Four Korean Dilution Filings Landed in Three Weeks. One Tops 100 Percent.
Korea Advanced Materials issued two same-day, same-price convertible bonds worth a combined 20.62% dilution — the fourth of four unrelated dilution filings we checked from early September to today, ranging from 8% to 164%.
AI-assisted, human-reviewed sourcing. Figures are pulled programmatically from the official sources listed at the end of this article and checked by an editor before publication.
dartkoreadisclosuredilutionconvertible-bondrights-issue
Korea Advanced Materials (KOSDAQ: 062970) filed two convertible bond issuance decisions with Korea’s Financial Supervisory Service on 2 September, 2026, both approved by the board the same day. Combined, the two bonds are 20.62% dilution by their own stated figures — the fourth dilution filing we checked in a three-week span that ranges from 8% to a bond worth more than the company’s own share count.
The two Korea Advanced Materials filings, side by side
| Field | Bond A | Bond B |
|---|---|---|
| Face value | ₩5,000,000,000 | ₩9,700,000,000 |
| Conversion price | ₩2,366 | ₩2,366 |
| Convertible shares | 2,113,271 | 4,099,746 |
| Dilution (filing’s own figure) | 7.01% | 13.61% |
| Maturity | 10 September 2029 | 10 September 2029 |
Same board date, same conversion price, same maturity — only the size differs. Combined, the two filings’ own percentages add to 20.62%.
The other three, for comparison
We did not go looking for a pattern here; we found each of these independently while checking DART’s daily disclosure feed and its convertible-bond archive for material events. Laid side by side, the range is wide:
| Company | Event | Combined dilution |
|---|---|---|
| Koramco Life Infra REIT | Two same-day convertible bonds, 21 Sep | 8.13% |
| Cellid | One third-party placement, 21 Sep | 16.26% |
| Korea Advanced Materials | Two same-day convertible bonds, 2 Sep | 20.62% |
| THE CODI | Two convertible bonds filed a day apart, 7-8 Sep | 176.78% |
THE CODI’s is the outlier by a wide margin — its larger bond alone is worth more new shares than the company had outstanding before the filing, a figure explained in full in the linked piece. The other three sit in a range that, while material, does not approach that scale.
What this is, and isn’t
This is four verified DART filings, not a claim about how common multi-bond, same-day dilution events are across the roughly 2,500 companies that file with DART. We have not built a base rate for that. What we can say is narrower: in the same three-week window, we found four such filings, and their disclosed dilution ranged more than twentyfold.
This is not investment advice. Figures are drawn from official regulatory filings and are presented for data-quality reporting, not as a trading signal.
Data & Verification Notes
- Data as of
- Sources
- Financial Services Commission (Republic of Korea) / DART — Open DART API — cvbdIsDecsn (Decision on Convertible Bond Issuance), two filings dated 2 September 2026 (rcept_no 20260902000256 and 20260902000259)
- Cross-checks
- Filing one: 5 billion won, conversion price 2,366 won, 2,113,271 shares, stated at 7.01%. Filing two: 9.7 billion won, same 2,366 won price, 4,099,746 shares, stated at 13.61%. Same board date, 2 September 2026; same maturity, 10 September 2029.
- Summed: 14.7 billion won combined face value, 6,213,017 convertible shares — the two filings' own percentages add to 20.62%.
- Fourth same-axis filing in three weeks: Cellid (16.26%, 21 Sep), Koramco Life Infra REIT (8.13% combined, 21 Sep), THE CODI (176.78% combined, 7-8 Sep) — see linked pieces for each.
- Excluded figures
- Any claim that four filings in three weeks is an unusual rate for the roughly 2,500 companies DART covers — we have not built a base rate for how often multi-filing, same-day dilution events happen across the whole market. This piece reports four specific filings we found and checked, not a market-wide frequency claim.
- Whether these four companies share an industry, an underwriter, or any other connection — we found each independently while checking today's and this month's DART convertible-bond and rights-issue filings; nothing here implies they are related.
- Instruments
- 062970, 299660, 357120, 224060
The full dataset behind these figures — every listed company, every row — is available to license. SeoulMarkets data for licence →
Not investment advice. SMarkets publishes data journalism for general information only. Nothing here is investment advice, a recommendation, or an offer to buy or sell any security — any investment you make is at your own risk and responsibility. Figures are derived from official public data sources and may be revised by the issuing agency. Verify independently before acting.
Take this away — 5 cards
The figures in this article, as images. Free to repost with the address on them.
