Fact Source: Financial Supervisory Service DART / 2024-06-17
Disclosure Type: Corrected Report (Original Filing: Decision on Acquisition of Equity-Related Bonds)
💡 3-Second Summary
Hanwha Systems has filed a correction stating that the 1st tranche convertible note (acquisition amount: USD 30,000,000) of U.S.-based OVERAIR, INC. acquired in August 2021 reached its maturity date on June 16, 2024, but neither conversion rights execution nor maturity redemption has taken place.
📊 1. [Key Disclosure Details & Financial Figures]
- Corrected Filing: Decision on Acquisition of Equity-Related Bonds (Original Filing Date: August 12, 2021)
- Correction Date: June 17, 2024
- Reason for Correction: Maturity of Convertible Note according to OVERAIR Series B Investment
- Key Correction Details (Other Important Matters for Investment Decisions):
- Before Correction: 10) Matters regarding future convertible bonds will be announced through disclosures once confirmed.
- After Correction: 10) The aforementioned Convertible Note reached its maturity on June 16, 2024, but conversion rights execution and maturity redemption have not taken place.
- Issuer of Bonds: OVERAIR, INC. (U.S.-based, UAM air vehicle development and manufacturing)
- Tranche & Bond Type: 1st Tranche Convertible Note
- Acquisition Details (As of August 2021 initial filing):
- Principal Amount & Acquisition Amount: KRW 34,650,000,000 (USD 30,000,000 converted at the FX rate of 1,150.00 KRW/USD at the time of initial filing)
- Percentage of Equity: 3.36% (Based on 2020 fiscal year-end equity of KRW 1,032,682,379,959)
- Coupon Rate: 3%
- Maturity Date: 24 months from expected amendment date (June 16, 2022), reaching maturity on June 16, 2024
📈 2. [Expert View: What This Disclosure Means for Investors]
This filing serves as a corrected disclosure updating the status of the 1st tranche Convertible Note (valued at USD 30.0M / approx. KRW 34.7B at the initial filing exchange rate) as of its maturity date (June 16, 2024). Hanwha Systems originally decided to acquire this note in August 2021 to secure the Urban Air Mobility (UAM) platform “Butterfly” from OVERAIR, INC.
According to the disclosure, as of the maturity date of June 16, 2024, neither the conversion option was exercised nor the principal redemption was executed. This filing updates the objective factual status of the 1st tranche note as of its maturity.
📝 Editor’s Comment (by K-STOCK Editor)
When reviewing corrected disclosures, it is essential to focus on the objective facts regarding how contractual financial terms have been executed at maturity. This filing formally reports that the 1st tranche Convertible Note investment executed in 2021 remained unexercised and unredeemed at its June 16, 2024 maturity date.
For investors, this update does not involve any immediate new cash outflow or additional capital allocation. Rather, it provides an updated factual baseline, making it important to observe if any follow-up corrected filings or regulatory updates are released regarding future discussions with OVERAIR or adjustments to the asset status.
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Source: This content was structured and newly generated based on official filing data from the Financial Supervisory Service’s DART system.
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