The 7.5 billion won-worth convertible bonds (CB) of BitsroSys will be converted into common stock. The company emphasized that "the conversion of convertible bonds into common stock has improved its financial structure and is expected to gain momentum for new businesses such as autonomous driving."
According to the Financial Supervisory Service's electronic disclosure system on the 8th, BitsroSys recently announced that the conversion rights for its 11th and 12th series of bearer, interest-bearing, non-guaranteed private convertible bonds worth 7.5 billion won have been exercised, resulting in a total of 8,792,483 shares being newly listed on the 16th. The conversion price is 853 won, which is higher than the recent trading price in the low 500 won range.
A BitsroSys representative noted that "the fact that the CB conversion price is higher than the current stock price signals confidence in the company's growth potential," adding, "We will do our utmost to enhance shareholders' asset value in 2025."
BitsroSys has been conducting field tests for commercialization after receiving a transfer of autonomous driving technology from the Electronics and Telecommunications Research Institute (ETRI) on the 12th. In line with plans to operate autonomous shuttle buses in an industrial complex in Ulsan next year, the company is in the process of developing solutions aimed at innovatively improving logistics and transportation efficiency and is considering entering the non-general autonomous driving market.
Meanwhile, despite the CB's conversion price being higher than the current stock price, a recent case of conversion into common stock occurred with Soosung Webtoon. The largest shareholder of Soosung Webtoon, Toomics Holdings, announced that it converted 6 billion won worth of the 24th series CB into common stock.
A Toomics Holdings representative explained that "it was assessed that the largest shareholder and management of Soosung Webtoon have a strong commitment to the company's financial stability and responsible management," noting that "this measure aims to lower the company's liability ratio and further strengthen financial soundness to establish a foundation for long-term growth."