THE CODI Adjusts 10th CB Conversion Price Down to 4,924 Won from 5,296 Won, Dilution Rises to 11.81%, Payment Delayed to September
THE CODI finalized amendments to the terms of its 10th unregistered private convertible bond through a board resolution on July 20, 2026.
The conversion price was lowered from 5,296 won to 4,924 won, increasing the number of shares issuable upon conversion from 566,465 to 609,260 and raising the dilution ratio from 10.98% to 11.81% of total outstanding shares.
The payment date was postponed from July 20, 2026 to September 17, 2026, and the maturity date was extended from July 20, 2029 to September 17, 2029.
The 3 billion won proceeds will be used for overseas factory construction, and the counterparty remains K-Shin Seongjang Equity, a single-member fund.
[AI Summary]The downward adjustment of the conversion price increases dilution risk for existing shareholders. With a potential dilution of 11.81% and a single small fund as counterparty, governance concerns persist. Investors should closely monitor the execution of the overseas factory project and fund disbursement.
KOSDAQ Filing Information
[Correction of Description] Report on Major Matters (Decision on Issuance of Convertible Bonds)