Chorokbaem Media Requests Full Conversion of Convertible Preferred Shares to Common Shares..."Strengthening Financial Soundness"

Green Snake Media, a comprehensive media content company, announced on the 23rd through a public disclosure that approximately 700,000 convertible preferred shares were converted at a ratio of 1 to 3.9. The common shares issued through the exercise of the conversion rights amount to 2,741,228 shares, increasing the total issued shares to 24,453,930. The scheduled listing date is November 6, and the conversion rights holder is Citi Property (Green Snake Company).

With this conversion request, all convertible preferred shares issued by Green Snake Media in May 2021 have been fully converted into common shares. There are no remaining convertible preferred shares.

Green Snake Media had recognized the convertible preferred shares as liabilities under the Korean International Financial Reporting Standards (K-IFRS). The financial burden was increased due to the ‘derivative financial instrument valuation loss,’ a book loss that does not involve actual cash outflow. With this conversion of convertible preferred shares, liabilities will decrease and equity will increase, thereby strengthening financial soundness.

A representative of Green Snake Media stated, “With the largest-ever drama lineup this year, we expect solid performance growth in our core business, and the conversion of these convertible preferred shares is anticipated to improve our fundamentals.”

Last month, Green Snake Media fully redeemed the 10th series of convertible bonds worth 30 billion KRW to strengthen responsible management and enhance shareholder value. The company is steadily carrying out specific renewal activities at the group level, as announced at a press conference in July.

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