Exion Group CEO Jeong Jae-young Reports Decrease of 92,764 Convertible Bonds Due to Pledge Execution, Resulting in About 1% Dilution

Jeong Jae-young, co-CEO of Exion Group, reported that on July 10, 2026, approximately 92,764 conversion rights from the 12th perpetual convertible bonds worth 1 billion KRW held by him were converted into shares and delivered to creditor SangSangIn Plus Savings Bank under a pledge agreement.
As a result, Jeong's ownership ratio of specific securities decreased from 6.10% to 3.45%, and the converted shares were newly issued, causing a dilution of about 1% for existing shareholders. The conversion price of 10,780 KRW is significantly higher than the current stock price of 1,233 KRW.
The convertible bonds were pledged as collateral for a loan by debtor StarCorlink and were converted and delivered to repay the debt. This reflects the company's financial stress, and the capital raised was used for debt repayment.
[AI Summary]The conversion of the CEO's CB collateral resulted in a modest 1% dilution, but the high conversion price limits the dilutive impact. However, the forced conversion for debt repayment and the large premium over the current stock price raise concerns about financial health, potentially weighing on the stock price in the short term.