Canvas N Corrects 8th Series Convertible Bond Issuance (KRW 3B) - Total Potential Dilution from Outstanding CBs Reaches 44.82%
- Corrected the decision to issue KRW 3 billion in 8th series convertible bonds (conversion price: 1,767 won, coupon: 2%, maturity yield: 7%), changing the maturity date from May 20, 2029 to June 20, 2029 and adjusting related schedules
- After correction, total outstanding convertible bonds amount to KRW 22 billion (series 2-5, 7, and new series 8), increasing potential dilution ratio from 33.38% to 44.82% of outstanding shares
- Potential new shares upon conversion total 10,863,392 (vs. 24,237,478 outstanding shares), amplifying concerns over dilution of existing shareholders' equity
- Issuance target is SG Future Vision 2 (a private investment fund), and all KRW 3 billion raised will be used for operating funds for new business expansion
- Initial conversion price is 1,767 won, but can be adjusted down to a minimum of 1,237 won (70% of initial) in case of market price decline; current stock price (1,177 won) is below the floor, suggesting further downward adjustment possibility
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KOSDAQ Filing Information
- Filing: [Correction of Description] Report on Major Matters (Decision on Issuance of Convertible Bonds)
- Company: Canvas N (210120)
- Submission: Canvas N Co., Ltd.
- Receipt: 05-20-2026