Xplus has decided to resell its 3rd private bond with warrants (BW) with a total face value of 8.2B KRW to KSP Union (0.5B), Bolero 2nd Investment Union (0.4B), and Xplex Co., Ltd. (7.3B).
The disposal amount equals the face value of 8.2B KRW, representing 39.62% of equity (based on 2025 year-end consolidated equity).
Purpose is to secure operating funds; the completion date has been revised from June 2, 2026 to July 30, 2026 (amended disclosure).
The final adjusted conversion price of the BW is 4,646 won, significantly above the current stock price of 2,890 won, making early conversion unlikely and limiting near-term dilution risk for existing shareholders.
Historical conversion price adjustments: declined from 1,381 won to 936 won due to market price drops and capital increases, then adjusted to 4,675 won due to stock consolidation (5:1), and further slightly reduced to 4,646 won after a capital increase.
[AI Summary]The resale of BW by Xplus is a financial decision to monetize assets for working capital. With the conversion price well above the current market price, immediate dilution risk is low. However, the use of proceeds and potential future conversion should be monitored. The transaction size is substantial at ~40% of equity, but the near-term impact on stock price is neutral.
KOSDAQ Filing Information
Filing: [Correction of Description] Other Management Matters (Voluntary Disclosure) (Acquisition and Resale of 3rd Series BW)