Sangji Construction's stock price, which had been rising sharply tied to Lee Jae-myung's presidential primary candidacy, has dropped by more than 10% as of the 21st. The sell-off pressure is interpreted to have increased following news that a large scale convertible bond (CB) was converted into shares.
As of 11:43 a.m. on the 21st, Sangji Construction's stock is trading at 32,700 won, down 5,350 won (14.06%) from the previous trading day on the KOSDAQ market. The stock has fallen more than 26% since the last trading day.
The investment sentiment has worsened as the risk of stock price decline increased due to the announcement of large-scale CB issuance.
According to the Financial Supervisory Service's corporate disclosure system DART on the 21st, Sangji Construction disclosed that 2.3 million shares of CB conversion rights were exercised after the market closed on the 18th. This accounts for 57.7% of the total issued shares, with a conversion price of 5,000 won. The listing date for the new shares is scheduled for the 22nd of next month.