Conversion of CB Dilutes Equity by 1.24%, Low Conversion Price (3,087 KRW) Raises Concerns for Shareholder Value

Exercise of conversion rights for 3rd series CB: On May 29 and June 2, 2026, conversions of KRW 350M and KRW 1.6B respectively resulted in 631,680 new shares (approx. 1.24% dilution).
Conversion price of KRW 3,087 is about 31% lower than the base date market price of KRW 4,495, diluting existing shareholders at a discount and potentially reducing equity value.
Remaining unconverted CB balance of KRW 19.533B (approx. 6,327,524 shares) poses further dilution risk, representing about 12.6% of current outstanding shares, a burden for mid- to long-term stock outlook.
New shares from this conversion are scheduled to be listed on June 17, 2026, which could add downward pressure on the stock price due to increased supply.
[AI Summary]This disclosure reports the conversion of convertible bonds leading to a 1.24% dilution. The conversion price (KRW 3,087) is significantly lower than the current price (KRW 4,495), hurting existing shareholders' value. The remaining CB balance (~6.33M shares) implies further dilution risk, making it a key investment risk factor.