APTN Drastically Lowers Conversion Price for 6th, 7th, 8th Convertible Bonds to KRW 1000, Realizing Massive Dilution Risk

APTN has uniformly adjusted the conversion price of its 6th, 7th, and 8th series convertible bonds from KRW 1309 and KRW 1870 to KRW 1000, following a rights offering at the same lower price of KRW 1000 per share.
As a result, the total number of shares issuable upon full conversion increases from approximately 16.95 million to 24.47 million based on the outstanding bond face value of about KRW 24.468 billion. This represents a total dilution of roughly 124% relative to the current 19.66 million outstanding shares, with an additional dilution of 38% from the adjustment alone.
The downward conversion price adjustment via a discounted rights offering significantly erodes existing shareholder value.
[AI Summary]APTN's linkage of its convertible bond conversion price to a low-priced rights offering introduces potential dilution of up to 124% of current shares, signaling urgent cash needs and imposing strong downside pressure on the stock price.