One Korean Convertible Bond Is Worth 164% of the Company's Shares. A Second, Filed a Day Later, Is 13%.
THE CODI's board approved a 30 billion won convertible bond on 7 September that would create more shares than the company has outstanding — 163.75% dilution by its own figure — then a smaller bond the next day.
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.
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THE CODI (KOSDAQ: 224060) filed two convertible bond issuance decisions with Korea’s Financial Supervisory Service on consecutive days in September 2026. The first, board-approved 7 September, would convert into more shares than the company had outstanding before the filing. The second, approved one day later, is a fraction of the size.
What the two filings say, side by side
| Field | Bond filed 7 Sep | Bond filed 8 Sep |
|---|---|---|
| Face value | ₩30,000,000,000 | ₩3,000,000,000 |
| Conversion price | ₩3,550 | ₩4,463 |
| Convertible shares | 8,450,704 | 672,193 |
| Dilution (filing’s own figure) | 163.75% | 13.03% |
| Coupon (stated / yield) | 3.00% / 4.00% | 3.00% / 4.00% |
| Maturity | 6 October 2029 | 6 October 2029 |
The first bond’s own dilution figure — 163.75% — means the shares it could create outnumber the shares that existed before the filing. Working backward from that percentage and the 8,450,704 share count, pre-issuance shares outstanding come to roughly 5.16 million. At the 3,550 won conversion price, that implies a whole-company value of around 18.3 billion won standing against a single 30 billion won bond.
What changed between the two filings
Everything about the second bond that could be compared to the first is smaller or different: a tenth of the face value, a conversion price 25.7% higher, and a dilution figure roughly an eighth the size. Both mature on the identical date and share the same coupon structure. Nothing in either filing’s structured data explains the one-day gap or the price difference, and we have not found independent reporting that does.
What we’re not claiming
We are reporting two DART filings’ own stated figures, not forecasting whether either bond converts, what the company’s share count looks like today, or why the financing was structured this way. A 163.75% dilution figure on paper describes what full conversion would create, not a certainty that it will happen.
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 with board dates 7 and 8 September 2026 (rcept_no 20260908000001 and 20260909000001)
- Cross-checks
- Filing one (board date 7 September): 30,000,000,000 won face value, conversion price 3,550 won, convertible into 8,450,704 shares, stated by the filing itself at 163.75% of shares outstanding.
- Filing two (board date 8 September, one day later): 3,000,000,000 won face value, conversion price 4,463 won — 25.7% higher than filing one's price — convertible into 672,193 shares, stated at 13.03% of shares outstanding.
- Both bonds mature on the same date, 6 October 2029, and were both privately placed (사모), coupon 3.00% stated / 4.00% yield to maturity on both.
- Working backward from filing one's own numbers (8,450,704 shares / 163.75%), pre-issuance shares outstanding come to roughly 5.16 million — implying a market capitalization, at the 3,550 won conversion price alone, of roughly 18.3 billion won for the whole company against a single 30 billion won bond.
- Excluded figures
- Why the second bond's conversion price is 25.7% higher than the first, filed one calendar day apart — the filings do not state a reason, and we did not find independent reporting on it.
- Whether either bond has since converted, or the company's current outstanding share count after these filings — this covers the filings as disclosed, not subsequent events.
- THE CODI's broader financial condition or why it is raising a combined 33 billion won against a company this small — outside what these two filings state.
- Instruments
- 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.
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