Warrant Exercise Dilutes Equity by 6.7% at 4,043 Won

On May 21, 2026, 1,454,359 new shares were issued due to the exercise of warrants from the 5th series BW.
The exercise price is 4,043 won, a 35% discount to the current price of 6,230 won.
This results in a 6.7% dilution of total outstanding shares (21,741,926).
Remaining unexercised warrants amount to 2,725,704 shares (exercise price 4,043 won), posing further dilution risk.

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