BITPLANET Decides Issuance of 5 Billion Won 17th Convertible Bond, Facility Financing and Dilution Concerns
BITPLANET announced a correction filing on June 5, 2026, regarding the issuance of the 17th unregistered private convertible bond to raise 5 billion won for facility funds.
The issuance counterparty is NR Capital Holding Company Limited, an offshore unlisted entity with capital of 1.484 billion won and no available financial statements.
The conversion price is set at 3,615 won, adjustable downward to a minimum of 2,892 won which is 80% of the initial price, and the new shares amount to 1,383,125 shares representing 5.55% of total outstanding shares.
The proceeds will be used to purchase Bitcoin mining equipment, and the company retains a call option to repurchase up to 30% of each bondholder's holding within 12 to 23 months.
Including the existing 16th convertible bond of 2 billion won, total potential conversion shares are 1,841,315 equivalent to 7.82% of outstanding shares.
[AI Summary]BITPLANET issues 5 billion won convertible bond to invest in cryptocurrency mining. Conversion price is 117% above current price of 1,662 won but refixing clause allows dilution; counterparty financial transparency is low, posing significant investment risk.
KOSDAQ Filing Information
[Correction of Description] Report on Major Matters (Decision on Issuance of Convertible Bonds)