As quantum computing-related stocks surged in the stock market, instances of exercising claim and exchange rights occurred one after another, resulting in a decline in stock prices. With the theme stock craze driving prices up, existing bondholders exercised their rights to gain capital gains, leading to an increase in the number of shares in circulation, which became a burden on stock prices.
Quantum computing-related fintech security company ATON rose nearly 20% on the 6th, when announcements regarding the exercise of claim and exchange rights were made. On the 7th, shares dropped significantly, with ATON trading at 7,940 won, down 10.99% (980 won) from the previous trading day.
ATON announced that it would newly list 1,421,182 shares following the exercise of claims for a convertible bond (CB) worth 5.5 billion won the previous day. The listing date is set for the 27th, and the conversion price is 3,870 won. The new shares issued from the exercise of claims account for 6.09% of the existing shares.
ATON also stated that the exchange rights would be exercised that day. It announced that the exchange rights for an exchange bond (EB) worth 4.1 billion won had been exercised. The number of shares exchanged is 599,947, which is 2.57% of the total shares issued. The exchange price is 6,838 won. Although the exchange bond differs from the convertible bond in that it provides existing shares held by the company rather than issuing new shares, this means there is a possibility of the company's held shares circulating in the market.
The reason bondholders opted to exercise their conversion and exchange rights instead of seeking principal recovery is interpreted as being due to the recent surge in ATON's stock price. ATON's stock price ranged from 3,000 to 4,000 won from September to mid-November of last year. However, as quantum computing-related stocks began to soar recently, ATON's price also increased significantly.
On the 3rd, ATON's stock price soared 29.92%, hitting the ceiling price, and rose 11.64% on the 6th. Compared to early October last year, it has jumped 123.56% in three months. As the stock price rose, the prices exceeded the conversion and exchange prices, which likely prompted the bondholders to exercise their rights for capital gains.
Quantum computing-related stocks drew attention on the 7th as the world's largest IT and electronics trade show, 'CES 2025,' opened. News that a quantum computing institutional sector would be established this year also boosted stock prices of domestic quantum computing-related corporations.
Quantum computers are ultra-fast, large-capacity computing technologies that utilize quantum mechanical phenomena to process multiple pieces of information concurrently. Quantum computers possess 30 trillion times the computational power compared to conventional computers and are gaining attention as a technology capable of handling the massive computational demands as the artificial intelligence (AI) market grows. The United Nations (UN) has designated 2025 as the 'International Year of Quantum Technologies.'
ATON is a fintech security company providing fintech security solutions to financial institutions. It has recently developed a next-generation private certificate solution that uses quantum-resistant encryption technology. There are concerns that when quantum computing becomes prevalent, it could undermine the security of existing encryption systems, and this technology is aimed at addressing that risk.
Meanwhile, ATON explained that there are no remaining convertible bond amounts left following the exercise of stock conversion rights for this convertible bond. However, there are remaining amounts for exchange bonds. As of the 6th, the remaining balance of unexchanged bonds is 1.36748 billion won, which would equate to 200,053 shares if exchanged for stock.