Global SM Completes Full Exchange Request of Convertible Bonds... No Additional Overhang Concerns

[Asia Economy Reporter Hyunseok Yoo] Global SM, a fastener specialist company, announced on the 22nd that all exchangeable bonds (EB) held by IBK Capital have been fully converted into shares.

IBK Capital exercised its right to convert approximately 1.4 billion KRW worth of Global SM exchangeable bonds into common stock, receiving a total of 2,636,534 shares of Global SM.

A Global SM representative stated, “Following IBK Capital’s exercise of the exchange right, a significant portion of the shares have been sold as of yesterday, substantially alleviating the overhang burden,” and added, “With this exercise of the exchange right, there are no more exchangeable or convertible bonds remaining.”