IB Vision Works Exercises Call Option on Naintech's 3 Billion Won Convertible Bonds, Expected to Dilute Shares by 1.79% Upon Conversion
IB Vision Works has exercised a call option to purchase 3 billion won face value of Naintech's 4th series perpetual convertible bonds.
The exercise price is approximately 3.534 billion won reflecting an applied interest rate of 17.81%, leading to the issuance of 1,033,057 new shares representing about 1.79% of total outstanding shares at a conversion price of 2,904 won per share.
The conversion price is below the current market price of 2,975 won, resulting in dilution for existing shareholders.
IB Vision Works is an unlisted corporation with a net loss of 391 million won in its latest fiscal year, indicating lower governance transparency.
[AI Summary]The call option exercise by IB Vision Works will dilute Naintech's existing shareholders by 1.79% with no new capital inflow, as the convertible bonds are converted into equity. The exerciser's weak financials pose additional risk.
KOSDAQ Filing Information
Major Events Report (Exercise of Call Option for Convertible Bonds by a Third Party)