Amid comments by Jensen Huang, Chief Executive Officer (CEO) of NVIDIA, who said, "It could take 20 years until quantum computers are commercialized," shares related to quantum computing plummeted, and the schedule for the listing of new shares of ATON, which saw its stock price soar as a thematic stock, was moved up. ATON, which was identified as a quantum computing-related stock and had seen a surge in its share price, previously announced that it would exercise its conversion rights, but as the stock price fell, it announced again that the timing for the listing of new shares following the exercise of conversion rights would be expedited.
The conversion rights are exercised when the investors of the convertible bonds (CBs) decide to convert their bonds into shares, allowing them to gain revenue if the stock price rises. As ATON became prominent as a quantum computing-related stock, its stock price increased, which is presumed to have led to the exercise of the conversion rights. However, the stock price suddenly dropped, and coincidentally, at this point, the listing timing for the new shares was moved up.
Typically, when conversion rights are exercised and new shares are issued, shareholder value is diluted, leading to downward pressure on the stock price. As of 2:26 p.m. on the 13th, ATON shares were trading at 6,530 won, down 4.81% (330 won) from the previous trading day.
ATON announced it would list the new shares originally scheduled for the 27th this month on the 20th instead. The company explained that the 27th was designated as a temporary holiday and that the administrative procedures for listing the new shares following the exercise of conversion rights were completed faster than expected, prompting the change in the listing date. There are no specific regulations dictating the listing date.
On the 6th, ATON announced that it would list over 1.42 million new shares at a conversion price of 3,870 won, following the exercise of conversion rights on convertible bonds (CBs) worth 5.5 billion won. The newly issued shares correspond to 6.09% of the already issued shares.
With a significant number of new shares expected to be issued, concerns arose about the dilution of existing stock values, and ATON faced an even larger setback. Jensen Huang, CEO of NVIDIA, said at the "CES 2025" event on the 7th, "We are collaborating with quantum computing companies, but it could take 20 to 30 years for useful products to emerge. We may not see initial-stage products until 15 years from now," dousing enthusiasm for investment.
Quantum computing-related stocks had surged ahead of the CES 2025 event. News that a quantum computing institutional sector would be established at this year's CES drew substantial investment funds. However, as analyses indicated that the commercialization timeline would be delayed, these stocks plummeted.
Coincidentally, the announcement that ATON's new share listing date would be moved up came at the time when quantum computing-related stocks began to plummet. Investors are expressing concerns, asking, "Are the creditors trying to sell off their shares before the stock price drops further?" If investor anxiety materializes, there is a significant possibility that the stock price will fall further.