How far can the conversion price be lowered when the share price falls?

To refix (lower) the conversion price because of a fall in the market price, the board must set out the grounds, the adjustment dates and the specific adjustment method in advance when the bond is issued, and the adjusted conversion price must be at least 70% of the conversion price at issuance and also at least the market-based price recalculated as of the day before the adjustment date.

To go below 70%, the articles of incorporation must make conversion price adjustments a matter for a special resolution of the general meeting of shareholders, and the general meeting must specifically set the minimum adjusted price and the bond amount when the bond is issued. An amendment that took effect in December 2024 narrowed this exception to cases where a special resolution of the general meeting is obtained for each issuance.