Union (400M won), Bolero 2nd Investment Union (400M won), and its subsidiary Xplex (2B won).
The sale proceeds are 2.8B won, with the expected receipt date changed to July 30, 2026 (from June 2, 2026). The purpose is to secure operating funds.
The conversion price of the bonds is 4,646 won per share, and if converted, 602,668 shares would be issued, representing 2.51% of total outstanding shares. Given the current stock price of 2,890 won, conversion is unlikely, but potential dilution risk exists if the stock price rises.
The bonds have undergone multiple conversion price adjustments (due to market price declines and capital increases), with the latest adjustment on April 30, 2025, fixing the conversion price at 4,646 won.
[AI Summary]Xplus's sale of self-acquired convertible bonds to its subsidiary and others to secure 2.8B won in operating funds is positive for short-term liquidity. The conversion price is above the current stock price, so immediate dilution risk is low. However, the subsidiary's acquisition of 2B won suggests intragroup fund reallocation, and potential dilution risk exists if the stock price rises and bonds are converted.
KOSDAQ Filing Information
Filing: [Correction of Description] Report on Major Matters (Decision on Sale of Self-Convertible Bonds)