APTN Amends Convertible Bond Issuance to 10 Billion Won - Conversion Price Fixed at 1,000 Won, Existing CB Conversion Prices Also Lowered, Total Potential Dilution Reaches 39.83 Million Shares
APTN has amended its decision on the issuance of the 11th series convertible bonds, reducing the total face value from 15 billion won to 10 billion won and setting the subscription date to July 24, 2026.
The conversion price remains fixed at 1,000 won per share, which is approximately 67.6% below the current market price of 3,085 won, indicating severe dilution upon conversion.
The conversion prices of existing outstanding convertible bonds including series 6, 7, and 8 have also been lowered to 1,000 won, increasing the total number of potential shares from conversion to 39.83 million.
This represents 172% of the current outstanding shares of 23.16 million, posing extreme dilution risk to existing shareholders.
The counterparty is Pina Shin Technology Investment Union, with total assets of only 21 million won, raising governance concerns.
The proceeds of 10 billion won will be used for operating funds including new business development and R&D.
[AI Summary]APTN's amendment reduces the size of the new convertible bond issuance but significantly increases the overall dilution potential by lowering conversion prices on existing bonds. With the conversion price at just one-third of the market price, conversion would likely cause substantial share value dilution. The issuance to a small investment union with minimal assets also presents governance risks. Investors should account for the high dilution risk.
KOSDAQ Filing Information
[Correction of Description] Report on Major Matters (Decision on Issuance of Convertible Bonds)