Yes, HCM’s underwriting commitment is cold hard cash, and those convertible bonds won’t be settled in the share issue. The conversion price of the convertible bond will indeed drop to a maximum of 0.5 euros in connection with the issue, which is a massive deterioration compared to before.
With the money from the issue, it wouldn’t even be theoretically possible to pay back those HCM loans so that the financing would last until November 2027.
The driver named Juho now has a collar around his neck, and HCM is pulling the leash.