Lunit Converts 1.63 Million Convertible Preferred Shares to Common Stock... "Resolving Capital Impairment"
[Asia Economy Reporter Kim Young-won] Lunit announced on the 31st that 1,637,726 shares of convertible preferred stock have been converted into common stock. The conversion ratio is 1 to 1, and the listing date for the common shares to be issued through the conversion is scheduled for September 20.
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Based on International Financial Reporting Standards, Lunit had accounted for preferred shares issued when unlisted as liabilities, resulting in a capital deficit as of the end of Q2 this year. However, Lunit explained that by converting convertible preferred shares worth 72 billion KRW into common stock and raising approximately 37 billion KRW through an IPO last month, the capital deficit has been completely resolved.
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