Unichem Adjusts Conversion Price of 40th Convertible Bond After 10-to-1 Stock Merger, Leaving Shareholder Value Unchanged
Unichem adjusted the conversion price of its 40th unguaranteed private convertible bond from 1,656 KRW to 16,560 KRW due to a 10-to-1 stock merger effective June 16, 2026.
This mechanical adjustment reduces the number of convertible shares from 3,695,652 to 369,565 while the total bond face value of 6.12 billion KRW remains unchanged, resulting in no net impact on existing shareholder value.
The adjusted conversion price of 16,560 KRW is significantly above the current stock price of 425 KRW, indicating the bond remains deeply out of the money with minimal near-term conversion likelihood.
[AI Summary]This routine conversion price adjustment stems from a stock merger and does not alter the company's capital structure or shareholder value; the bond remains deeply out of the money with minimal conversion risk.
KOSPI Filing Information
Adjustment of Conversion Price, Exercise Price of Stock Subscription Rights, and Exchange Price (Notice of Disclosure)