[Featured Stock] Phil Energy Plummets on News of 16 Billion KRW Convertible Bond Conversion Rights Exercise
Fil Energy plummeted on news that convertible bonds (CB) worth 16 billion KRW would be converted into shares.
As of 10:07 AM on the 17th, Fil Energy was trading at 98,400 KRW, down 14.14% from the previous session.
Fil Energy, a secondary battery equipment company, saw its stock price surge 237% compared to the IPO price on its first day of listing on the 14th. The reason for the sharp decline on this day was the news that privately placed CBs worth 16 billion KRW, issued in 2021, would be converted into shares after the market closed on the first day of listing.
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The number of shares to be converted is 1.2 million, accounting for 12.7% of the total issued shares and 45.9% of the freely tradable shares. The CB conversion price is 13,333 KRW.
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