Follow the Cash: When Raised Capital Doesn't Move — and When It Arrives From Someone Who Cannot Pay
The filing On 30 June 2026, a KOSDAQ-listed industrial firm, VitzroSys Co., Ltd. (054220), filed a material event report announcing the sale of a convertible bond it already owned. The instrument was its own 15th series — an unsecured, privately placed convertible issued 24 October 2024, maturing 24 October 2027, with a face total of KRW 3,000,000,000. The company had bought KRW 2,500,000,000 of that face value back from bondholders before maturity, in three tranches — 24 October 2025, 28 November 2025 and 27 April 2026 — paying KRW 2,558,919,830. The filing describes the mechanism plainly: acquisition of the bond before maturity by agreement with the bondholders. It then sold the same paper back out for KRW 2,500,000,000. Stated purpose: securing operating funds and the like. Price basis: determined by negotiation with the buyer, taking the company's overall circumstances into account. On the stated figures, the company paid KRW 58,919,830 more to retrieve the bond than it rec...