The Codi Corrects Convertible Bond Issuance: Reduced to 3 Billion Won, Conversion Price Lowered to 4,640 Won
The Codi submitted a correction disclosure reducing its 10th unsecured private convertible bond issuance from 5 billion won to 3 billion won.
The conversion price was lowered from 5,714 won to 4,640 won, decreasing the number of shares issuable upon conversion from 875,043 to 646,551 and reducing the overall dilution ratio from 16.96% to 12.53%.
The buyer was changed from K-EnS 1st Union to K-ShinSung Equity, and the use of proceeds shifted from domestic bio plant construction to overseas subsidiary factory construction.
The minimum adjustment price for the conversion price was lowered from 4,000 won to 3,248 won, and the put option schedule was revised.
The payment date was moved forward from July 30, 2026 to July 20, 2026.
[AI Summary]The reduction in issuance size and the lowering of the conversion price partially mitigate dilution for existing shareholders, but a significant 12.53% dilution risk remains. The change to a small single-member counterparty increases governance risk, and the shift in fund usage to overseas factory construction raises execution uncertainty. Investors should closely monitor dilution effects and capital deployment.
KOSDAQ Filing Information
[Correction of Description] Report on Major Matters (Decision on Issuance of Convertible Bonds)