Fact Source: Financial Supervisory Service DART
💡 3-Second Summary
Hanwha Systems disclosed through a correction filing that its 1st series convertible notes (approx. KRW 34.7B / $30,000,000) issued by U.S.-based OVERAIR, INC. reached maturity on June 16, 2024, but neither conversion rights execution nor principal redemption occurred.
📊 [Key Disclosure Details & Financial Metrics]
- Disclosure Type: Decision on Acquisition of Equity-Related Debt Securities (Correction Report)
- Date of Original Disclosure: August 12, 2021
- Reason for Correction: Maturity of Convertible Note following OVERAIR Series B investment
- Key Correction Point:
- Before: Stated that future details regarding the convertible notes would be announced upon finalization.
- After: Clarified that the Convertible Note reached maturity on June 16, 2024, but neither conversion rights were exercised nor maturity redemption was made.
- Details of Acquired Securities:
- Issuing Corporation: OVERAIR, INC. (U.S., UAM air vehicle development and manufacturing)
- Security Type: 1st Series Convertible Note
- Face Value & Acquisition Amount: KRW 34,650,000,000 ($30,000,000 / exchange rate applied: 1,150.00 KRW/USD as of August 12, 2021)
- Ratio to Equity: 3.36% (Based on year-end 2020 equity)
- Purpose of Acquisition: Securing the Butterfly UAM air vehicle platform through OVERAIR Series B investment
- Terms of Bond: Coupon rate 3%, maturity 24 months from the (expected) amendment contract date of June 16, 2022 (June 16, 2024)
📝 Editor’s Comment (Key Follow-up Checkpoint)
📌 Handling Method and Follow-up Progress for Unredeemed and Unconverted Convertible Notes
This correction disclosure clarifies that neither conversion nor principal redemption occurred upon the maturity of the 1st Series Convertible Note. Monitoring how the handling method for this Convertible Note and the subsequent outcome are finalized is important for understanding the progress of this investment. Relevant details and follow-up resolutions can be verified through future periodic filings (quarterly, half-year, and annual reports) and subsequent regulatory disclosures.
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Source: This content was newly structured and generated based on official submission data from the Financial Supervisory Service’s DART system.
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