[메자닌 투자파일] ​오라이언·수성자산운용의 '오에스피' 일병 구하기

OSP's convertible bond holders face a critical impasse: conversion is economically irrational as stock prices plummet, while minimal bond yields provide no compensation—leaving FI investors trapped between dilution risks and capital losses. Tightening KOSDAQ listing standards further compound this pressure by raising delisting risks alongside worsening fundamentals. This case exposes structural vulnerabilities in small-cap financing and raises broader questions about sustainable funding mechanisms for smaller enterprises.