10B won CB Issuance with Conversion at 5,350 won (31% premium); Existing CBs Lead to 148% Potential Dilution

Issuance of 10 billion won in 31st unregistered private convertible bonds (Issue date: 2026.05.29, Maturity: 2031.05.29, Coupon 2%, Yield 4%)
Conversion price set at 5,350 won (approximately 31.6% premium over current closing price of 4,065 won), initial conversion shares 1,869,158 (6.66% of outstanding shares)
Downward adjustment possible to minimum 3,745 won (70% of initial conversion price) if market price declines
Issued to subsidiary N2Tech for acquisition of securities in Aprogen Biologics
Including outstanding CBs of 142 billion won, total convertible shares reach 34,968,186, representing 148.2% of current outstanding shares (23,594,933), posing extreme dilution risk
Put option granted: early redemption possible every 3 months starting 1.5 years after issuance at redemption rates of 103.076%~110.4054%

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