Issuance of 30 billion won Convertible Bonds, Conversion Price 20,601 won (12.6% premium to market), Potential Dilution 8.2%

DS DANSUK decided to issue 30 billion won in unregistered, unsecured private convertible bonds (CB) with a conversion price of 20,601 won, representing a 12.6% premium over the closing price of 18,300 won on May 20, 2026. Upon conversion, 1,456,239 new shares would be issued, diluting existing shareholders by 8.2% (based on 17,759,139 outstanding shares).
Proceeds: 10 billion won for operating funds (raw material purchases) and 20 billion won for acquisition of securities in other entities (investment in sustainable aviation fuel (SAF) R&D and manufacturing).
Coupon rate: 0.0%, yield to maturity: 1.0%. Redemption at 105.1205% of principal on maturity (May 28, 2031). Put option exercisable every 3 months starting 24 months after issuance.
Call option: Issuer can call up to 30% of the bonds every 3 months from 12 to 24 months after issuance. Conversion price is subject to reset provisions, with a floor of 14,421 won (70% of initial conversion price).

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