Transfer of Warrants and Convertible Bond Call Options to Employee Stock Ownership Association

[Asia Economy Reporter Hyungsoo Park] Pasoo announced on the 13th that it will transfer the call option on convertible bonds (CB) issued in November 2018 to the employee stock ownership association.

The call option is worth 1.65 billion KRW out of the 5.5 billion KRW issued in November 2018. The remaining 3.85 billion KRW has already been fully converted into shares. Generally, convertible bond call options are granted to major shareholders, but Pasoo decided to transfer them to the employee stock ownership association to enhance employee welfare.

The 460,765 shares converted will be escrowed at Korea Securities Finance for one year to protect the stock price. This is expected to alleviate market concerns about overhang from the release of converted shares. Additionally, the company plans to expand friendly shareholdings.

A company official stated, "Granting the convertible bond call option to employees received great response," adding, "It externally demonstrated strong confidence in the company's future value." He further added, "Pasoo will strengthen its differentiated technology and grow together with its employees."

This content was produced with the assistance of AI translation services.