CSA COSMIC Adjusts Convertible Bond Terms After Reverse Stock Split, Conversion Price Set at 3,765 Won with Total Dilution of 40.16%
CSA COSMIC amended its major report on the 5th convertible bond issuance due to a 15-to-1 reverse stock split effective July 15, 2026.
The conversion price was upwardly adjusted from 251 won to 3,765 won, and the number of new shares issuable decreased from 19,920,318 to 1,328,021 shares. The total potential dilution ratio including existing convertible bonds remains at 40.16% of outstanding shares.
All 5 billion won raised will be used for operating capital. The counterparty, BTB Partnership, has weak financials with total equity of 3.06 billion won and a net loss of 440 million won.
The conversion price may be further recalculated based on the weighted average stock price three days before the payment date, with a floor of 2,636 won in case of market decline.
[AI Summary]This amendment is a procedural adjustment following the reverse stock split; although the conversion price increased and share count decreased, the 40.16% total dilution ratio remains unchanged, continuing to weigh on existing shareholder value. The use of funds for operational purposes and the low creditworthiness of the counterparty suggest sustained negative pressure on the stock price.
KOSDAQ Filing Information
[Correction of Description] Report on Major Matters (Decision on Issuance of Convertible Bonds)